Acquisition (Tables)

12 Months Ended

Feb. 02, 2019

Fair Value of Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date of November 4, 2018. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are based on estimates and assumptions and are subject to revisions, which may result in adjustments to the preliminary values presented below, when management’s estimates are finalized (in thousands):

Assets Acquired:
Current assets:
Receivables		3,168
Inventories		44,807
Prepaid expense, other current and intangible assets		2,716
Total current assets		50,691
Goodwill		23,133
Property and equipment		16,530
Long-term intangible assets		33,601
Deposits and other assets		567
Deferred tax asset		24
Total assets	$	124,546

Liabilities Assumed:
Current liabilities:
Accounts payable	$	23,615
Other accrued expenses and intangible liabilities		3,366
Total current liabilities		26,981
Other long-term liabilities and intangible liabilities		2,613
Total liabilities		29,594
Total purchase price	$	94,952

Cash paid at closing	$	86,837
Fair value of contingent earnout		9,200
Net working capital and debt-like items adjustment		(1,085	)

	$	94,952

Unaudited Consolidated Pro Forma Summary

The following unaudited consolidated pro forma summary has been prepared by adjusting the Company’s historical data to give effect to the City Gear acquisition as if it had occurred on January 29, 2017 (the beginning of Hibbett’s fiscal year ended February 3, 2018). Both Hibbett and City Gear’s fiscal year statements of operations for the fiscal years ended February 2, 2019 and February 3, 2018 contained 52 weeks and 53 weeks of operations, respectively.

	Pro Forma - Unaudited Fiscal Year Ended
(in thousands, except per share data)	February 2, 2019		February 3, 2018
Net sales	$	1,152,628	$	1,158,701
Net income	$	27,265	$	31,673
Basic earnings per share	$	1.46	$	1.56
Diluted earnings per share	$	1.45	$	1.55