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Hibbett's Q4 and fiscal EPS increases over 34%
13
Mar '12
Hibbett Sports Inc, a sporting goods retailer, announced results for the fourth quarter and fiscal year ended January 28, 2012.

Net sales for the 13-week period ended January 28, 2012; increased 10.1% to $190.7 million compared with $173.2 million for the 13-week period ended January 29, 2011. Comparable store sales increased 7.2%.

Net income for the 13-week period ended January 28, 2012; increased 27.0% to $15.8 million compared with $12.5 million for the 13-week period ended January 29, 2011. Earnings per diluted share increased 34.1% to $0.59 compared with $0.44 for the 13-week period ended January 29, 2011.

Net sales for the 52-week fiscal year ended January 28, 2012; increased 10.2% to $732.6 million compared with $665.0 million for the 52-week period ended January 29, 2011. Comparable store sales increased 6.8%. Net income for Fiscal 2012, increased 27.3% to $59.1 million compared with $46.4 million for Fiscal 2011. Earnings per diluted share increased 34.4% to $2.15 compared with $1.60 for the 52-week period ended January 29, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “We are pleased with our continued strong performance, sustained margin expansion and exceptional cost management. Fiscal 2012 was another great year of growth, and we are off to a fast start in the first quarter of Fiscal 2013 with an even stronger sales trend."

"We would like to thank all of our hard working associates for their efforts in helping us deliver these results for our shareholders.”

For the quarter, Hibbett opened 21 new stores, expanded 2 high performing stores and closed 4 underperforming stores, bringing the store base to 832 in 26 states as of January 28, 2012. For Fiscal 2012, the Company opened 52 new stores, expanded 15 high performing stores and closed 18 underperforming stores.

Hibbett ended Fiscal 2012 with $55.1 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding and full availability under its $80.0 million unsecured credit facilities.

During the fourth quarter, the Company repurchased 225,170 shares of common stock for a total expenditure of $10.1 million. Approximately $144.7 million of the current $250.0 million authorization remains for future stock repurchases.

The Company anticipates its earnings for the 53-week period ending February 2, 2013, to be within a range of $2.35 to $2.55 per diluted share (which includes an expected contribution of $0.07 to $0.09 per diluted share from the 53rd week) and comparable store sales to increase in the low to mid single digit range.

For Fiscal 2013, the Company expects to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 stores.

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the Southeast, Southwest, Mid-Atlantic and the lowerMidwest regions of the United States.

Hibbett Sports Inc

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