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Sporting goods retailer Hibbett sees solid first quarter
22
May '12
Hibbett Sports Inc. a sporting goods retailer, announced results for the first quarter ended April 28, 2012.

Financial Highlights

Net sales for the 13-week period ended April 28, 2012, increased 14.4% to $232.9 million compared with $203.7 million for the 13-week period ended April 30, 2011.

Comparable store sales increased 11.1%. Net income for the 13-week period ended April 28, 2012; increased 23.5% to $26.4 million compared with $21.3 million for the 13-week period ended April 30, 2011. Earnings per diluted share increased 29.0% to $0.98 compared with $0.76 for the 13-week period ended April 30, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “The fast pace of sales and momentum we discussed exiting Fiscal 2012 continued throughout our first quarter. We experienced across-the-board strength in all categories, which, when combined with continued cost management and margin improvement, provides further confidence in raising our outlook for Fiscal 2013. We are proud of the commitment toward excellence that our Hibbett associates demonstrate.”

For the quarter, Hibbett opened 7 new stores, expanded 2 high performing stores and closed 4 underperforming stores, bringing the store base to 835 in 26 states as of April 28, 2012.

Liquidity and Stock Repurchases
Hibbett ended first quarter of Fiscal 2013 with $95.8 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 first quarter, the Company repurchased 316,960 shares of common stock for a total expenditure of $16.8 million. Approximately $131.1 million of the current $250.0 million authorization remains for future stock repurchases.

Fiscal 2013 Outlook
The Company increased its earnings guidance for Fiscal 2013 to a range of $2.50 to $2.65 per diluted share (which includes an expected contribution of $0.07 to $0.09 per diluted share from the 53rd week) and an increase in comparable store sales in the 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 lower Midwest regions of the United States. The Company's primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.

Hibbett Sports Inc

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