Sportswear retailer Hibbett Q4 FY'13 sales rise 14%

Fourth Quarter Results

Net sales for the 14-week period ended February 2, 2013, increased 14.0% to $217.4 million compared with $190.7 million for the 13-week period ended January 28, 2012. Comparable store sales increased 4.9% on a 13-week to 13-week period.

Gross profit improved to 36.1% of net sales for the 14-week period ended February 2, 2013, compared with 35.8% for the 13-week period ended January 28, 2012.

Store operating, selling and administrative expenses improved to 20.3% of net sales for the 14-week period ended February 2, 2013, compared with 20.9% of net sales for the 13-week period ended January 28, 2012.

Net income for the 14-week period ended February 2, 2013, increased 22.3% to $19.4 million compared with $15.8 million for the 13-week period ended January 28, 2012. Earnings per diluted share increased 23.7% to $0.73 for the 14-week period ended February 2, 2013 compared with $0.59 for the 13-week period ended January 28, 2012. The 14th week added approximately $0.07 in diluted earnings per share to our quarterly and annual results.

For the quarter, Hibbett opened 27 new stores, expanded 4 high performing stores and closed 2 underperforming stores, bringing the store base to 873 in 29 states as of February 2, 2013.

Fiscal 2013 Results

Net sales for the 53-week period ended February 2, 2013, increased 11.8% to $818.7 million compared with $732.6 million for the 52-week period ended January 28, 2012. Comparable store sales increased 6.9% on a 52-week to 52-week period.

Gross profit improved to 36.5% of net sales for the 53-week period ended February 2, 2013, compared with 35.8% for the 52-week period ended January 28, 2012.

Store operating, selling and administrative expenses improved to 20.8% of net sales for the 53-week period ended February 2, 2013, compared with 21.3% of net sales for the 52-week period ended January 28, 2012.

Net income for the 53-week period ended February 2, 2013, increased 22.9% to $72.6 million compared with $59.1 million for the 52-week period ended January 28, 2012. Earnings per diluted share increased 26.5% to $2.72 compared with $2.15 for the 52-week period ended January 28, 2012.

For the year, Hibbett opened 54 new stores, expanded 13 high performing stores and closed 13 underperforming stores.

Jeff Rosenthal, President and Chief Executive Officer, stated, “The holiday season was strong due to solid performance in footwear, apparel, and accessories. Fiscal 2013 results were accomplished by excellent assortments, great customer service, and outstanding support from our distribution team and supplier partners.

Looking forward into Fiscal 2014, we are well positioned to continue our growth and are very excited about the investments being made in the business to ensure our future success.”

Hibbett