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Sales up 9.6% at sportswear retailer Hibbet in Q3 FY'12

Nov '12
For the quarter, Hibbett opened 13 new stores, expanded 4 high performing stores and closed 2 underperforming stores, bringing the store base to 848 in 26 states as of October 27, 2012.

Liquidity and Stock Repurchases

Hibbett ended the third quarter of Fiscal 2013 with $75.3 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 third quarter, the Company repurchased 206,729 shares of common stock for a total expenditure of $11.8 million. On November 15, 2012, the Board of Directors of the Company authorized a new Stock Repurchase Program (Program) of $250.0 million expiring on January 29, 2016. Effective immediately, the new Program replaces the existing authorization which was due to expire on February 2, 2013. Under prior authorizations, the Company has purchased 11,900,356 shares of common stock to date at a cost of $316.6 million.

Fiscal 2013 Outlook

The Company increased its earnings guidance for Fiscal 2013 to a range of $2.66 to $2.71 per diluted share (which includes an expected contribution of $0.09 to $0.11 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 57 to 60 new stores, expand approximately 17 high performing stores, and close up to 18 stores.

The Company also announced it would begin construction of its new 412,000-square-foot wholesaling and logistics facility in Alabama in early first quarter Fiscal 2014.

Hibbett Sports Inc.

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