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Hibbett Sports August sales trends improve

27 Aug '07

4 min read

Hibbett Sports Inc, a sporting goods retailer announced results for the second quarter ended August 4, 2007.

Financial Highlights:
Net sales on a fiscal basis for the 13-week period ended August 4, 2007, increased 9.6% to $114.4 million compared with $104.4 million for the 13-week period ended July 29, 2006. Comparable store sales increased 2.6% on a fiscal basis. Net income for the second fiscal quarter was $4.7 million compared with $4.0 million in the prior-year period. Earnings per diluted share was $0.15 compared with $0.12 in the prior year.

Net sales on a fiscal basis for the 26-week period ended August 4, 2007, increased 7.3% to $248.2 million compared with $231.3 million for the 26-week period ended July 29, 2006. Comparable store sales for this period decreased 0.2% on a fiscal basis. Net income for this period was $14.9 million compared with $15.5 million in the same period of fiscal 2007. Earnings per diluted share were $0.47 compared with $0.47 in the prior year.

Each quarter of fiscal 2008 starts one week later than the same quarter of fiscal 2007, due to the Company's 2007 fiscal year having 53 weeks versus the normal 52 weeks. This timing shift can have a significant impact on quarterly sales comparisons.

The measurement of sales on a calendar basis in comparable stores for the same calendar weeks is based on sales during the 13 weeks and 26 weeks ended August 4, 2007, in relation to the same weeks ended August 5, 2006. On a calendar basis, comparable store sales decreased 5.6% for the 13 weeks and 2.3% for the 26 weeks.

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