Hibbett opened 17 new stores and closed 3 stores during the second quarter, bringing the store base to 634 in 23 states as of August 4, 2007. The Company plans to open 28 to 30 stores and close 2 to 4 stores in the third quarter. For fiscal 2008, the Company plans to open 90 to 95 stores and close 6 to 10 stores.
Mickey Newsome, Chairman and Chief Executive Officer, stated, "Consistent with our announcement earlier this month, the soft sales trend experienced in the second quarter led to lower than expected results. However, as we move forward into the third quarter, we are encouraged by the strength of back-to-school shopping trends occurring later and closer to the start of school and the tax-free holidays falling in the third quarter in Texas and Florida."
"We have found that the tax-free holidays have a significant impact on consumer shopping behavior and view these events as positive given the importance of August to the third quarter. During the first 19 days of the quarter, we have seen improved sales and a comparable calendar increase in the mid-single-digits."
Fiscal 2008 Outlook: For the third fiscal quarter ending November 3, 2007, the Company expects to report earnings per diluted share of $0.20 to $0.25 with slightly positive comparable store sales on a calendar basis and mid-single-digit negative comparable store sales on a fiscal basis.
For fiscal 2008, the Company expects to report earnings of $1.07 to $1.20 perdiluted share and a slightly positive comparable store sales increase on both a calendar and fiscal basis. At the present time, the Company has continued its historical practice of giving guidance.
However, no assurance is given that the Company will achieve these forecasts, especially as a result of the uncertainties impacting our business such as the economy, consumer confidence and disruptions in the capital markets.
Stock Repurchase: During the second quarter, the Company repurchased 389,400 shares of common stock for a total expenditure of $10.9 million, bringing the total shares repurchased since the inception of the program in August 2004 to 5,033,813 shares for a total expenditure of $118.1 million.
Approximately $31.9 million of the total authorization remains for future stock repurchases as of the end of the second quarter of fiscal 2008.
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