News Flash

Footwear seller Hibbett Comp Store sales rise 3.1% in Q2

20 Aug '05

3 min read

- Comparable store net sales data reflects sales for our Hibbett Sports and Sports Additions stores open through the 26-week period and the corresponding period of the prior fiscal year.

Hibbett opened 16 new stores and closed one store during the second quarter, bringing the store base to 508 in 22 states as of July 30, 2005. The Company plans to open a net of approximately 70 to 73 new stores in fiscal 2006, including a net of 18 to 22 stores in the third quarter.

The Board confirmed that Mickey Newsome will continue to serve as the Company's Chairman and Chief Executive Officer and Brian Priddy will serve as its President.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "They had a positive comparable store sales performance in all three product categories."

Footwear, apparel and equipment all posted single-digit increases. Footwear was strong most of the quarter with the performance category leading the way, but slowed toward the end of July as some back-to-school shopping shifted to the third quarter.

Equipment benefited from the seasonal demand of team sports, while apparel began to anniversary the significant sales shortfall in the pro-licensed category a year ago. In last year's second quarter, they responded to our sales softness with three separate promotions that were not repeated this year.

With our much cleaner inventory position and a successful shift in emphasis to activewear and urban apparel, they generated much higher product margins in the quarter. They were able to once again deliver considerable year-over-year growth in earnings.

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