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Hibbett Sporting Goods same-store sales up 2.5% in Q4

Feb '06
Sporting goods retailer Hibbett Sporting Goods Inc has announced sales for the fourth quarter and fiscal year ended January 28, 2006. The company will report earnings results for both periods on March 9, 2006.

Net sales for the 13-week period ended January 28, 2006; increased 12.8 percent to $120.8 million, a new company record, compared with net sales of $107.1 million for the 13-week period ended January 29, 2005. Same-store sales for the fourth quarter increased 2.5 percent over the prior-year period.

Same-store net sales data reflects sales for our Hibbett Sports and Sports Additions stores open through the 13-week periods ended January 28, 2006 and January 29, 2005.

For the 52-week fiscal year ended January 28, 2006, net sales increased 16.6 percent to $440.3 million, a new company record, compared with $377.5 million for the 52-week period ended January 29, 2005. Same-store sales for the year increased 5.6 percent over the prior-year period.

For the quarter, the company opened a net of 23 new stores. For the year, the company opened a net of 67 new stores, bringing the total to 549 stores in 22 states. It expects to open a net of approximately 80 to 85 new stores in fiscal 2007.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "Hibbett continued the positive comparable store sales momentum through January that we have exhibited throughout the year. Equipment, footwear and apparel were all positive. We are pleased that our inventory management efforts continue to yield positive results, including faster turns and margin expansion."

Hibbett Sporting Goods Inc is a rapidly growing operator of sporting goods stores in small to mid-sized markets, predominantly in the Sunbelt, Mid-Atlantic and Midwest. The company's primary store format is Hibbett Sports, a 5,000-square-foot store located in enclosed malls and dominant strip centers.

Hibbett Sporting Goods Inc

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