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Hibbett Sports reaffirms its earnings outlook for Q1 2009

27 May '08
2 min read

Hibbett Sports Inc, a sporting goods retailer, announced results for the first quarter ended May 3, 2008.

Financial Highlights:
Net sales for the 13-week period ended May 3, 2008, increased 9.0% to $145.8 million compared with $133.8 million for the 13-week period ended May 5, 2007. Comparable store sales increased 0.1%.

Net income for the 13-week period ended May 3, 2008, was $9.4 million compared with $10.2 million for the 13-week period ended May 5, 2007. Earnings per diluted share was $0.32 per diluted share for the 13-week periods ended May 3, 2008 and May 5, 2007.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "Strong sales in April led to a slight increase in comparable store sales for the quarter. Footwear and apparel were both positive, driven by solid performances in all youth categories. Although we remain cautious given the current economic climate, we are pleased to report that the second quarter is currently experiencing mid single digit comp store sales gains."

For the quarter, Hibbett opened 14 new stores and closed 3 stores, bringing the store base to 699 in 23 states as of May 3, 2008. The Company plans to open 80 to 90 stores and possibly close 8 to 12 stores in fiscal 2009.

Fiscal 2009 Outlook:
The Company is reaffirming its earnings outlook for the fiscal year ended January 31, 2009 at $0.88 to $1.00 per diluted share, based on comparable store sales ranging between 0% to negative 3%.

Stock Repurchase:
During the first quarter, the Company repurchased 1,038,700 shares of common stock for a total investment of $16.9 million, bringing the total shares repurchased since the inception of the program in August 2004 to 7,761,813 shares for a total investment of $166.9 million. Approximately $83.1 million of the total authorization remains for future stock repurchases.

Hibbett Sports Inc

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