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Hibbett raises outlook for fiscal year

22
Aug '08
Hibbett Sports Inc, a sporting goods retailer, announced results for the second quarter ended August 2, 2008.

Financial Highlights:
Net sales for the 13-week period ended August 2, 2008, increased 13.9% to $130.3 million compared with $114.4 million for the 13-week period ended August 4, 2007. Comparable store sales increased 5.0%. Net income for the second quarter of fiscal 2009 was $4.8 million compared with $4.7 million for the prior-year period. Earnings per diluted share was $0.17 compared with $0.15 in the prior-year period.

Net sales for the 26-week period ended August 2, 2008, increased 11.2% to $276.1 million compared with $248.2 million for the 26-week period ended August 4, 2007. Comparable store sales increased 2.4%. Net income for the 26-week period was $14.2 million compared with $14.9 million in the prior-year period. Earnings per diluted share were $0.49 compared with $0.47 in the prior year.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "Considering the current retail environment, we are pleased with our results for the quarter. Performance footwear and apparel were key to our sales growth. While we are aware that the economic stimulus package aided our results in the second quarter, we also believe that our systems investments from a year ago are beginning to positively impact our sales.

Increased visibility to sales trends and stock positions from these investments is allowing our store and office teams to improve execution and have helped us to maintain positive mid-single-digit comparable store sales thus far in August."

For the quarter, Hibbett opened 14 new stores and closed 1 store, bringing the store base to 712 in 23 states as of August 2, 2008. On July 26, the Company reached a milestone with the opening of its 700th store in Bessemer, Alabama. For fiscal 2009, the Company plans to open 80 to 90 new stores and close 10 to 12 stores.

Fiscal 2009 Outlook:
The Company increased its earnings outlook for the fiscal year ended January 31, 2009 to a range of $0.93 to $1.03 per diluted share, based on comparable store sales ranging from flat to up 2% for the second half of fiscal 2009.

Hibbett Sports Inc


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