Hibbett Reports Fourth Quarter and Fiscal 2013 Results

  Hibbett Reports Fourth Quarter and Fiscal 2013 Results

Business Wire

BIRMINGHAM, Ala. -- March 15, 2013

Hibbett Sports, Inc. (NASDAQ/GS: HIBB):

  *Achieves 13th Consecutive Quarter of Comparable Store Sales Increase
  *Fourth Quarter Earnings Per Diluted Share Increases 24%
  *Fiscal Year Earnings Per Diluted Share Increases 27%
  *Issues Fiscal 2014 Guidance

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today
announced results for the fourth quarter and fiscal year ended February
2,2013.

Fourth Quarter Results

Net sales for the 14-week period ended February 2,2013, increased 14.0% to
$217.4 million compared with $190.7 million for the 13-week period ended
January 28, 2012. Comparable store sales increased 4.9% on a 13-week to
13-week period.

Gross profit improved to 36.1% of net sales for the 14-week period ended
February 2, 2013, compared with 35.8% for the 13-week period ended January 28,
2012.

Store operating, selling and administrative expenses improved to 20.3% of net
sales for the 14-week period ended February 2, 2013, compared with 20.9% of
net sales for the 13-week period ended January 28, 2012.

Net income for the 14-week period ended February 2, 2013, increased 22.3% to
$19.4 million compared with $15.8 million for the 13-week period ended January
28, 2012. Earnings per diluted share increased 23.7% to $0.73 for the 14-week
period ended February 2, 2013 compared with $0.59 for the 13-week period ended
January 28, 2012. The 14^th week added approximately $0.07 in diluted earnings
per share to our quarterly and annual results.

For the quarter, Hibbett opened 27 new stores, expanded 4 high performing
stores and closed 2 underperforming stores, bringing the store base to 873 in
29 states as of February 2, 2013.

Fiscal 2013 Results

Net sales for the 53-week period ended February 2, 2013, increased 11.8% to
$818.7 million compared with $732.6 million for the 52-week period ended
January 28, 2012. Comparable store sales increased 6.9% on a 52-week to
52-week period.

Gross profit improved to 36.5% of net sales for the 53-week period ended
February 2, 2013, compared with 35.8% for the 52-week period ended January 28,
2012.

Store operating, selling and administrative expenses improved to 20.8% of net
sales for the 53-week period ended February 2, 2013, compared with 21.3% of
net sales for the 52-week period ended January 28, 2012.

Net income for the 53-week period ended February 2, 2013, increased 22.9% to
$72.6 million compared with $59.1 million for the 52-week period ended January
28, 2012. Earnings per diluted share increased 26.5% to $2.72 compared with
$2.15 for the 52-week period ended January 28, 2012.

For the year, Hibbett opened 54 new stores, expanded 13 high performing stores
and closed 13 underperforming stores.

Jeff Rosenthal, President and Chief Executive Officer, stated, “The holiday
season was strong due to solid performance in footwear, apparel, and
accessories. Fiscal 2013 results were accomplished by excellent assortments,
great customer service, and outstanding support from our distribution team and
supplier partners. Looking forward into Fiscal 2014, we are well positioned to
continue our growth and are very excited about the investments being made in
the business to ensure our future success.”

Liquidity and Stock Repurchases

Hibbett ended the fourth quarter of Fiscal 2013 with $76.9 million of
available cash and cash equivalents on the consolidated balance sheet, no bank
debt outstanding and full availability under its $80.0million unsecured
credit facilities.

During the fourth quarter, the Company repurchased 203,662 shares of common
stock for a total expenditure of $11.0 million. For Fiscal 2013, the Company
repurchased 903,794 shares of common stock for a total expenditure of $49.9
million. Approximately $245.4 million of the total authorization remained for
future stock repurchases as of February 2, 2013.

Fiscal 2014 Outlook

For Fiscal 2014, the Company expects to report diluted earnings per share in
the range of $2.85 to $3.05 and an increase in comparable store sales in the
low to mid-single digit range. Please note that this compares to Fiscal 2013
that had an approximate $0.07 benefit in earnings per diluted share due to the
53^rd week. For Fiscal 2014, the Company expects to open 65 to 70 new stores,
expand approximately 18 high performing stores and close 15 to 20 stores.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00a.m.ET on
Friday, March 15, 2013, to discuss fourth quarter Fiscal 2013 results. The
number to call for the live interactive teleconference is (212)231-2934. A
replay of the conference call will be available until March 22, 2013, by
dialing (402)977-9140 and entering the passcode, 21576996.

The Company will also provide an online Web simulcast and rebroadcast of its
fourth quarter Fiscal 2013 conference call. The live broadcast of Hibbett's
quarterly conference call will be available online at www.hibbett.com under
Investor Relations, www.streetevents.com and www.earnings.com, on March 15,
2013, beginning at 10:00 a.m. ET. The online replay will follow shortly after
the call and continue through March 22, 2013.

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized
markets, predominately in the South, Southwest, Mid-Atlantic and Midwest
regions of the United States. The Company’s primary store format is Hibbett
Sports, a 5,000-square-foot store located in strip centers and enclosed malls.

A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in this
press release are "forward looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward looking statements
address future events, developments or results and typically use words such as
believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or
estimate. For example, our forward looking statements include statements
regarding store opening, expansion and closing plans, liquidity, sales trends,
margin trends, the effects of calendar shifts, earnings per diluted share and
comparable store sales. Such statements are subject to risks and uncertainties
that could cause actual results to differ materially, including economic
conditions, industry trends, merchandise trends, vendor relationships,
customer demand, and competition. For a discussion of these factors, as well
as others which could affect our business, you should carefully review our
Annual Report and other reports filed from time to time with the Securities
and Exchange Commission, including the "Risk Factors," "Business" and "MD&A"
sections in our Annual Report on Form 10-K filed on March 26, 2012, and our
Quarterly Reports on Form 10-Q filed on June 1, 2012, September 4, 2012 and
December 4, 2012. In light of these risks and uncertainties, the future
events, developments or results described by our forward looking statements in
this document could turn out to be materially and adversely different from
those we discuss or imply. We are not obligated to release publicly any
revisions to any forward looking statements contained in this press release to
reflect events or circumstances occurring after the date of this report and
you should not expect us to do so.


HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
                                                              
                                                                   
                         February 2,   January 28,   February 2,   January 28,
                         2013          2012          2013          2012
                         (14 Weeks)    (13 Weeks)    (53 Weeks)    (52 Weeks)
Net sales                $  217,407    $  190,681    $  818,700    $  732,645
Cost of goods sold,
distribution center        138,918      122,521      519,818      470,237
and store occupancy
costs
Gross profit                78,489        68,160        298,882       262,408
Store operating,
selling and                 44,167        39,817        169,872       155,672
administrative
expenses
Depreciation and           3,416        3,291        13,029       13,205
amortization
Operating income            30,906        25,052        115,981       93,531
Interest expense, net      41           50           168          217
Income before
provision for income        30,865        25,002        115,813       93,314
taxes
Provision for income       11,506       9,178        43,231       34,254
taxes
Net income               $  19,359     $  15,824     $  72,582     $  59,060
                                                                   
Net income per common
share:
Basic earnings per       $  0.75       $  0.60       $  2.78       $  2.19
share
Diluted earnings per     $  0.73       $  0.59       $  2.72       $  2.15
share
                                                                   
Weighted average
shares outstanding:
Basic                      25,848       26,452       26,132       26,978
Diluted                    26,359       26,983       26,638       27,506


HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
                                                            
                                                 February 2,  January 28,
                                                 2013          2012
Assets
Cash and cash equivalents                        $  76,911     $  55,138
Accounts receivable, net                            5,954         6,123
Inventories, net                                    221,378       195,071
Prepaid expenses and other                         17,371       12,441
Total current assets                                321,614       268,773
Property and equipment, net                         49,076        39,596
Other assets                                       6,641        5,327
Total assets                                     $  377,331    $  313,696
                                                               
Liabilities and Stockholders' Investment
Accounts payable                                 $  102,021    $  73,735
Short-term capital leases                           714           173
Accrued expenses                                   15,980       17,750
Total current liabilities                           118,715       91,658
Non-current liabilities                             19,489        18,288
Stockholders' investment                           239,127      203,750
Total liabilities and stockholders' investment   $  377,331    $  313,696


HIBBETT SPORTS, INC. AND SUBSIDIARIES
FISCAL 2013 COMPARABLE STORE SALES
AS ORIGINALLY REPORTED AND ADJUSTED FOR WEEK SHIFT (a)
(unaudited)
                                                    
                     FISCAL 2013
                                                                      Full
                     First       Second     Third      Fourth      Year
                     Quarter      Quarter     Quarter     Quarter
                                                                      
Comparable store
sales increase       11.1   %     4.8   %     6.4   %     4.9     %  6.9   %
(originally
reported)
Comparable store
sales increase       8.6    %    12.5  %    -0.7  %    4.4     %  6.0   %
(adjusted for
week shift)
Impact of week       -2.5   %     7.7   %     -7.1  %     -0.5     %  -0.9  %
shift
                                                                      
(a) Due to the 53rd week in Fiscal 2013, each quarter in Fiscal 2014 starts
one week later than the same quarter in Fiscal 2013. The chart above presents
comparable store sales for Fiscal 2013 as originally reported and as adjusted
to represent the same 13-week period as the fiscal 2014 quarters.


HIBBETT SPORTS, INC. AND SUBSIDIARIES
Supplemental Information
(Unaudited)
                                                            
                    February 2,    January 28,    February 2,    January 28,
                    2013           2012           2013           2012
                    (14 Weeks)     (13 Weeks)     (53 Weeks)     (52 Weeks)
Sales Information
Total sales           14.0    %      10.1    %      11.8    %      10.2      %
increase
Comparable store
sales increase        4.9     %      7.2     %      6.9     %      6.8       %
(13 and 52 weeks)
                                                                 
Store Count
Information
Beginning of          848            815            832            798
period
New stores opened     27             20             54             52
Stores closed        (2      )     (3      )     (13     )     (18       )
End of period        873          832          873          832       
                                                                 
Stores expanded       4              2              13             15
Estimated square
footage at end of     5,003          4,755
period (in
thousands)
                                                                 
Balance Sheet
Information
Average inventory   $ 253,583      $ 234,460
per store
                                                                 
Share Repurchase
Program
Shares                203,662        225,170        903,794        1,897,002
Cost (in            $ 11,008       $ 10,107       $ 49,852       $ 68,613
thousands)

Contact:

Hibbett Sports, Inc.
Scott J. Bowman, 205-942-4292
Senior Vice President &
Chief Financial Officer
 
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