8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 13, 2008

Hibbett Sports, Inc.

(Exact Name Of Registrant As Specified In Its Charter)

Delaware	000-20969	20-8159608
(State of Incorporation)	(Commission	(IRS Employer
	File Number)	Identification No.)

451 Industrial Lane

Birmingham, Alabama  35211

(Address of principal executive offices)

(205) 942-4292

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□      Pre commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

Hibbett Sports, Inc. released its results of operations for the thirteen-week and fifty-two week periods ended February 2, 2008, in a press release issued on March 13, 2008.

The information in this Item, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.  It may be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

Item 7.01.  Regulation FD Disclosures.

The information contained in Item 2.02 (including disclaimer) is incorporated by reference into this item 7.01.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

This exhibit is furnished pursuant to Item 2.02 and Item 7.01, respectively and shall not be deemed to be “filed”.

Exhibit No.	Description
99.1	Press Release Dated March 13, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HIBBETT SPORTS, INC.
By:	/s/ Gary A. Smith
	Gary A. Smith
	Vice President and Chief Financial Officer

March 14, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated March 13, 2008

EX-99.1

EXHIBIT 99.1

Contact:	Gary Smith
	Vice President &
	Chief Financial Officer
	(205) 942-4292

HIBBETT REPORTS FISCAL 2008 RESULTS

BIRMINGHAM, Ala. (March 13, 2008) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the fourth quarter and fiscal year ended February 2, 2008.

Financial Highlights

Net sales for the 13-week period ended February 2, 2008, decreased 5.5% to $142.8 million compared with $151.2 million for the 14-week period ended February 3, 2007.  Comparable store sales decreased 7.3% on a comparable 13-week period and decreased 4.7% on a fiscal basis. Net income for the 13-week period ended February 2, 2008, was $8.1 million compared with $12.6 million for the 14-week period ended February 3, 2007.  Earnings per diluted share for the 13-week period ended February 2, 2008, was $0.26 compared with $0.39 per diluted share for the 14-week period ended February 3, 2007.

Net sales for the 52-week fiscal year ended February 2, 2008, increased 1.7% to $520.7 million compared with $512.1 million for the 53-week period ended February 3, 2007.  Comparable store sales decreased 2.9% on a comparable 52-week period of fiscal 2008 and decreased 3.1% on a fiscal basis.  Net income for the 52-week fiscal year ended February 2, 2008, was $30.8 million compared with $38.1 million for the 53-week period ended February 3, 2007.  Earnings per diluted share for the 52-week fiscal year were $0.98 compared with $1.17 for the 53-week period ended February 3, 2007.

Comparable store sales data on a fiscal basis reflects sales for our Hibbett Sports and Sports Additions stores open through the 13-week periods ended February 2, 2008 and January 27, 2007.  Comparable store sales data on a calendar basis reflects sales for our Hibbett Sports and Sports Additions stores open through the 13-week periods ended February 2, 2008 and February 3, 2007. This timing shift can and did have a significant impact on quarterly sales comparisons.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "The fourth quarter was heavily influenced by generally unfavorable economic factors combined with the lack of new product trends.  While sales thus far in Fiscal 2009 show improvement over our fourth quarter results, we are conservative with our guidance due to current economic conditions which are continuing to impact our customer’s spending habits.  Our focus remains on opening new stores in small markets where we are needed and leveraging the investments we have made in our systems and infrastructure."

For the quarter, Hibbett opened 40 new stores and closed 2 stores. For the year, Hibbett opened 84 new stores and closed 9 stores, bringing the store base to 688 in 23 states as of February 2, 2008. For fiscal 2009, the Company plans to open approximately 87 stores and close approximately 10 stores.

Fiscal 2009 Outlook

Consistent with a growing number of publicly-held companies, the Company has adopted a policy to provide annual rather than quarterly guidance.    Effective with fiscal 2009, the Company will provide annual expectations for earnings per share, comparable store sales and store openings and closings. The Company will update that annual guidance each quarter.

For the fiscal year ended January 31, 2009, the Company expects to report earnings of $0.88 to $1.00 per diluted share with comparable store sales ranging between flat to negative 3%.

Stock Repurchase

During the fourth quarter, the Company repurchased 1,446,600 shares of common stock for a total investment of $26.2 million, bringing the total shares repurchased since the inception of the program in August 2004 to 6,723,113 shares for a total investment of $150.0 million.  Approximately $100.0 million of the total authorization remains for future stock repurchases.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on March 14, 2008, to discuss the fourth quarter results.  The number to call for this interactive teleconference is (800) 257- 6566.  A replay of the conference call will be available until March 21, 2008, by dialing (303) 590-3000 and entering the passcode, 11106024#.

The Company will also provide an online Web simulcast and rebroadcast of its fiscal 2008-fourth quarter conference call.  The live broadcast of Hibbett's quarterly conference call will be available online at www.streetevents.com and www.earnings.com beginning at March 14, 2008, at 10:00 a.m. ET.  The online replay will follow shortly after the call and continue through March 21, 2008.

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the Sunbelt, Mid-Atlantic and lower Midwest.  The Company’s primary store format is Hibbett Sports, a 5,000-square-foot store located in dominant 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 company growth, store opening and closing plans, sales (including comparable store sales) and earnings expectations.  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 complete description of these factors, as well as others which could affect our business, you should carefully review the "Risk Factors," "Business," and "MD&A" sections in our Annual Report on Form 10-K filed on April 4, 2007 and our most recent prospectus supplement filed May 2, 2003.  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.

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HIBBETT SPORTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

	Fourth Quarter Ended					Fiscal Year Ended
	(13 weeks)			(14 weeks)		(52 weeks)		(53 weeks)
	February 2,			February 3,		February 2,		February 3,
	2008			2007		2008		2007
Net sales	$	142,847		$	151,159	$	520,720	$	512,094
Cost of goods sold, distribution center
and store occupancy costs		98,190			97,926		351,060		338,963
Gross profit		44,657			53,233		169,660		173,131
Store operating, selling and administrative
expenses		28,951			28,877		108,463		100,461
Depreciation and amortization		3,116			2,780		12,154		10,932
Operating income		12,590			21,576		49,043		61,738
Interest (expense) income, net		(66	)		209		431		876
Income before provision for income taxes		12,524			21,785		49,474		62,614
Provision for income taxes		4,410			9,181		18,637		24,541
Net income	$	8,114		$	12,604	$	30,837	$	38,073
Net income per common share:
Basic earnings per share	$	0.27		$	0.40	$	0.99	$	1.19
Diluted earnings per share	$	0.26		$	0.39	$	0.98	$	1.17
Weighted average shares outstanding:
Basic		30,260			31,739		31,049		32,094
Diluted		30,633			32,278		31,525		32,620

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

	February 2,		February 3,
	2008		2007
Assets
Cash and cash equivalents	$	10,742	$	30,367
Short-term investments		191		-
Accounts receivable, net		5,575		4,651
Inventories, net		142,221		125,240
Prepaid expenses and other		8,073		6,631
Total current assets		166,802		166,889
Property and equipment, net		46,505		42,573
Other assets		4,242		3,391
Total assets	$	217,549	$	212,853
Liabilities and Stockholders' Investment
Accounts payable	$	64,125	$	42,016
Accrued expenses		12,786		18,445
Total current liabilities		76,911		60,461
Non-current liabilities		21,075		15,751
Stockholders' investment		119,563		136,641
Total liabilities and stockholders' investment	$	217,549	$	212,853

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