Delaware
|
000-20969
|
20-8159608
|
(State of Incorporation)
|
(Commission
|
(IRS Employer
|
|
File Number)
|
Identification No.)
|
Exhibit No.
|
Description
|
99.1
|
Press Release Dated March 14, 2014
|
|
HIBBETT SPORTS, INC.
|
|
|
|
|
|
By:
|
/s/ Scott J. Bowman
|
|
|
Scott J. Bowman
|
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release Dated March 14, 2014
|
|
Contact:
|
Scott J. Bowman
|
|
|
Senior Vice President &
|
|
|
Chief Financial Officer
|
|
|
(205) 942-4292
|
·
|
Comparable Store Sales Increase 1.7% in Fourth Quarter
|
·
|
EPS In Line with Prior Guidance
|
·
|
Issues Fiscal 2015 Outlook
|
·
|
New Wholesaling and Logistics Facility to Open in Second Quarter
|
·
|
Earnings per diluted share in the range of $2.78 to $2.98
|
·
|
Increase in comparable store sales in the low-to-mid single digit range
|
·
|
Approximately 75 to 80 new stores, 10 to 15 expansions and 15 to 20 closures
|
·
|
Flat to slightly positive product gross margin rate compared to Fiscal 2014
|
·
|
An estimated $0.11 per diluted share impact due to the transition to the new wholesaling and logistics facility in April/May, ongoing operational costs after opening, and increased depreciation
|
·
|
Increase in SG&A expense as a percent of sales due to increased health care costs (estimated $0.02 per diluted share), as well as increases in marketing and IT costs
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations
|
||||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
February 1, 2014
|
February 2, 2013
|
February 1, 2014
|
February 2, 2013
|
|||||||||||||
(13 Weeks)
|
(14 Weeks)
|
(52 Weeks)
|
(53 Weeks)
|
|||||||||||||
Net sales
|
$
|
217,767
|
$
|
217,407
|
$
|
851,965
|
$
|
818,700
|
||||||||
Cost of goods sold, distribution center and store occupancy costs
|
139,794
|
138,918
|
542,700
|
519,818
|
||||||||||||
Gross profit
|
77,973
|
78,489
|
309,265
|
298,882
|
||||||||||||
Store operating, selling and administrative expenses
|
47,277
|
44,167
|
181,527
|
169,872
|
||||||||||||
Depreciation and amortization
|
3,654
|
3,416
|
13,847
|
13,029
|
||||||||||||
Operating income
|
27,042
|
30,906
|
113,891
|
115,981
|
||||||||||||
Interest expense, net
|
46
|
41
|
188
|
168
|
||||||||||||
Income before provision for income taxes
|
26,996
|
30,865
|
113,703
|
115,813
|
||||||||||||
Provision for income taxes
|
10,126
|
11,506
|
42,826
|
43,231
|
||||||||||||
Net income
|
$
|
16,870
|
$
|
19,359
|
$
|
70,877
|
$
|
72,582
|
||||||||
|
||||||||||||||||
Net income per common share:
|
||||||||||||||||
Basic earnings per share
|
$
|
0.65
|
$
|
0.75
|
$
|
2.74
|
$
|
2.78
|
||||||||
Diluted earnings per share
|
$
|
0.64
|
$
|
0.73
|
$
|
2.70
|
$
|
2.72
|
||||||||
|
||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
25,812
|
25,848
|
25,870
|
26,132
|
||||||||||||
Diluted
|
26,210
|
26,359
|
26,266
|
26,638
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||
Unaudited Condensed Consolidated Balance Sheets
|
||||||||
(In thousands)
|
||||||||
February 1, 2014
|
February 2, 2013
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
66,227
|
$
|
76,911
|
||||
Inventories, net
|
226,545
|
221,378
|
||||||
Other current assets
|
30,877
|
23,325
|
||||||
Total current assets
|
323,649
|
321,614
|
||||||
Property and equipment, net
|
86,014
|
49,076
|
||||||
Other assets
|
6,682
|
6,641
|
||||||
Total assets
|
$
|
416,345
|
$
|
377,331
|
||||
|
||||||||
Liabilities and Stockholders' Investment
|
||||||||
Accounts payable
|
$
|
74,532
|
$
|
102,021
|
||||
Short-term capital leases
|
322
|
714
|
||||||
Accrued expenses
|
16,560
|
15,980
|
||||||
Total current liabilities
|
91,414
|
118,715
|
||||||
Non-current liabilities
|
20,908
|
19,489
|
||||||
Stockholders' investment
|
304,023
|
239,127
|
||||||
Total liabilities and stockholders' investment
|
$
|
416,345
|
$
|
377,331
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||||||||||
Supplemental Information
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
February 1, 2014
|
February 2, 2013
|
February 1, 2014
|
February 2, 2013
|
|||||||||||||
(13 Weeks)
|
(14 Weeks)
|
(52 Weeks)
|
(53 Weeks)
|
|||||||||||||
Sales Information
|
||||||||||||||||
Total sales increase
|
0.2
|
%
|
14.0
|
%
|
4.1
|
%
|
11.8
|
%
|
||||||||
Comparable store sales increase (13 and 52 weeks)
|
1.7
|
%(1)
|
4.9
|
%(2)
|
1.8
|
%(1)
|
6.9
|
%(2)
|
||||||||
Store Count Information
|
||||||||||||||||
Beginning of period
|
904
|
848
|
873
|
832
|
||||||||||||
New stores opened
|
30
|
27
|
72
|
54
|
||||||||||||
Stores closed
|
(7
|
)
|
(2
|
)
|
(18
|
)
|
(13
|
)
|
||||||||
End of period
|
927
|
873
|
927
|
873
|
||||||||||||
Stores expanded
|
2
|
4
|
14
|
13
|
||||||||||||
Estimated square footage at end of period (in thousands)
|
5,331
|
5,003
|
||||||||||||||
|
||||||||||||||||
Balance Sheet Information
|
||||||||||||||||
Average inventory per store
|
$
|
244,385
|
$
|
253,583
|
||||||||||||
Share Repurchase Program
|
||||||||||||||||
Shares
|
21,500
|
203,662
|
365,697
|
903,794
|
||||||||||||
Cost (in thousands)
|
$
|
1,324
|
$
|
11,008
|
$
|
20,095
|
$
|
49,852
|
||||||||
(1) Represents the increase in comparable store sales for the period ended February 2, 2013 to the period ended February 1, 2014.
|
||||||||||||||||
(2) As originally reported for the period ended February 2, 2013.
|
Due to the 53rd week in Fiscal 2013, each quarter in Fiscal 2014 started one week later than the same quarter in Fiscal 2013. The chart below 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.
|
||||||||||||||||||||
Fiscal 2013
|
||||||||||||||||||||
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
Full Year
|
||||||||||||||||
Comparable store sales increase (originally reported)
|
11.1
|
%
|
4.8
|
%
|
6.4
|
%
|
4.9
|
%
|
6.9
|
%
|
||||||||||
Comparable store sales increase (adjusted for week shift)
|
8.6
|
%
|
12.5
|
%
|
-0.7
|
%
|
4.4
|
%
|
6.0
|
%
|
||||||||||
Impact of week shift
|
-2.5
|
%
|
7.7
|
%
|
-7.1
|
%
|
-0.5
|
%
|
-0.9
|
%
|
B1UC1GBKV^
MIKTSX[:9%9?"=;33HA':V!>)/@SXHTN1_L,,6JVV
M?E>!@KX]T;^A-
M%%`#C8VQU`7QA3[6(_*$N/FV9SCZ9I=0LK;4;.6TOH4GMI1AXW'##
MK110!CQ^#?#T4B/'I4"NC!E(SP1T[UT%%%`%:YL;:ZN+:>XA226V8O"S#.QB
M,$CWQ1?6%K?B$7D"2^3(LT>X?<<=&'O110`7%C;7-S;7$\*/-;,6A
1SA5
M`ZDFOG+X'>/[^QUZUT#5+B2XTZ[;RH#*VYH).P!/\)Z8[5[;\3/^2?>(?^O*
M7_T&MHS4HW1X.+RR>$Q44>CM9^38[_`(3GPM_T,&F_^!"T?\)SX6_Z?
M_`A:^.M+L)M3U"UL;.-7N;EUBC4D`%CTY[5W7_"FO&?_`$#K7_P*2L56D]D>
M]6X?P-!I5:_+?O9'TGI_BS0-1O$M;#6+&XN9,[8XY@S-CT%&H>+/#^G7DEK?
M:Q8V]S'P\4DP5E[\BO%?AA\,O$^@>.=-U+4K*".TAW[V6=6(RI`X%-^)GPP\
M4:]XXU34M-LK>2TG93&S3JI.$`Z'W%7SSY;V/._LS`_6?9>W]WEO>ZWOM]Q[
M)_PG/A;_`*?\`P(6C_A.?"W_0P:;_`.!"U\@:]H]UH6K7&FZG$D=W`0)%
M5@P&0".1[&NDT'X8^)]>TBWU+3+&WDL[@%HV:=5)`)'0^X-0JTF[)'HU.'<%
M3@JDZUHO9Z6/IQO&_AA-N[7M-&X;AF=>1ZTG_"<^%O\`H8--_P#`A:^?+SX/
M>,91;[-/M3LA5&_TE.""?\:X?Q%H-[X=U:33=6ACBNXU5F56#C!&1R*;JS6Z
M(H9#@:[Y:=>[\K'UW_PG/A;_`*?\`P(6MG3-1L]5M%NM-N8;JV8D"2)@R
MDCKR*^1_#?PW\2>(])CU+2+.WEM)"RJSSJAR#@\&OH[X0:#?^&O!%MINK1)%
M=QRR,RHX88+9'(JX3E)ZH\[-,MPF#IWI5>:2=FM#M***Y#XJ>*'\)>#[J_MP
MIO'(@MPPR`[=S]!D_A6C=E=GC4*,J]2-*&[=C5U_Q3H?AX#^V=4M;1FY"._S
M'_@(YK+TSXD>$=3N%@M==M/-8X59"8\_BP`KY8T;2M8\9^(OL]L7O=3N"9))
M9GZ#NS'L*V?&_P`-==\(V"7NHBVN+)F"-+;L2(V/3<"`?QKG]M)ZI:'UG^KV
M#IM4:M;]X_3\O^#J?78((!!!!Y!'>J>K:K8:1;B?5+R"TA+;`\SA03Z 4_3Z&@#"3QUX>=`\=\SH>C+!(0?\`QVM:^UBRL-.COKJ5DMI-NUA&S$[N
MG`&:XKP(GB(^$-*-E>Z0EMY(V++"Y<#)ZD-C->B)G:-V"<