Delaware
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000-20969
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20-8159608
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(State of Incorporation)
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(Commission
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(IRS Employer
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File Number)
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Identification No.)
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Exhibit No.
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Description
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99.1
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Press Release Dated August 22, 2014
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HIBBETT SPORTS, INC.
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By:
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/s/ Scott J. Bowman
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Scott J. Bowman
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Senior Vice President and Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release Dated August 22, 2014
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Contact:
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Scott J. Bowman
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Senior Vice President &
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Chief Financial Officer
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(205) 942-4292
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·
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EPS of $0.32 In Line With Recent Business Update
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·
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Net Sales Increase 4.1%
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·
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Square Footage Increases 6.4%
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations
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||||||||||||||||
(Dollars in thousands, except per share amounts)
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||||||||||||||||
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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|||||||||||||||
August 2, 2014
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August 3, 2013
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August 2, 2014
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August 3, 2013
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|||||||||||||
Net sales
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$
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193,918
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$
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186,235
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$
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455,827
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$
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426,228
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||||||||
Cost of goods sold, including wholesale, logistics and store occupancy costs
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129,510
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122,308
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293,223
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271,424
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||||||||||||
Gross profit
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64,408
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63,927
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162,604
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154,804
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||||||||||||
Store operating, selling and administrative expenses
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46,625
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43,642
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95,577
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88,754
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||||||||||||
Depreciation and amortization
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4,060
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3,319
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7,640
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6,644
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||||||||||||
Operating income
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13,723
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16,966
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59,387
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59,406
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||||||||||||
Interest expense, net
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70
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42
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144
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88
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||||||||||||
Income before provision for income taxes
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13,653
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16,924
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59,243
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59,318
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||||||||||||
Provision for income taxes
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5,273
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6,382
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22,475
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22,562
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||||||||||||
Net income
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$
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8,380
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$
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10,542
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$
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36,768
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$
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36,756
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||||||||
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||||||||||||||||
Net income per common share:
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||||||||||||||||
Basic earnings per share
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$
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0.33
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$
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0.41
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$
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1.43
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$
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1.42
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||||||||
Diluted earnings per share
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$
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0.32
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$
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0.40
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$
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1.42
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$
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1.40
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||||||||
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||||||||||||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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25,555
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25,950
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25,700
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25,929
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||||||||||||
Diluted
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25,806
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26,318
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25,968
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26,323
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||
Unaudited Condensed Consolidated Balance Sheets
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||||||||
(In thousands)
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||||||||
August 2, 2014
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February 1, 2014
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|||||||
Assets
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||||||||
Cash and cash equivalents
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$
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81,447
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$
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66,227
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||||
Inventories, net
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227,866
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226,545
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||||||
Other current assets
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32,937
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30,877
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||||||
Total current assets
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342,250
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323,649
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||||||
Property and equipment, net
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92,607
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86,014
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||||||
Other assets
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6,583
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6,682
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||||||
Total assets
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$
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441,440
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$
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416,345
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||||
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||||||||
Liabilities and Stockholders' Investment
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||||||||
Accounts payable
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$
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92,593
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$
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74,532
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||||
Short-term capital leases
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386
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322
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||||||
Accrued expenses
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16,712
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16,560
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||||||
Total current liabilities
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109,691
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91,414
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||||||
Non-current liabilities
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21,981
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20,908
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||||||
Stockholders' investment
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309,768
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304,023
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||||||
Total liabilities and stockholders' investment
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$
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441,440
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$
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416,345
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||||||||||
Supplemental Information
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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|||||||||||||||
August 2, 2014
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August 3, 2013
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August 2, 2014
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August 3, 2013
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|||||||||||||
Sales Information
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||||||||||||||||
Net sales increase
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4.1
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%
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12.6
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%
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6.9
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%
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7.0
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%
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||||||||
Comparable store sales increase
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0.1
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%
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0.3
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%
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2.4
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%
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0.6
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%
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||||||||
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||||||||||||||||
Store Count Information
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||||||||||||||||
Beginning of period
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939
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879
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927
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873
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||||||||||||
New stores opened
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16
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17
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32
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26
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||||||||||||
Stores closed
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(5
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)
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(4
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)
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(9
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)
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(7
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)
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||||||||
End of period
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950
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892
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950
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892
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||||||||||||
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||||||||||||||||
Stores expanded
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1
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3
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5
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8
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||||||||||||
Estimated square footage at end of period (in thousands)
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5,459
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5,129
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||||||||||||||
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||||||||||||||||
Balance Sheet Information
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||||||||||||||||
Average inventory per store
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$
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239,859
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$
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248,006
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||||||||||||
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||||||||||||||||
Share Repurchase Activity
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||||||||||||||||
Shares
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423,263
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110,361
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700,706
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209,791
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||||||||||||
Cost (in thousands)
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$
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22,515
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$
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6,188
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$
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37,833
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$
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11,628
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