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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10.1
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Amendment No. 7 To Loan Documents
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99.1
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Press Release Dated November 21, 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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10.1
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Amendment No. 7 To Loan Documents
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99.1
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Press Release Dated November 21, 2014
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1.
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A certain letter agreement dated January 29, 2008 between the Borrower and the Lender, as amended by Amendment No. 1 to Loan Documents dated as of November 20, 2008, Amendment No. 2 to Loan Documents dated as of November 20, 2009, Amendment No. 3 to Loan Documents dated as of November 19, 2010, Amendment No. 4 to Loan Documents dated as of November 18, 2011, Amendment No. 5 to Loan Documents dated as of November 16, 2012 and Amendment No. 6 to Loan Documents dated as of November 15, 2013 (collectively, the "Letter Agreement").
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2.
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A certain Demand Note dated February 4, 2008 in the original principal amount of $50,000,000.00 executed by the Borrower in favor of the Lender, as amended by Amendment No. 1 to Loan Documents dated as of November 20, 2008, Amendment No. 2 to Loan Documents dated as of November 20, 2009, Amendment No. 3 to Loan Documents dated as of November 19, 2010, Amendment No. 4 to Loan Documents dated as of November 18, 2011, Amendment No. 5 to Loan Documents dated as of November 16, 2012 and Amendment No. 6 to Loan Documents dated as of November 15, 2013 (collectively, the "Note").
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(a)
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By deleting "November 18, 2014" as the Expiration Date and substituting in lieu thereof "November 18, 2015".
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(b)
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By deleting the section entitled "Documentation" and substituting in lieu thereof the following:
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"Documentation: | The Loans shall be evidenced by that certain Demand Note dated February 4, 2008 executed by Borrower in favor of Lender, as amended by Amendment No. 1 to Loan Documents dated as of November 20, 2008, Amendment No. 2 to Loan documents dated as of November 20,2009, Amendment No. 3 to Loan Documents dated as of November 19, 2010, Amendment No. 4 to Loan Documents dated as of November 18, 2011, Amendment No. 5 to Loan Documents dated as of November 16, 2012, Amendment No. 6 to Loan Documents dated as of November 15, 2013 and Amendment No. 7 to Loan Documents dated as of November 18, 2014 (as it may be further amended or modified from time to time, the "Note"). The Borrower shall execute and deliver to the Lender such other documents as the Lender may reasonably request from time to time." |
(a)
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By deleting "November 18, 2014" from the 3rd paragraph and substituting in lieu thereof "November 18, 2015".
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(b)
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By deleting "November 19, 2010" from the 6th paragraph and substituting in lieu thereof "November 18, 2015".
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(c)
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By deleting the 9th paragraph and substituting in lieu thereof the following:
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(a)
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The Lender has received evidence that the execution, delivery and performance by the Borrower of this Amendment and any instrument or agreement required under this Amendment have been duly authorized.
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(b)
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This Amendment has been executed by the Borrower and the Lender.
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(a)
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Except as expressly amended hereby, all of the terms and conditions of the Loan Documents shall remain unchanged and in full force and effect and the Borrower hereby reaffirms its obligations under the Loan Documents to which it is a party as amended by this Amendment, without defense, right of set off or recoupment, claim or counterclaim of any kind or nature (and to the extent there exists any such defense, right of set off or recoupment, claim or counterclaim on the date hereof, the same is hereby forever released, discharged and waived by the Borrower).
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(b)
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This Amendment (i) is limited precisely as specified herein and does not constitute nor shall be deemed to constitute a modification, acceptance or waiver of any other provision of the Loan Documents, (ii) is not intended to be nor shall it be construed to create, a novation or an accord and satisfaction of any obligation or liability of the Borrower under the Loan Documents, and (iii) shall not prejudice or be deemed to prejudice any rights or remedies the Lender may now have or may in the future have under or in connection with the Loan Documents.
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(c)
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All references in any Loan Document to any other Loan Document amended hereby shall be deemed to be a reference to such Loan Document as amended by this Amendment.
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(a)
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This Amendment shall be governed by and construed in accordance with the laws of the state provided in the Loan Documents.
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(b)
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This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile or electronic transmission shall be effective as a delivery of a manually executed counterpart thereof.
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BANK OF AMERICA, N.A. | ||
By:
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/s/ David B. Jackson
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Name:
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David B. Jackson
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Title:
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Senior Vice President
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HIBBETT SPORTS, INC.
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||
By:
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/s/ Scott Bowman
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Name:
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Scott Bowman
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Title:
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Senior Vice President and CFO
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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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||
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(205) 942-4292
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·
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Record 26 New Store Openings in the Third Quarter
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·
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Raises Fiscal 2015 Guidance
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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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Thirty-Nine Weeks Ended
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|||||||||||||||
November 1, 2014
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November 2, 2013
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November 1, 2014
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November 2, 2013
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|||||||||||||
Net sales
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$
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218,321
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$
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207,971
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$
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674,148
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$
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634,198
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||||||||
Cost of goods sold, including wholesale, logistics and store occupancy costs
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139,171
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131,483
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432,394
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402,907
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||||||||||||
Gross profit
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79,150
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76,488
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241,754
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231,291
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||||||||||||
Store operating, selling and administrative expenses
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48,202
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45,496
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143,778
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134,251
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||||||||||||
Depreciation and amortization
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4,136
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3,549
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11,777
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10,193
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||||||||||||
Operating income
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26,812
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27,443
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86,199
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86,847
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||||||||||||
Interest expense, net
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73
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55
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216
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142
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||||||||||||
Income before provision for income taxes
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26,739
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27,388
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85,983
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86,705
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||||||||||||
Provision for income taxes
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9,849
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10,138
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32,324
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32,700
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||||||||||||
Net income
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$
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16,890
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$
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17,250
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$
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53,659
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$
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54,005
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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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0.67
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$
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0.67
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$
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2.10
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$
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2.09
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||||||||
Diluted earnings per share
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$
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0.67
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$
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0.66
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$
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2.08
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$
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2.05
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||||||||
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||||||||||||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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25,111
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25,823
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25,504
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25,893
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||||||||||||
Diluted
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25,336
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26,282
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25,758
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26,309
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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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||||||||
November 1, 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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71,481
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$
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66,227
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||||
Inventories, net
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242,788
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226,545
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||||||
Other current assets
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29,321
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30,877
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||||||
Total current assets
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343,590
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323,649
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||||||
Property and equipment, net
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93,347
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86,014
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||||||
Other assets
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6,768
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6,682
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||||||
Total assets
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$
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443,705
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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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90,816
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$
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74,532
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||||
Short-term capital leases
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428
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322
|
||||||
Accrued expenses
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19,708
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16,560
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||||||
Total current liabilities
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110,952
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91,414
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||||||
Non-current liabilities
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22,402
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20,908
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||||||
Stockholders' investment
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310,351
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304,023
|
||||||
Total liabilities and stockholders' investment
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$
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443,705
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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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Thirty-Nine Weeks Ended
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|||||||||||||||
November 1, 2014
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November 2, 2013
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November 1, 2014
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November 2, 2013
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|||||||||||||
Sales Information
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||||||||||||||||
Net sales increase
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5.0
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%
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2.5
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%
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6.3
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%
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5.5
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%
|
||||||||
Comparable store sales increase
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0.6
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%
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4.8
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%
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1.9
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%
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1.8
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%
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||||||||
|
||||||||||||||||
Store Count Information
|
||||||||||||||||
Beginning of period
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950
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892
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927
|
873
|
||||||||||||
New stores opened
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26
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16
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58
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42
|
||||||||||||
Stores closed
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(7
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)
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(4
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)
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(16
|
)
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(11
|
)
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||||||||
End of period
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969
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904
|
969
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904
|
||||||||||||
|
||||||||||||||||
Stores expanded
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2
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4
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7
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12
|
||||||||||||
Estimated square footage at end of period (in thousands)
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5,553
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5,216
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||||||||||||||
|
||||||||||||||||
Balance Sheet Information
|
||||||||||||||||
Average inventory per store
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$
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250,555
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$
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254,615
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||||||||||||
|
||||||||||||||||
Share Repurchase Activity
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||||||||||||||||
Shares
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371,589
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134,406
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1,072,295
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344,197
|
||||||||||||
Cost (in thousands)
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$
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16,745
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$
|
7,142
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$
|
54,577
|
$
|
18,771
|
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