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) May 22, 2015

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.)

2700 Milan Court

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.

The Company released its results of operations for the thirteen-week period ended May 2, 2015, in a press release issued on May 22, 2015.

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.

Exhibit 99.1 is furnished pursuant to Item 2.02 and shall not be deemed to be "filed".

Exhibit No.	Description
99.1	Press Release Dated  May 22, 2015

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/ Scott J. Bowman
	Scott J. Bowman
	Senior Vice President and Chief Financial Officer

May 22, 2015

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated May 22, 2015

EX-99.1

EXHIBIT 99.1

Contact:	Scott J. Bowman
	Senior Vice President &
	Chief Financial Officer
	(205) 942-4292

HIBBETT REPORTS FIRST QUARTER FISCAL 2016 RESULTS

·     Revises Fiscal 2016 Guidance

·     Store Base Expands to 1,001 Stores In 32 States

BIRMINGHAM, Ala. (May 22, 2015) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the first quarter ended May 2, 2015.

First Quarter Results

Net sales increased 3.0% to $269.8 million for the 13-week period ended May 2, 2015, compared with $261.9 million for the 13-week period ended May 3, 2014.  Comparable store sales decreased 0.9%.

Jeff Rosenthal, President and Chief Executive Officer, stated, "We experienced early headwinds in the quarter, with February posting a negative high-single-digit comp due to impacts from weather-related closures, port delays and a shift in the timing of tax refunds.  We were pleased with our performance in March and April, and we have seen this trend improve in May."

Gross profit was 37.0% of net sales for the 13-week period ended May 2, 2015, compared with 37.5% for the 13-week period ended May 3, 2014.  The decline was mainly due to markdowns taken to sell through merchandise related to slow sales in February due to store closures.  Store occupancy costs also increased as a percentage of net sales due to lower-than-anticipated comparable store sales.

Store operating, selling and administrative expenses were 19.2% of net sales for the 13-week period ended May 2, 2015, compared with 18.7% of net sales for the 13-week period ended May 3, 2014.  These expenses were higher as a percentage of net sales due to lower-than-anticipated comparable store sales.

Net income was $27.4 million for the 13-week period ended May 2, 2015, compared with $28.4 million for the 13-week period ended May 3, 2014.  Earnings per diluted share totaled $1.09 for both the 13-week period ended May 2, 2015, and the 13-week period ended May 3, 2014.

For the quarter, Hibbett opened 15 new stores, expanded 3 high performing stores and closed 2 underperforming stores, bringing the store base to 1,001 in 32 states as of May 2, 2015.  The Company also opened its first store in New Jersey in the quarter.

Liquidity and Stock Repurchases

Hibbett ended the first quarter of Fiscal 2016 with $119.1 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding and full availability under its $80.0 million unsecured credit facilities.

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During the first quarter, the Company repurchased 194,764 shares of common stock for a total expenditure of $9.5 million.  Approximately $166.0 million of the total authorization remained for future stock repurchases as of May 2, 2015.

Fiscal 2016 Outlook

The Company is revising its guidance for the 52 weeks ending January 30, 2016, to earnings per diluted share in the range of $2.95 to $3.04, with comparable store sales in the low single-digit range, and a flat to slightly negative product gross margin rate compared to Fiscal 2015.  This compares with previous guidance of earnings per diluted share in the range of $2.95 to $3.09, with comparable store sales in the low-to-mid single digit range, and a slightly positive product gross margin rate compared to Fiscal 2015.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, May 22, 2015, to discuss first quarter results.  The number to call for the live interactive teleconference is (212) 231-2926.  A replay of the conference call will be available until May 29, 2015, by dialing (402) 977-9140 and entering the passcode, 21766453.

The Company will also provide an online Web simulcast and rebroadcast of its first quarter conference call.  The live broadcast of Hibbett's quarterly conference call will be available online at www.hibbett.com under Investor Relations on May 22, 2015, beginning at 10:00 a.m. ET.  The online replay will follow shortly after the call and be available for replay for one year.

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 plans,  sales trends, margin trends, inventory mix and pricing, progress on major initiatives, earnings per diluted share, comparable store sales and product gross margin rate.  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 31, 2015. 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)
	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Net sales	$	269,823	$	261,909
Cost of goods sold, distribution center and store occupancy costs		170,115		163,713
Gross profit		99,708		98,196
Store operating, selling and administrative expenses		51,763		48,952
Depreciation and amortization		4,142		3,580
Operating income		43,803		45,664
Interest expense, net		70		73
Income before provision for income taxes		43,733		45,591
Provision for income taxes		16,325		17,203
Net income	$	27,408	$	28,388
Net income per common share:
Basic earnings per share	$	1.10	$	1.10
Diluted earnings per share	$	1.09	$	1.09
Weighted average shares outstanding:
Basic		24,860		25,846
Diluted		25,069		26,131

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
	May 2, 2015		January 31, 2015
Assets
Cash and cash equivalents	$	119,089	$	88,397
Inventories, net		233,359		240,408
Other current assets		22,565		26,693
Total current assets		375,013		355,498
Property and equipment, net		93,718		92,981
Other assets		3,889		3,918
Total assets	$	472,620	$	452,397
Liabilities and Stockholders' Investment
Accounts payable	$	74,526	$	84,439
Short-term capital leases		449		436
Accrued expenses		25,237		17,250
Total current liabilities		100,212		102,125
Non-current liabilities		25,946		25,491
Stockholders' investment		346,462		324,781
Total liabilities and stockholders' investment	$	472,620	$	452,397

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Supplemental Information
(Unaudited)
	Thirteen Weeks Ended
	May 2, 2015			May 3, 2014
Sales Information
Net sales increase		3.0	%		9.1	%
Comparable store sales (decrease) increase		-0.9	%		4.1	%
Store Count Information
Beginning of period		988			927
New stores opened		15			16
Stores closed		(2	)		(4	)
End of period		1,001			939
Stores expanded		3			4
Estimated square footage at end of period (in thousands)		5,724			5,408
Balance Sheet Information
Average inventory per store	$	233,125		$	219,742
Share Repurchase Activity
Shares		194,764			277,443
Cost (in thousands)	$	9,464		$	15,317

END OF EXHIBIT 99.1