10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

[  X  ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 2, 2015

OR

[      ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  __________________________ to __________________________

COMMISSION FILE NUMBER:000-20969

HIBBETT SPORTS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE (State or other jurisdiction of incorporation or organization) 20-8159608 (I.R.S. Employer Identification No.)

2700 Milan Court, Birmingham, Alabama  35211

(Address of principal executive offices, including zip code)

205-942-4292

(Registrant's telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	X	Accelerated filer
Non-accelerated filer		Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Shares of common stock, par value $.01 per share, outstanding as of June 3, 2015, were 24, 615, 919 shares.

HIBBETT SPORTS, INC.
INDEX
			Page
PART I.  FINANCIAL INFORMATION
Item 1.	Financial Statements.
		Unaudited Condensed Consolidated Balance Sheets at May 2, 2015 and January 31, 2015	2
		Unaudited Condensed Consolidated Statements of Operations for the thirteen weeks ended May 2, 2015 and May 3, 2014	3
		Unaudited Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended May 2, 2015 and May 3, 2014	4
		Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.		9
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		15
Item 4.	Controls and Procedures.		16
PART II.  OTHER INFORMATION
Item 1.	Legal Proceedings.		16
Item 1A.	Risk Factors.		16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		17
Item 6.	Exhibits.		17
	Signature		17
	Exhibit Index		18

1

PART I.  FINANCIAL INFORMATION

ITEM 1. Financial Statements.

HIBBETT SPORTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share information)

ASSETS	May 2, 2015			January 31, 2015
Current 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		216,226			212,194
Less accumulated depreciation and amortization		122,508			119,213
Property and equipment, net		93,718			92,981
Other assets, net		3,889			3,918
Total Assets	$	472,620		$	452,397
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current Liabilities:
Accounts payable	$	74,526		$	84,439
Accrued payroll expenses		7,222			8,249
Deferred rent		3,734			3,821
Short-term capital lease obligations		449			436
Other accrued expenses		14,281			5,180
Total current liabilities		100,212			102,125
Deferred rent		16,654			16,043
Other liabilities, net		9,292			9,448
Total liabilities		126,158			127,616
Stockholders' Investment:
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued		-			-
Common stock, $.01 par value, 80,000,000 shares authorized, 38,600,200 and 38,465,814 shares issued at May 2, 2015 and January 31, 2015, respectively		386			385
Paid-in capital		166,411			162,675
Retained earnings		593,463			566,055
Treasury stock, at cost; 13,790,301 and 13,595,537 shares repurchased at May 2, 2015 and January 31, 2015, respectively		(413,798	)		(404,334	)
Total stockholders' investment		346,462			324,781
Total Liabilities and Stockholders' Investment	$	472,620		$	452,397

See notes to unaudited condensed consolidated financial statements.

2

HIBBETT SPORTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share information)

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Net sales	$	269,823	$	261,909
Cost of goods sold, including wholesale, logistics 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
Earnings per share:
Basic	$	1.10	$	1.10
Diluted	$	1.09	$	1.09
Weighted average shares outstanding:
Basic		24,860		25,846
Diluted		25,069		26,131

See notes to unaudited condensed consolidated financial statements.

3

HIBBETT SPORTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

	Thirteen Weeks Ended
	May 2, 2015			May 3, 2014
Cash Flows From Operating Activities:
Net income	$	27,408		$	28,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,142			3,580
Stock-based compensation		2,673			2,517
Other non-cash adjustments to net income		2,076			(188	)
Decrease in inventories, net		7,050			20,207
Decrease in prepaid expenses		10,250			14,181
Decrease in accounts payable		(9,914	)		(7,691	)
Changes in other operating assets and liabilities		347			2,488
Net cash provided by operating activities		44,032			63,482
Cash Flows From Investing Activities:
Capital expenditures		(4,946	)		(6,480	)
Other, net		96			(364	)
Net cash used in investing activities		(4,850	)		(6,844	)
Cash Flows From Financing Activities:
Cash used for stock repurchases		(7,359	)		(10,776	)
Payments on capital lease obligations		(107	)		(86	)
Proceeds from options exercised and purchase of shares under the employee stock purchase plan		297			209
Other, net		(1,321	)		(1,937	)
Net cash used in financing activities		(8,490	)		(12,590	)
Net increase in cash and cash equivalents		30,692			44,048
Cash and cash equivalents, beginning of period		88,397			66,227
Cash and cash equivalents, end of period	$	119,089		$	110,275

See notes to unaudited condensed consolidated financial statements.

4

HIBBETT SPORTS, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

1.Basis of Presentation and Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Hibbett Sports, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of January 31, 2015, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  References to "we," "our," "us" and the "Company" refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors.

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed on March 31, 2015.  In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of May 2, 2015 and the results of our operations and cash flows for the periods presented.

There have been no material changes in our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed on March 31, 2015.

2.Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standard Board, or FASB, issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers.  This ASU is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services.  This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is not permitted.  Accordingly, we will adopt this ASU in the first quarter of Fiscal 2018.  We are currently evaluating the impact of the adoption of this pronouncement on our results of operations and cash flows; however, it is not expected to be material.

We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) of U.S. GAAP for applicability to our operations.  As of May 2, 2015, there were no other new pronouncements, interpretations or staff positions that had or were expected to have a significant impact on our operations since our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed on March 31, 2015.

3.Fair Value of Financial Instruments

Accounting Standards Codification (ASC) Subtopic 820, Fair Value Measurement, establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value.  The three levels of inputs used to measure fair value are as follows:

Level I – Quoted prices in active markets for identical assets or liabilities.

Level II – Observable inputs other than quoted prices included in Level I.

Level III – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

5

The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of May 2, 2015 and January 31, 2015 (in thousands):

	May 2, 2015						January 31, 2015
	Level I		Level II		Level III		Level I		Level II		Level III
Short-term investments	$	79	$	-	$	-	$	87	$	-	$	-
Long-term investments		2,635		-		-		2,619		-		-
Total investments	$	2,714	$	-	$	-	$	2,706	$	-	$	-

Short-term investments are reported in other current assets on our unaudited condensed consolidated balance sheets.  Long-term investments are reported in other assets on our unaudited condensed consolidated balance sheets.

4.Debt

At May 2, 2015, we had two unsecured credit facilities, which are renewable annually in August and November.  The August facility allows for borrowings up to $30.0 million at a rate equal to the higher of prime rate, the federal funds rate plus 0.5% or LIBOR.  The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2%.  Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements.  We did not have any borrowings against either of these facilities during the thirteen weeks ended May 2, 2015, nor was there any debt outstanding under either of these facilities at May 2, 2015.  At May 2, 2015, a total of $80.0 million was available to us from these facilities.

At January 31, 2015, we had the same two unsecured facilities and corresponding terms as listed above.  We did not have any borrowings against either of these facilities during Fiscal 2015, nor was there any debt outstanding under either of these facilities at January 31, 2015.

5.Stock-Based Compensation

The compensation costs that have been charged against income for the thirteen weeks ended May 2, 2015 and May 3, 2014 were as follows (in thousands):

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Stock-based compensation expense by type:
Stock options	$	340	$	412
Restricted stock unit awards, including performance-based		2,278		2,051
Employee stock purchases		37		37
Director deferred compensation		18		17
Total stock-based compensation expense		2,673		2,517
Income tax benefit recognized		985		933
Stock-based compensation expense, net of income tax	$	1,688	$	1,584

In the thirteen weeks ended May 2, 2015 and May 3, 2014, we granted the following equity awards:

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Stock options		19,090		16,996
Restricted stock unit awards		69,529		62,503
Performance-based restricted stock unit awards		29,300		25,300
Deferred stock units		11,252		10,006

Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 1,981 and 1,759 shares of our common stock were awarded during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, as part of the annual equity award to directors in the first quarter.  In addition, under our employee stock purchase plan, our employees purchased 3,449 and 3,101 shares of our common stock during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively.

6

The weighted-average grant date fair value of stock options granted during the thirteen weeks ended May 2, 2015 was $17.82 per share.  The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $10.72, and the weighted-average price paid by our employees for shares of our common stock was $41.17 during the thirteen weeks ended May 2, 2015.

The weighted-average grant date fair value of stock options granted during the thirteen weeks ended May 3, 2014 was $24.22 per share.  The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $11.93, and the weighted-average price paid by our employees for shares of our common stock was $44.95 during the thirteen weeks ended May 3, 2014.

At May 2, 2015, the total compensation costs, related to nonvested restricted stock unit awards not yet recognized was $10.8 million and the weighted-average period over which such awards are expected to be recognized was 2.9 years.  There are no future compensation costs related to nonvested stock options to be recognized at May 2, 2015.

6.Earnings Per Share

The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period.  The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock.  The number of incremental shares is calculated by applying the treasury stock method.  The following table sets forth the weighted average common shares outstanding (in thousands):

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Weighted-average shares used in basic computations		24,860		25,846
Dilutive equity awards		209		285
Weighted-average shares used in diluted computations		25,069		26,131

For the thirteen weeks ended May 2, 2015, we excluded 97,410 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect.  For the thirteen weeks ended May 3, 2014, no options were excluded from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect.

We excluded 54,250 nonvested stock awards granted to certain employees from the computation of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by May 2, 2015.  Assuming the performance-criteria had been achieved as of May 2, 2015, the incremental dilutive impact would have been 22,923 shares.

7.Stock Repurchase Activity

In November 2012, the Board of Directors (Board) authorized a Stock Repurchase Program (Program) of $250.0 million to repurchase our common stock through January 29, 2016. The Program replaced an existing program (Former Program) and authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management.  In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting.  Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization.

During the thirteen weeks ended May 2, 2015, we repurchased 194,764 shares of our common stock at a cost of $9.5 million, including 42,552 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $2.1 million.  During the thirteen weeks ended May 3, 2014, we repurchased 277,443 shares of our common stock at a cost of $15.3 million, including 79,443 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $4.5 million.

7

As of May 2, 2015, we had approximately $166.0 million remaining under the Program for stock repurchase.  Subsequent to May 2, 2015, we have repurchased 194,130 shares of our common stock at a cost of $9.1 million through June 3, 2015.

8.Commitments and Contingencies

Lease Commitments.

We have entered into capital leases for certain property.  At May 2, 2015, the total capital lease obligations were $3.4 million, of which $0.4 million was included in short-term capital lease obligations and $3.0 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet.  At January 31, 2015, the total capital lease obligations were $3.5 million, of which $0.4 million was included in short-term capital lease obligations and $3.1 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet.

During the thirteen weeks ended May 2, 2015, we opened 15 stores and closed 2 stores increasing our lease commitments by a net of 13 retail stores. The stores we opened have initial lease termination dates between March 2020 and July 2025.

Annual Bonuses and Equity Incentive Awards.

Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance.  At May 2, 2015 and January 31, 2015, there was $1.0 million and $3.5 million, respectively, of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets.

In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our "named executive officers" as determined in accordance with Item 402(a) of Regulation S-K.  The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time.  These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, and are evaluated each quarter to determine the probability that the performance conditions set within will be met.

Legal Proceedings and Other Contingencies.

No material amounts were accrued at May 2, 2015 or January 31, 2015 pertaining to legal proceedings or other contingencies.

9.Income Taxes

Our effective tax rate is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate.  For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income for the full year and record a quarterly income tax provision in accordance with the anticipated annual effective rate and adjust for discrete items.  We update the estimates of the taxable income throughout the year as new information becomes available, including year-to-date financial results.  This process often results in a change to our expected effective tax rate for the year.  When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate.  Significant judgment is required in determining our effective tax rate and in evaluating our tax positions.

We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. In accordance with ASC Subtopic 740-10, we recognize a tax benefit associated with an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority.  For a tax position that meets the more-likely-than-not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority.  Our liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.  Such adjustments are recognized entirely in the period in which they are identified.  Our effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management.

8

At May 2, 2015, we had a liability of $1.5 million associated with unrecognized tax benefits.  We file income tax returns in the U.S. federal and various state jurisdictions.  Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2012 or by most state taxing jurisdictions for years prior to Fiscal 2011.

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Important Notice Regarding Forward-Looking Statements

This document contains "forward-looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events, developments and results. They include statements preceded by, followed by or including words such as "believe," "anticipate," "expect," "intend," "plan" or "estimate."  For example, our forward-looking statements would include:

· our expectations concerning store locations, types and size;

· our expectations concerning capital expenditures;

· our assumptions as they relate to pending legal actions and other contingencies;

· our cash needs and capital expenditures, including our intentions and ability to fund our new stores and other future capital expenditures and working capital requirements;

· our ability and plans to renew or increase our revolving credit facilities;

· our estimates and assumptions as they relate to the preparation of our unaudited condensed consolidated financial statements including our estimates of economic and useful lives of depreciable assets and leases and our anticipated annual effective tax rate based on expected taxable income or changes in our liability for unrecognized tax benefits; and

· seasonality and the effect of inflation.

You should assume that the information appearing in this report is accurate only as of the date it was issued.  Our business, financial condition, results of operations and prospects may have changed since that date.  For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully consider the risk factors described from time to time in our other documents and reports, including the factors described under "Risk Factors," "Business" and "Properties" in our Form 10-K for the fiscal year ended January 31, 2015 filed with the Securities and Exchange Commission on March 31, 2015.  You should also read such information in conjunction with our unaudited condensed financial statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report.

Our forward-looking statements could be wrong in light of these risks, uncertainties and assumptions.  The future events, developments or results described in this report could turn out to be materially different.  We have no obligation to publicly update or revise our forward-looking statements after the date of this Quarterly Report and you should not expect us to do so.  Investors should also be aware that while we do, from time to time, communicate with securities analysts and others, we do not, by policy, selectively disclose to them any material non-public information with any statement or report issued by any analyst regardless of the content of the statement or report.  We do not, by policy, confirm forecasts or projections issued by others.  Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not our responsibility.

9

Investor Access to Company Filings

We make available free of charge on our website, www.hibbett.com under the heading "Investor Relations," copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (Securities Exchange Act) as well as all Forms 3, 4 and 5 filed by our executive officers and directors, as soon as the filings are made publicly available by the Securities and Exchange Commission on its EDGAR database at www.sec.gov.  In addition to accessing copies of our reports online, you may request a copy of our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, at no charge, by writing to:  Investor Relations, Hibbett Sports, Inc., 2700 Milan Court, Birmingham, Alabama  35211.

General Overview

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominantly in the South, Southwest, Mid-Atlantic and Midwest regions of the United States.  We believe Hibbett Sports stores are typically the primary sporting goods retailer in smaller markets due to the extensive selection of premium brand name merchandise, availability of local merchandise, an emphasis on team sports and a high level of customer service.   As of May 2, 2015, we operated a total of 1,001 retail stores in 32 states composed of 981 Hibbett Sports stores and 20 Sports Additions athletic shoe stores.

The Hibbett Sports store is our primary retail format and growth vehicle and is an approximately 5,000 square foot store located primarily in strip centers which are frequently influenced by a Wal-Mart store.  Approximately 82% of our Hibbett Sports store base is located in strip centers, which include free-standing stores, while approximately 18% of our Hibbett Sports store base is located in enclosed malls.  We expect to continue our store base growth in strip centers versus enclosed malls.

Ourmerchandising strategy is to provide a broad assortment of quality brand name footwear, apparel, accessories and athletic equipment at competitive prices in a full service environment.  The following table indicates the approximate percentage of net sales represented by each of our major product categories:

	Thirteen Weeks Ended
	May 2, 2015			May 3, 2014
Footwear		52	%		51	%
Apparel		24	%		24	%
Equipment		24	%		25	%
		100	%		100	%

We believe that the breadth and the depth of brand name merchandise that we offer consistently exceed the merchandise selection carried by most of our competitors, particularly in our smaller markets.  Many of these brand name products are highly technical and require considerable sales assistance.  We coordinate with our vendors to educate the sales staff at the store level on new products and trends.

We operate on a 52- or 53-week fiscal year ending on the Saturday nearest to January 31 of each year. The consolidated statement of operations for fiscal year ending January 30, 2016 and January 31, 2015 will include 52 weeks of operations.  We became a public company in October 1996 and are currently incorporated under the laws of the State of Delaware as Hibbett Sports, Inc.

Comparable store sales data for the periods presented reflects sales for our traditional format Hibbett Sports and Sports Additions stores open throughout the period and the corresponding period of the prior fiscal year.  If a store remodel, relocation or expansion results in the store being closed for a significant period of time, its sales are removed from the comparable store sales base until it has been open a full 12 months.  During the thirteen weeks ended May 2, 2015, we included 906 stores in comparable store sales.

10

Executive Summary

Net sales for the thirteen weeks ended May 2, 2015, increased 3.0% to $269.8 million compared with $261.9 million for the thirteen weeks ended May 3, 2014.  Comparable store sales decreased 0.9%, resulting from weather-related store closure days, port delays and a shift in the timing of tax refunds.  Gross profit was 37.0% of net sales for the thirteen weeks ended May 2, 2015, compared with 37.5% for the thirteen weeks 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.  Gross profit was also affected by store occupancy costs, as these expenses increased as a percentage of net sales due to lower-than-anticipated comparable store sales.

During the first quarter of Fiscal 2016, we 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.  We also opened our first store in New Jersey during the quarter.  We ended the first quarter of Fiscal 2016 with $119.1 million of available cash and cash equivalents on the unaudited condensed consolidated balance sheet and full availability under our credit facilities.  We also acquired 194,764 shares of our common stock for a total expenditure of $9.5 million during the thirteen weeks ended May 2, 2015.

Significant Accounting Estimates

The unaudited condensed consolidated financial statements are prepared in conformity with U.S. GAAP.  The preparation of these unaudited condensed consolidated financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented.  Actual results could differ from those estimates and assumptions.  Our significant accounting policies and estimates are described more fully in the Annual Report on Form 10-K for the fiscal year ended January 31, 2015, and filed on March 31, 2015.  There have been no changes in our accounting policies in the current period that had a material impact on our unaudited condensed consolidated financial statements.

Recent Accounting Pronouncements

See Note 2 to the unaudited condensed consolidated financial statements included in this Form 10-Q for the period ended May 2, 2015, for information regarding recent accounting pronouncements.

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Results of Operations

Summarized Unaudited Information

	Thirteen Weeks Ended
	May 2, 2015			May 3, 2014
Statements of Operations
Net sales increase		3.0	%		9.1	%
Comparable store sales (decrease) increase		(0.9	%)		4.1	%
Gross profit (as a % to net sales)		37.0	%		37.5	%
Store operating, selling and administrative expenses (as a % to net sales)		19.2	%		18.7	%
Depreciation and amortization (as a % to net sales)		1.5	%		1.4	%
Provision for income taxes (as a % to net sales)		6.1	%		6.6	%
Net income (as a % to net sales)		10.2	%		10.8	%
Earnings per diluted share	$	1.09		$	1.09
Weighted-average dilutive shares (in thousands)		25,069			26,131
Balance Sheets
Ending cash and cash equivalents (in thousands)	$	119,089		$	110,275
Average inventory per store	$	233,125		$	219,742
Store 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
Share Repurchase Activity
Shares purchased		194,764			277,443
Cost (in thousands)	$	9,464		$	15,317

Thirteen Weeks Ended May 2, 2015 Compared to Thirteen Weeks Ended May 3, 2014

Net sales.  Net sales increased $7.9 million, or 3.0%, to $269.8 million for the thirteen weeks ended May 2, 2015 from $261.9 million for the comparable period in the prior year.  Furthermore:

· We opened 15 Hibbett Sports stores, expanded 3 high performing stores and closed 2 underperforming stores.

· New stores drove the increase in net sales, while comparable stores declined 0.9% due to the impact of weather-related store closure days, port delays and a shift in the timing of tax refunds.

· Sales growth in footwear was driven by the basketball division, including NIKE's signature products and Jordan footwear.  Cleats and equipment were negatively impacted by baseball, which was partially due to weather-related store closure days in February.  Football and soccer both showed strong sales growth.

· Activewear showed strong sales growth in men's branded apparel, although women's and youth showed weaker trends.  Accessories showed strong sales growth in branded and fashion headwear, although socks and shoe accessories had weaker results.

12

Gross profit.  Cost of goods sold includes the cost of inventory, wholesale and logistics expenses and store occupancy costs.  Gross profit was $99.7 million, or 37.0% of net sales, in the thirteen weeks ended May 2, 2015, compared with $98.2 million, or 37.5% of net sales, in the same period of the prior fiscal year.  Furthermore:

· Product margin decreased 35 basis points as a percentage of net sales primarily due to markdowns related to slow selling and aged inventory.

· Wholesale and logistics expenses decreased 9 basis points as a percentage of net sales resulting mainly from salary and benefit expense savings associated with efficiency gains from our new facility, and from reduced fuel costs compared to the same period of the prior fiscal year.

· Store occupancy expense increased 27 basis points as a percentage of net sales mainly due to decreased leverage associated with lower comparable store sales.

Store operating, selling and administrative expenses.  Store operating, selling and administrative expenses were $51.8 million, or 19.2% of net sales, for the thirteen weeks ended May 2, 2015, compared to $49.0 million, or 18.7% of net sales, for the comparable period a year ago.  For the first quarter:

· Store labor costs increased 18 basis points as a percentage of net sales, and administrative salaries and benefits increased 9 basis points as a percentage of net sales due to decreased leverage associated with lower comparable sales.

· IT costs increased 9 basis points as a percentage of net sales due to spending on major initiatives, including an initiative to upgrade our point-of-sale system in all stores.  Supplies increased 9 basis points as a percentage of net sales due to a bulk order of window signage purchased in the first quarter this year.

· Net advertising costs increased 8 basis points as a percentage of net sales due to a slight change in the timing of spending, and due to decreased leverage associated with lower comparable sales.

Depreciation and amortization.  Depreciation and amortization increased to 1.5% of net sales for the thirteen weeks ended May 2, 2015 from 1.4% of net sales for the comparable period a year ago.  This increase was mainly due to our new wholesale and logistics facility and an increased number of new stores.

Provision for income taxes.  The combined federal, state and local effective income tax rate as a percentage of pre-tax income was 37.3% and 37.7% for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively.  The decrease in rate resulted primarily from utilization of tax credits associated with our wholesale and logistics facility.

Thirteen Weeks Ended May 3, 2014 Compared to Thirteen Weeks Ended May 4, 2013

Net sales.  Net sales increased $21.9 million, or 9.1%, to $261.9 million for the thirteen weeks ended May 3, 2014 from $240.0 million for the comparable period in the prior year.  Furthermore:

· We opened 16 Hibbett Sports stores, expanded 4 high performing stores and closed 4 underperforming stores.

· Comparable store sales increased 4.1%, driven by footwear and activewear.

· Footwear was driven by basketball, while activewear was driven by branded apparel.  Licensed products were weaker mainly due to headwear and college special event sales.

Gross profit.  Cost of goods sold includes the cost of inventory, wholesale and logistics expenses and store occupancy costs.  Gross profit was $98.2 million, or 37.5% of net sales, in the thirteen weeks ended May 3, 2014, compared with $90.9 million, or 37.9% of net sales, in the same period of the prior fiscal year.  Furthermore:

· Product margin decreased 44 basis points as a percentage of net sales primarily due to markdowns taken to manage slow selling and aged inventory.

· Wholesale and logistics expenses increased 11 basis points as a percentage of net sales mainly due to expenses associated with the transition to our new facility.

· Store occupancy expense decreased 17 basis points as a percentage of net sales mainly due to higher comparable sales which leveraged rent expense.

13

Store operating, selling and administrative expenses.  Store operating, selling and administrative expenses were $49.0 million, or 18.7% of net sales, for the thirteen weeks ended May 3, 2014, compared to $45.1 million, or 18.8% of net sales, for the comparable period a year ago.  For the first quarter:

· Salaries and benefits expenses decreased 30 basis points as a percentage of net sales.  Store labor costs leveraged with the increase in comparable sales.  Benefits costs were lower due to lower health care claims.

· Expenses associated with the new corporate office and the preparation of the new wholesale and logistics facility (including duplicate expenses with our former location) increased 11 basis points as a percentage of net sales.

· Professional fees increased 8 basis points as a percentage of net sales due to an increase in consulting fees.

Depreciation and amortization.  Depreciation and amortization remained at 1.4% of net sales for the thirteen weeks ended May 3, 2014 and May 4, 2013.

Provision for income taxes.  The combined federal, state and local effective income tax rate as a percentage of pre-tax income was 37.7% and 38.2% for the thirteen weeks ended May 3, 2014 and May 4, 2013, respectively.  The rate for the thirteen weeks ended May 3, 2014 was lower primarily due to an accrual for an income tax matter with a state taxing authority that was made in the thirteen weeks ended May 4, 2013.

Liquidity and Capital Resources

Our cash outlays relate primarily to new store openings, stock repurchases, IT systems and working capital requirements.  Historically, we have funded our cash requirements primarily through our cash flow from operations and occasionally from borrowings under our revolving credit facilities.  Due to the low interest rates currently available, we are using excess cash on deposit to offset bank fees versus investing such funds in interest-bearing deposits.

Our unaudited condensed consolidated statements of cash flows are summarized as follows (in thousands):

	Thirteen Weeks Ended
	May 2, 2015			May 3, 2014
Net cash provided by operating activities	$	44,032		$	63,482
Net cash used in investing activities		(4,850	)		(6,844	)
Net cash used in financing activities		(8,490	)		(12,590	)
Net increase in cash and cash equivalents	$	30,692		$	44,048

Operating Activities.

We use cash flow from operations to increase inventory in advance of peak selling seasons, such as spring sports, back-to-school and winter holidays.  Inventory levels are reduced following peak selling seasons and this inventory reduction, combined with proportionately higher net income, typically produces a positive cash flow.

Net cash provided by operating activities was $44.0 million for the thirteen weeks ended May 2, 2015 compared with net cash provided by operating activities of $63.5 million for the thirteen weeks ended May 3, 2014.  Net income, a decrease in prepaid expenses of $10.2 million and a decrease in net inventories of $7.0 million were the significant providers of cash, somewhat offset by a decrease in accounts payable of $9.9 million.  The decreases in prepaid expenses and net inventories from fiscal year end are typical in the first quarter due to the seasonality of purchases and certain expense payments.

Investing Activities.

Net cash used in investing activities in the thirteen weeks ended May 2, 2015 totaled $4.9 million compared with net cash used in investing activities of $6.8 million in the thirteen weeks ended May 3, 2014.  Capital expenditures used $4.9 million of cash in the thirteen weeks ended May 2, 2015 versus $6.5 million of cash in the thirteen weeks ended May 3, 2014.  We also use cash to open new stores and remodel, expand or relocate existing stores.  We opened 15 new stores and relocated, expanded or remodeled 3 existing stores during the thirteen weeks ended May 2, 2015 as compared to opening 16 new stores and remodeling, relocating or expanding 5 existing stores during the thirteen weeks ended May 3, 2014.

14

We estimate the cash outlay for capital expenditures in the fiscal year ending January 30, 2016 will be approximately $32.9 million, which relates to expenditures for information system infrastructure and project initiatives, the opening of 80 to 85 new stores; the remodeling, relocation or expansion of selected existing stores, and other departmental needs.  Of the total budgeted dollars for capital expenditures for Fiscal 2016, we anticipate that approximately 43% will be related to the information infrastructure and project initiatives.  Approximately 36% will be related to the opening new stores, store expansions and relocations and store remodels.  The remaining 21% relates primarily to specific department expenditures and includes technology and facility upgrades, automobiles and security equipment for our stores.

Financing Activities.

Net cash used in financing activities was $8.5 million in the thirteen weeks ended May 2, 2015 compared to net cash used in financing activities of $12.6 million in the prior year period.  The decrease was primarily due to lower share repurchases when compared to the thirteen weeks ended May 3, 2014.

At May 2, 2015, we had two unsecured revolving credit facilities that allow borrowings up to $30.0 million and $50.0 million, and which renew annually in August and November, respectively.  The facilities do not require a commitment or agency fee nor are there any covenant restrictions.  We had no debt outstanding under either of these facilities as of May 2, 2015.

Based on our current operating plans, store plans, plans for the repurchase of our common stock and budgeted capital expenditures, we believe that we can fund our cash needs for the foreseeable future through cash generated from operations and, if necessary, through periodic future borrowings against our credit facilities.

Off-Balance Sheet Arrangements.

We have not provided any financial guarantees as of May 2, 2015.  All merchandise purchase obligations are cancelable.  We have not created, and are not party to, any special-purpose or off-balance sheet entities for the purpose of raising capital, incurring debt or operating our business.  We do not have any arrangements or relationships with entities that are not included in the unaudited condensed consolidated financial statements.

Quarterly and Seasonal Fluctuations

We experience seasonal fluctuations in our net sales and results of operations.  Customer buying patterns during the spring sales period and winter holiday season historically result in higher first and fourth quarter net sales.  Over the past few years, our third quarter has experienced higher than historical net sales, resulting from back-to-school shopping combined with tax-free holidays in many of our markets.  In addition, our quarterly results of operations may fluctuate significantly as a result of a variety of factors, including the timing of new store openings, the amount and timing of net sales contributed by new stores, merchandise mix, demand for apparel and accessories driven by local interest in sporting events and timing of sales tax holidays.

Although our operations are influenced by general economic conditions, we do not believe that, historically, inflation has had a material impact on our results of operations as we are generally able to pass along inflationary increases in costs to our customers.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

Investment and Credit Availability Risk

We manage cash and cash equivalents in various institutions at levels beyond federally insured limits per institution, and we purchase investments not guaranteed by the FDIC.  Accordingly, there is a risk that we will not recover the full principal of our investments or that their liquidity may be diminished.  In an attempt to mitigate this risk, our investment policy emphasizes preservation of principal and liquidity.

We also have financial institutions that are committed to provide loans under our revolving credit facilities.  There is a risk that these institutions cannot deliver against these obligations.  For a further discussion of this risk and risks related to our deposits, see "Risk Factors" in our Form 10-K for the fiscal year ended January 31, 2015.

15

Interest Rate Risk

Our exposure to market risks results primarily from fluctuations in interest rates.  There have been no material changes to our exposure to market risks from those disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed with the Securities and Exchange Commission on March 31, 2015.

ITEM 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.

Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act) as of May 2, 2015.  Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were designed and functioning effectively to provide reasonable assurance that the information required to be disclosed in our Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting.

We have not identified any changes in our internal control over financial reporting that occurred during the period ended May 2, 2015, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.  OTHER INFORMATION

ITEM 1. Legal Proceedings.

We are a party to various legal proceedings incidental to our business.  Where we are able to reasonably estimate an amount of probable loss in these matters based on known facts, we have accrued that amount as a current liability on our balance sheet.  We are not able to reasonably estimate the possible loss or range of loss in excess of the amount accrued for these proceedings based on the information currently available to us, including, among others, (i) uncertainties as to the outcome of pending proceedings (including motions and appeals) and (ii) uncertainties as to the likelihood of settlement and the outcome of any negotiations with respect thereto.  We do not believe that any of these matters will, individually or in the aggregate, have a material effect on our business or financial condition.  We cannot give assurance, however, that one or more of these proceedings will not have a material effect on our results of operations for the period in which they are resolved.  No material amounts were accrued at May 2, 2015 or January 31, 2015.

ITEM 1A. Risk Factors.

We operate in an environment that involves a number of risks and uncertainties which are described in our Form 10-K for the year ended January 31, 2015.  If any of the risks described in our Fiscal 2015 Form 10-K were to actually occur, our business, operating results and financial results could be adversely affected.  There were no material changes to the risk factors disclosed in our Form 10-K for the fiscal year ended January 31, 2015.

16

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table presents our stock repurchase activity for the thirteen weeks ended May 2, 2015 (1):

Period	Total Number of Shares Purchased (2)		Average Price per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs		Approximate Dollar Value of Shares that may yet be Purchased Under the Programs (in thousands)
February 1, 2015 to February 28, 2015		53,032	$	48.59		53,012	$	170,736
March 1, 2015 to April 4, 2015		46,532	$	49.39		4,000	$	170,542
April 5, 2015 to May 2, 2015		95,200	$	48.21		95,200	$	165,953
Total		194,764				152,212	$	165,953

(1) In November 2012, the Board authorized a Stock Repurchase Program (Program) of $250.0 million to repurchase our common stock through January 29, 2016.  As of May 2, 2015, we have approximately $166.0 million remaining available under the Program for stock repurchases.  See Note 7, "Stock Repurchase Activity".

(2) Includes 42,552 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $2.1 million.  Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the authorization.

ITEM 6. Exhibits.

The exhibits listed on the Exhibit Index immediately preceding such exhibits, which is incorporated herein by reference, are filed or furnished as part of this Quarterly Report on Form 10-Q.

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 thereunto duly authorized.

	HIBBETT SPORTS, INC.
Date:  June 8, 2015	By:	/s/ Scott J. Bowman
		Scott J. Bowman
		Senior Vice President & Chief Financial Officer
		(Principal Financial and Accounting Officer)

17

Exhibit Index

Exhibit No.		Description
		Certificate of Incorporation and By-Laws
3.1		Certificate of Incorporation of the Registrant; incorporated herein by reference to Exhibit 3.1 of the Registrant's Form 8-K filed with the Securities and Exchange Commission on May 31, 2012.
3.2		Bylaws of the Registrant, as amended; incorporated herein by reference to Exhibit 3.2 of the Registrant's Form 8-K filed with the Securities and Exchange Commission on May 31, 2012.
		Form of Stock Certificate
4.1		Form of Stock Certificate; attached as Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed on September 26, 2007.
		Material Agreements
		NONE
		Certifications
31.1	*	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2	*	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1	*	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
		Interactive Data Files
101		The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2015, formatted in XBRL (eXtensible Business Reporting Language) and submitted electronically herewith: (i) the Unaudited Condensed Consolidated Balance Sheets at May 2, 2015 and January 31, 2015; (ii) the Unaudited Condensed Consolidated Statements of Operations for the thirteen weeks ended May 2, 2015 and May 3, 2014; (iii) the Unaudited Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended May 2, 2015 and May 3, 2014; and (iv) the Notes to Unaudited Condensed Consolidated Financial Statements.
	*	Filed Within

18

EX-31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

I, Jeffry O. Rosenthal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hibbett Sports, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  June 8, 2015	/s/ Jeffry O. Rosenthal
	Jeffry O. Rosenthal
	Chief Executive Officer and President
	(Principal Executive Officer)

19

End of Exhibit 31.1

EX-31.2

Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

I, Scott J. Bowman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hibbett Sports, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:  June 8, 2015	/s/ Scott J. Bowman
	Scott J. Bowman
	Senior Vice President and Chief Financial Officer
	(Principal Financial Officer)

20

End of Exhibit 31.2

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Hibbett Sports, Inc. and Subsidiaries (the "Company") for the period ended May 2, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Jeffry O. Rosenthal, Chief Executive Officer, and Scott J. Bowman, Chief Financial Officer of the Company, certify, to the best of each of our knowledge,  pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 as amended; and

(2) the information contained in the Report fairly presents in all material respects, the financial condition and results of operations of the Company.

Date:  June 8, 2015	/s/  Jeffry O. Rosenthal
	Jeffry O. Rosenthal
	Chief Executive Officer and President
	(Principal Executive Officer)

Date:  June 8, 2015	/s/  Scott J. Bowman
	Scott J. Bowman
	Senior Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

21

End of Exhibit 32.1

XML

Debt

3 Months Ended

May 02, 2015

Debt Disclosure [Abstract]

Debt

4.Debt

At May 2, 2015, we had two unsecured credit facilities, which are renewable annually in August and November.  The August facility allows for borrowings up to $30.0 million at a rate equal to the higher of prime rate, the federal funds rate plus 0.5% or LIBOR.  The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2%.  Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements.  We did not have any borrowings against either of these facilities during the thirteen weeks ended May 2, 2015, nor was there any debt outstanding under either of these facilities at May 2, 2015.  At May 2, 2015, a total of $80.0 million was available to us from these facilities.

At January 31, 2015, we had the same two unsecured facilities and corresponding terms as listed above.  We did not have any borrowings against either of these facilities during Fiscal 2015, nor was there any debt outstanding under either of these facilities at January 31, 2015.

XML

Fair Value of Financial Instruments

3 Months Ended

May 02, 2015

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

3.Fair Value of Financial Instruments

Accounting Standards Codification (ASC) Subtopic 820, Fair Value Measurement, establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value.  The three levels of inputs used to measure fair value are as follows:

Level I – Quoted prices in active markets for identical assets or liabilities.

Level II – Observable inputs other than quoted prices included in Level I.

Level III – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of May 2, 2015 and January 31, 2015 (in thousands):

	May 2, 2015						January 31, 2015
	Level I		Level II		Level III		Level I		Level II		Level III
Short-term investments	$	79	$	-	$	-	$	87	$	-	$	-
Long-term investments		2,635		-		-		2,619		-		-
Total investments	$	2,714	$	-	$	-	$	2,706	$	-	$	-

Short-term investments are reported in other current assets on our unaudited condensed consolidated balance sheets.  Long-term investments are reported in other assets on our unaudited condensed consolidated balance sheets.

XML

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	May 02, 2015	Jan. 31, 2015
Current 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	216,226	212,194
Less accumulated depreciation and amortization	122,508	119,213
Property and equipment, net	93,718	92,981
Other assets, net	3,889	3,918
Total Assets	472,620	452,397
Current Liabilities:
Accounts payable	74,526	84,439
Accrued payroll expenses	7,222	8,249
Deferred rent	3,734	3,821
Short-term capital lease obligations	449	436
Other accrued expenses	14,281	5,180
Total current liabilities	100,212	102,125
Deferred rent	16,654	16,043
Other liabilities, net	9,292	9,448
Total liabilities	126,158	127,616
Stockholders' Investment:
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued	0	0
Common stock, $.01 par value, 80,000,000 shares authorized, 38,600,200 and 38,465,814 shares issued at May 2, 2015 and January 31, 2015, respectively	386	385
Paid-in capital	166,411	162,675
Retained earnings	593,463	566,055
Treasury stock, at cost; 13,790,301 and 13,595,537 shares repurchased at May 2, 2015 and January 31, 2015, respectively	(413,798)	(404,334)
Total stockholders' investment	346,462	324,781
Total Liabilities and Stockholders' Investment	$ 472,620	$ 452,397

XML

Basis of Presentation and Accounting Policies

3 Months Ended

May 02, 2015

Basis of Presentation and Accounting Policies [Abstract]

Basis of Presentation and Accounting Policies

1.Basis of Presentation and Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Hibbett Sports, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of January 31, 2015, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  References to "we," "our," "us" and the "Company" refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors.

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed on March 31, 2015.  In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of May 2, 2015 and the results of our operations and cash flows for the periods presented.

There have been no material changes in our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed on March 31, 2015.

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Stock Repurchase Activity (Details) (USD $)	3 Months Ended		1 Months Ended
	May 02, 2015	May 03, 2014	Jun. 03, 2015	Jan. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Amount authorized under stock repurchase program	$ 250,000,000
Shares of common stock repurchased during the period (in shares)	194,764	277,443
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares)	42,552	79,443
Value of common stock repurchased during current period	9,500,000	15,300,000
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards	2,100,000	4,500,000
Shares of common stock repurchased to date (in shares)	13,790,301			13,595,537
Value of common stock repurchased to date	413,798,000			404,334,000
Value of shares of common stock remaining available for repurchase under the program	166,000,000
Common stock repurchased subsequent to Balance Sheet date [Member]
Equity, Class of Treasury Stock [Line Items]
Shares of common stock repurchased during the period (in shares)			194,130
Value of common stock repurchased during current period			$ 9,100,000

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	May 02, 2015
Reconciliation of unrecognized tax benefit [Roll Forward]
Unrecognized tax benefit	$ 1.5

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Recent Accounting Pronouncements

3 Months Ended

May 02, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recent Accounting Pronouncements

2.Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standard Board, or FASB, issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers.  This ASU is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services.  This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is not permitted.  Accordingly, we will adopt this ASU in the first quarter of Fiscal 2018.  We are currently evaluating the impact of the adoption of this pronouncement on our results of operations and cash flows; however, it is not expected to be material.

We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) of U.S. GAAP for applicability to our operations.  As of May 2, 2015, there were no other new pronouncements, interpretations or staff positions that had or were expected to have a significant impact on our operations since our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 filed on March 31, 2015.

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $)	May 02, 2015	Jan. 31, 2015
Stockholders' Investment:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	38,600,200	38,465,814
Treasury stock, shares (in shares)	13,790,301	13,595,537

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Earnings Per Share (Tables)

3 Months Ended

May 02, 2015

Earnings Per Share [Abstract]

Weighted average common shares outstanding

The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period.  The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock.  The number of incremental shares is calculated by applying the treasury stock method.  The following table sets forth the weighted average common shares outstanding (in thousands):

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Weighted-average shares used in basic computations		24,860		25,846
Dilutive equity awards		209		285
Weighted-average shares used in diluted computations		25,069		26,131

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Document and Entity Information (USD $)	3 Months Ended
	May 02, 2015	Jun. 03, 2015	Aug. 02, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	HIBBETT SPORTS INC
Entity Central Index Key	0001017480
Current Fiscal Year End Date	--01-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,247,074,896
Entity Common Stock, Shares Outstanding		24,615,919
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 02, 2015

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Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	May 02, 2015	Jan. 31, 2015
Level I [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 79	$ 87
Long-term investments	2,635	2,619
Total investments	2,714	2,706
Level II [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Total investments	0	0
Level III [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Total investments	$ 0	$ 0

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 269,823	$ 261,909
Cost of goods sold, including wholesale, logistics 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
Earnings per share:
Basic (in dollars per share)	$ 1.10	$ 1.10
Diluted (in dollars per share)	$ 1.09	$ 1.09
Weighted average shares outstanding:
Basic (in dollars per share)	24,860	25,846
Diluted (in dollars per share)	25,069	26,131

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Stock Repurchase Activity

3 Months Ended

May 02, 2015

Stock Repurchase Activity [Abstract]

Stock Repurchase Program

7.Stock Repurchase Activity

In November 2012, the Board of Directors (Board) authorized a Stock Repurchase Program (Program) of $250.0 million to repurchase our common stock through January 29, 2016. The Program replaced an existing program (Former Program) and authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management.  In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting.  Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization.

During the thirteen weeks ended May 2, 2015, we repurchased 194,764 shares of our common stock at a cost of $9.5 million, including 42,552 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $2.1 million.  During the thirteen weeks ended May 3, 2014, we repurchased 277,443 shares of our common stock at a cost of $15.3 million, including 79,443 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $4.5 million.

As of May 2, 2015, we had approximately $166.0 million remaining under the Program for stock repurchase.  Subsequent to May 2, 2015, we have repurchased 194,130 shares of our common stock at a cost of $9.1 million through June 3, 2015.

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Earnings Per Share

3 Months Ended

May 02, 2015

Earnings Per Share [Abstract]

Earnings Per Share

6.Earnings Per Share

The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period.  The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock.  The number of incremental shares is calculated by applying the treasury stock method.  The following table sets forth the weighted average common shares outstanding (in thousands):

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Weighted-average shares used in basic computations		24,860		25,846
Dilutive equity awards		209		285
Weighted-average shares used in diluted computations		25,069		26,131

For the thirteen weeks ended May 2, 2015, we excluded 97,410 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect.  For the thirteen weeks ended May 3, 2014, no options were excluded from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect.

We excluded 54,250 nonvested stock awards granted to certain employees from the computation of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by May 2, 2015.  Assuming the performance-criteria had been achieved as of May 2, 2015, the incremental dilutive impact would have been 22,923 shares.

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Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015 Lease	Jan. 31, 2015
Commitments and Contingencies [Abstract]
Capital lease obligation	$ 3.4	$ 3.5
Capital lease obligation included in short-term liabilities	0.4	0.4
Capital lease obligation included in long-term liabilities	3.0	3.1
Stores opened	15
Stores closed	2
Increase in retail store lease commitments	13
Annual Bonuses and Equity Incentive Awards [Abstract]
Annual bonus related expenses included in accrued payroll expenses	$ 1.0	$ 3.5

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Debt (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	May 02, 2015	Jan. 31, 2015
Line of Credit Facility [Line Items]
Number of unsecured credit facilities	2	2
Available borrowings under credit facilities	$ 80.0	$ 80.0
August 2014 Facility [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility	Aug. 21, 2015	Aug. 21, 2015
Maximum borrowing capacity under renewed facility	30.0	30.0
Description of variable interest rate basis	Higher of prime, federal funds plus 0.5% or LIBOR	Higher of prime, federal funds plus 0.5% or LIBOR
Basis spread on variable interest rate (in hundredths)	0.50%	0.50%
Debt outstanding at period end	0	0
November 2014 Facility [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility	Nov. 18, 2015	Nov. 18, 2015
Maximum borrowing capacity under renewed facility	50.0	50.0
Description of variable interest rate basis	prime	prime
Basis spread on variable interest rate (in hundredths)	2.00%	2.00%
Debt outstanding at period end	$ 0	$ 0

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Fair Value of Financial Instruments (Tables)

3 Months Ended

May 02, 2015

Fair Value of Financial Instruments [Abstract]

Financial assets measured at fair value on a recurring basis

The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of May 2, 2015 and January 31, 2015 (in thousands):

	May 2, 2015						January 31, 2015
	Level I		Level II		Level III		Level I		Level II		Level III
Short-term investments	$	79	$	-	$	-	$	87	$	-	$	-
Long-term investments		2,635		-		-		2,619		-		-
Total investments	$	2,714	$	-	$	-	$	2,706	$	-	$	-

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Commitments and Contingencies

3 Months Ended

May 02, 2015

Commitments and Contingencies [Abstract]

Commitments and Contingencies

8.Commitments and Contingencies

Lease Commitments.

We have entered into capital leases for certain property.  At May 2, 2015, the total capital lease obligations were $3.4 million, of which $0.4 million was included in short-term capital lease obligations and $3.0 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet.  At January 31, 2015, the total capital lease obligations were $3.5 million, of which $0.4 million was included in short-term capital lease obligations and $3.1 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet.

During the thirteen weeks ended May 2, 2015, we opened 15 stores and closed 2 stores increasing our lease commitments by a net of 13 retail stores. The stores we opened have initial lease termination dates between March 2020 and July 2025.

Annual Bonuses and Equity Incentive Awards.

Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance.  At May 2, 2015 and January 31, 2015, there was $1.0 million and $3.5 million, respectively, of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets.

In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our "named executive officers" as determined in accordance with Item 402(a) of Regulation S-K.  The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time.  These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, and are evaluated each quarter to determine the probability that the performance conditions set within will be met.

Legal Proceedings and Other Contingencies.

No material amounts were accrued at May 2, 2015 or January 31, 2015 pertaining to legal proceedings or other contingencies.

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Income Taxes

3 Months Ended

May 02, 2015

Income Taxes [Abstract]

INCOME TAXES

9.Income Taxes

Our effective tax rate is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate.  For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income for the full year and record a quarterly income tax provision in accordance with the anticipated annual effective rate and adjust for discrete items.  We update the estimates of the taxable income throughout the year as new information becomes available, including year-to-date financial results.  This process often results in a change to our expected effective tax rate for the year.  When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate.  Significant judgment is required in determining our effective tax rate and in evaluating our tax positions.

We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. In accordance with ASC Subtopic 740-10, we recognize a tax benefit associated with an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority.  For a tax position that meets the more-likely-than-not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority.  Our liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.  Such adjustments are recognized entirely in the period in which they are identified.  Our effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management.

At May 2, 2015, we had a liability of $1.5 million associated with unrecognized tax benefits.  We file income tax returns in the U.S. federal and various state jurisdictions.  Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2012 or by most state taxing jurisdictions for years prior to Fiscal 2011.

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Stock-Based Compensation (Tables)

3 Months Ended

May 02, 2015

Stock-Based Compensation [Abstract]

Stock-based compensation expense by type

The compensation costs that have been charged against income for the thirteen weeks ended May 2, 2015 and May 3, 2014 were as follows (in thousands):

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Stock-based compensation expense by type:
Stock options	$	340	$	412
Restricted stock unit awards, including performance-based		2,278		2,051
Employee stock purchases		37		37
Director deferred compensation		18		17
Total stock-based compensation expense		2,673		2,517
Income tax benefit recognized		985		933
Stock-based compensation expense, net of income tax	$	1,688	$	1,584

Equity awards granted during the period

In the thirteen weeks ended May 2, 2015 and May 3, 2014, we granted the following equity awards:

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Stock options		19,090		16,996
Restricted stock unit awards		69,529		62,503
Performance-based restricted stock unit awards		29,300		25,300
Deferred stock units		11,252		10,006

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Earnings Per Share (Details)	3 Months Ended
	May 02, 2015	May 03, 2014
Earnings Per Share [Abstract]
Weighted-average shares used in basic computations (in shares)	24,860,000	25,846,000
Dilutive equity awards (in shares)	209,000	285,000
Weighted-average shares used in diluted computations (in shares)	25,069,000	26,131,000
Nonvested Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	54,250
Incremental dilutive impact if performance criteria had been achieved (in shares)	22,923
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	97,410	0

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Cash Flows From Operating Activities:
Net income	$ 27,408	$ 28,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,142	3,580
Stock-based compensation	2,673	2,517
Other non-cash adjustments to net income	2,076	(188)
Decrease in inventories, net	7,050	20,207
Decrease in prepaid expenses	10,250	14,181
Decrease in accounts payable	(9,914)	(7,691)
Changes in other operating assets and liabilities	347	2,488
Net cash provided by operating activities	44,032	63,482
Cash Flows From Investing Activities:
Capital expenditures	(4,946)	(6,480)
Other, net	96	(364)
Net cash used in investing activities	(4,850)	(6,844)
Cash Flows From Financing Activities:
Cash used for stock repurchases	(7,359)	(10,776)
Payments on capital lease obligations	(107)	(86)
Proceeds from options exercised and purchase of shares under the employee stock purchase plan	297	209
Other, net	(1,321)	(1,937)
Net cash used in financing activities	(8,490)	(12,590)
Net increase in cash and cash equivalents	30,692	44,048
Cash and cash equivalents, beginning of period	88,397	66,227
Cash and cash equivalents, end of period	$ 119,089	$ 110,275

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Stock-Based Compensation

3 Months Ended

May 02, 2015

Stock-Based Compensation [Abstract]

Stock-Based Compensation

5.Stock-Based Compensation

The compensation costs that have been charged against income for the thirteen weeks ended May 2, 2015 and May 3, 2014 were as follows (in thousands):

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Stock-based compensation expense by type:
Stock options	$	340	$	412
Restricted stock unit awards, including performance-based		2,278		2,051
Employee stock purchases		37		37
Director deferred compensation		18		17
Total stock-based compensation expense		2,673		2,517
Income tax benefit recognized		985		933
Stock-based compensation expense, net of income tax	$	1,688	$	1,584

In the thirteen weeks ended May 2, 2015 and May 3, 2014, we granted the following equity awards:

	Thirteen Weeks Ended
	May 2, 2015		May 3, 2014
Stock options		19,090		16,996
Restricted stock unit awards		69,529		62,503
Performance-based restricted stock unit awards		29,300		25,300
Deferred stock units		11,252		10,006

Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 1,981 and 1,759 shares of our common stock were awarded during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, as part of the annual equity award to directors in the first quarter.  In addition, under our employee stock purchase plan, our employees purchased 3,449 and 3,101 shares of our common stock during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively.

The weighted-average grant date fair value of stock options granted during the thirteen weeks ended May 2, 2015 was $17.82 per share.  The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $10.72, and the weighted-average price paid by our employees for shares of our common stock was $41.17 during the thirteen weeks ended May 2, 2015.

The weighted-average grant date fair value of stock options granted during the thirteen weeks ended May 3, 2014 was $24.22 per share.  The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $11.93, and the weighted-average price paid by our employees for shares of our common stock was $44.95 during the thirteen weeks ended May 3, 2014.

At May 2, 2015, the total compensation costs, related to nonvested restricted stock unit awards not yet recognized was $10.8 million and the weighted-average period over which such awards are expected to be recognized was 2.9 years.  There are no future compensation costs related to nonvested stock options to be recognized at May 2, 2015.

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Stock-Based Compensation (Details) (USD $)	3 Months Ended
	May 02, 2015	May 03, 2014
Stock-based compensation expense by type [Abstract]
Stock options	$ 340,000	$ 412,000
Restricted stock unit awards, including performance-based	2,278,000	2,051,000
Employee stock purchases	37,000	37,000
Director deferred compensation	18,000	17,000
Total stock-based compensation expense	2,673,000	2,517,000
Income tax benefit recognized	985,000	933,000
Stock-based compensation expense, net of income tax	1,688,000	1,584,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	1,981	1,759
Shares of common stock purchased during the period under the employee stock purchase plan (in shares)	3,449	3,101
Weighted-average grant date fair value of stock options granted (in dollars per share)	$ 17.82	$ 24.22
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share)	$ 10.72	$ 11.93
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share)	$ 41.17	$ 44.95
Total compensation costs related to nonvested restricted stock unit awards not yet recognized	$ 10,800,000
Weighted-average period over which nonvested restricted stock unit awards are expected to be recognized (in years)	2 years 10 months 24 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	19,090	16,996
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	69,529	62,503
Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	29,300	25,300
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	11,252	10,006