Attached files
| file | filename |
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| 8-K - 8-K Q3F10 EARNINGS - HIBBETT INC | f10-q3_earnings.htm |
| EX-10.1 - EXECUTIVE VOLUNTARY DEFERRAL PLAN - HIBBETT INC | ex10-1.htm |
EXHIBIT
99.1
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Contact:
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Gary
Smith
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Vice
President &
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Chief
Financial Officer
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(205)
942-4292
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HIBBETT
REPORTS THIRD QUARTER 2010 RESULTS
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·
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EPS
Increases 14%
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·
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Raises
Guidance for Fiscal 2010
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·
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Authorizes
Stock Repurchase Program of $250.0
Million
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BIRMINGHAM,
Ala. (November 19, 2009) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting
goods retailer, today announced results for the third quarter ended October
31, 2009.
Financial
Highlights
Net sales
for the 13-week period ended October 31, 2009, increased 4.1% to $145.9 million
compared with $140.1 million for the 13-week period ended November 1,
2008. Comparable store sales decreased 0.2%. Net income for the
13-week period ended October 31, 2009, increased 14.7% to $8.8 million compared
with $7.7 million for the 13-week period ended November 1,
2008. Earnings per diluted share increased 14.0% to $0.30 compared
with $0.26 for the 13-week period ended November 1, 2008.
Net sales
for the 39-week period ended October 31, 2009, were $426.7 million compared with
$416.3 million for the 39-week period ended November 1,
2008. Comparable store sales decreased 2.5%. Net income for the
39-week period ended October 31, 2009, was $20.8 million compared with $21.8
million for the 39-week period ended November 1, 2008. Earnings
per diluted share was $0.72 compared with $0.75 for the 39-week
period ended November 1, 2008.
Mickey
Newsome, Chairman and Chief Executive Officer, stated, "We entered the third
quarter with our inventories in excellent shape and saw overall improvement in
the quarter due to merchandise selection and tight expense
control. We were able to improve margins and liquidity with a solid
cash generation on a slight decline in comparable store sales. While
footwear was negative for the quarter and continues to be a challenge, we saw
improvement over the second quarter. Apparel, accessories, equipment
and cleated footwear all posted positive same store sales in the third quarter,
and we expect that trend to continue in the fourth quarter.”
For the
quarter, Hibbett opened seven new stores and closed two stores, bringing the
store base to 764 in 24 states as of October 31, 2009. For Fiscal
2010, the Company plans to open 42 new stores and close approximately 20 stores
while expanding 18 to 20 high performing stores.
Liquidity
Hibbett
ended the third quarter with $24.8 million of available cash and cash
equivalents on the consolidated balance sheet, no debt and full availability
under its current $80 million unsecured credit facilities. At quarter end a year
ago, the Company had $6.5 million in cash and cash equivalents and $14.9 million
in debt.
Stock
Repurchase Program
The Board
of Directors of the Company authorized a new Stock Repurchase Program (Program)
of $250.0 million expiring on February 2, 2013. Effective
immediately, the new Program replaces the existing authorization which was due
to expire on January 30, 2010. Under the prior authorization, the
Company had purchased 7,761,813 shares of common stock to date at a cost of
$167.0 million.
Fiscal
2010 Outlook
The
Company updated its earnings guidance for the fiscal year ending
January 30, 2010, to a range of $0.95 to $1.02 per diluted share from
the previous guidance of $0.85 to $0.95 per diluted share. Comparable store
sales for the fourth quarter of Fiscal 2010 are expected to range between -2.0%
and 2.0%.
Investor
Conference Call and Simulcast
Hibbett
Sports, Inc. will conduct a conference call at 10:00 a.m. ET on
Friday, November 20, 2009, to discuss third quarter
results. The number to call for the live interactive teleconference
is (212) 231-2917. A replay of the conference call will be
available until November 27, 2009, by dialing (402) 977-9140 and
entering the passcode, 21440718.
The
Company will also provide an online Web simulcast and rebroadcast of its Fiscal
2010 third quarter conference call. The live broadcast of Hibbett's
quarterly conference call will be available online at www.hibbett.com under
Investor Relations, www.streetevents.com
and www.earnings.com on
Friday, November 20, 2009, beginning at 10:00 a.m. ET. The online
replay will follow shortly after the call and continue through November
27, 2009.
Hibbett
Sports, Inc. operates sporting goods stores in small to mid-sized markets,
predominately in the Southeast, Southwest, Mid-Atlantic and the lower Midwest
regions of the United States. The Company’s primary store format is
Hibbett Sports, a 5,000-square-foot store located in dominant strip centers and
enclosed malls.
A
WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed
in this press release are "forward looking statements" as that term is used in
the Private Securities Litigation Reform Act of 1995. Forward looking
statements address future events, developments or results and typically use
words such as believe, anticipate, expect, intend, plan, forecast, guidance,
outlook, or estimate. For example, our forward looking statements
include statements regarding store opening plans, liquidity and earnings and
sales trend expectations for Fiscal 2010. Such statements are subject
to risks and uncertainties that could cause actual results to differ materially,
including economic conditions, industry trends, merchandise trends, vendor
relationships, customer demand, and competition. For a discussion of
these factors, as well as others which could affect our business, you should
carefully review our Annual Report and other reports filed from time to time
with the Securities and Exchange Commission, including the "Risk Factors,"
"Business" and "MD&A" sections in our Annual Report on Form 10-K filed on
March 31, 2009. In light of these risks and uncertainties, the future
events, developments or results described by our forward looking statements in
this document could turn out to be materially and adversely different from those
we discuss or imply. We are not obligated to release publicly any
revisions to any forward looking statements contained in this press release to
reflect events or circumstances occurring after the date of this report and you
should not expect us to do so.
-MORE-
HIBBETT
SPORTS, INC. AND SUBSIDIARIES
Unaudited
Condensed Consolidated Statements of Operations
(Dollars
in thousands, except per share amounts)
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Thirteen
Weeks Ended
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Thirty-Nine
Weeks Ended
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October
31,
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November
1,
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October
31,
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November
1,
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2009
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2008
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2009
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2008
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Net
sales
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$ | 145,855 | $ | 140,148 | $ | 426,673 | $ | 416,262 | ||||||||
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Cost
of goods sold, distribution center
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and
store occupancy costs
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96,218 | 93,456 | 287,553 | 279,493 | ||||||||||||
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Gross
profit
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49,637 | 46,692 | 139,120 | 136,769 | ||||||||||||
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Store
operating, selling and administrative
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expenses
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32,168 | 31,073 | 95,353 | 91,041 | ||||||||||||
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Depreciation
and amortization
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3,525 | 3,587 | 10,327 | 10,452 | ||||||||||||
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Operating
income
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13,944 | 12,032 | 33,440 | 35,276 | ||||||||||||
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Interest
expense, net
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2 | 153 | 36 | 523 | ||||||||||||
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Income
before provision for income taxes
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13,942 | 11,879 | 33,404 | 34,753 | ||||||||||||
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Provision
for income taxes
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5,167 | 4,227 | 12,608 | 12,938 | ||||||||||||
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Net
income
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$ | 8,775 | $ | 7,652 | $ | 20,796 | $ | 21,815 | ||||||||
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Net
income per common share:
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Basic
earnings per share
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$ | 0.31 | $ | 0.27 | $ | 0.73 | $ | 0.76 | ||||||||
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Diluted
earnings per share
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$ | 0.30 | $ | 0.26 | $ | 0.72 | $ | 0.75 | ||||||||
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Weighted
average shares outstanding:
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Basic
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28,646 | 28,495 | 28,616 | 28,551 | ||||||||||||
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Diluted
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29,100 | 28,930 | 29,045 | 28,983 | ||||||||||||
Unaudited
Condensed Consolidated Balance Sheets
(In
thousands)
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October
31,
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November
1,
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January
31,
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2009
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2008
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2009
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Assets
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Cash
and cash equivalents
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$ | 24,819 | $ | 6,525 | $ | 20,650 | ||||||
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Inventories,
net
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171,202 | 162,315 | 151,776 | |||||||||
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Other
current assets
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13,039 | 16,472 | 13,339 | |||||||||
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Total
current assets
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209,060 | 185,312 | 185,765 | |||||||||
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Property
and equipment, net
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42,120 | 44,764 | 45,309 | |||||||||
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Other
assets
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3,884 | 4,024 | 4,013 | |||||||||
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Total
assets
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$ | 255,064 | $ | 234,100 | $ | 235,087 | ||||||
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Liabilities
and Stockholders' Investment
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Accounts
payable
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$ | 61,445 | $ | 59,199 | $ | 64,460 | ||||||
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Short-term
debt and capital leases
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110 | 14,943 | - | |||||||||
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Other
current liabilities
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12,946 | 11,985 | 14,250 | |||||||||
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Total
current liabilities
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74,501 | 86,127 | 78,710 | |||||||||
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Non-current
liabilities
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18,242 | 20,249 | 19,802 | |||||||||
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Stockholders'
investment
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162,321 | 127,724 | 136,575 | |||||||||
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Total
liabilities and stockholders' investment
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$ | 255,064 | $ | 234,100 | $ | 235,087 | ||||||
END
OF EXHIBIT 99.1