EXHIBIT 99.1

HIBBETT REPORTS SECOND QUARTER FISCAL 2014 RESULTS

BIRMINGHAM, Ala. (August 23, 2013) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the second quarter ended August 3, 2013.

Second Quarter Results

Net sales for the 13-week period ended August 3, 2013 increased 12.6% to $186.2 million compared with $165.4 million for the 13-week period ended July 28, 2012.  Comparable store sales increased 0.3% on a calendar basis (comparable 13-week period). Second quarter Fiscal 2013 comparable store sales increased 4.8%.  The week shift associated with the fiscal calendar (due to the 53^rd week last year) resulted in approximately $12 million of sales benefit in the second quarter.

Gross profit was 34.3% of net sales for the 13-week period ended August 3, 2013, compared with 34.2% for the 13-week period ended July 28, 2012.

Store operating, selling and administrative expenses were 23.4% of net sales for the 13-week period ended August 3, 2013, compared with 24.8% of net sales for the 13-week period ended July 28, 2012.

Net income for the 13-week period ended August 3, 2013 increased 33.5% to $10.5 million compared with $7.9 million for the 13-week period ended July 28, 2012.  Earnings per diluted share increased 33.3% to $0.40 for the 13-week period ended August 3, 2013, compared with $0.30 for the 13-week period ended July 28, 2012.

Fiscal Year to Date Results

Net sales for the 26-week period ended August 3, 2013 increased 7.0% to $426.2 million compared with $398.4 million for the 26-week period ended July 28, 2012.  Comparable store sales increased 0.6% on a calendar basis (comparable 26-week period).

Gross profit was 36.3% of net sales for the 26-week period ended August 3, 2013, compared with 36.4% for the 26-week period ended July 28, 2012.

Store operating, selling and administrative expenses were 20.8% of net sales for the 26-week period ended August 3, 2013, compared with 21.0% of net sales for the 26-week period ended July 28, 2012.

 

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Net income for the 26-week period ended August 3, 2013 was $36.8 million compared with $34.3 million for the 26-week period ended July 28, 2012.  Earnings per diluted share increased 9.4% to $1.40 for the 26-week period ended August 3, 2013, compared with $1.28 for the 26-week period ended July 28, 2012.

Jeff Rosenthal, President and Chief Executive Officer, stated, "We delivered a solid increase in earnings for the second quarter.  Comparable store sales were softer than planned due to a challenging economic environment; however, we are encouraged by a strong start to the third quarter.  New store performance continues to be strong and we remain confident with the pace of new store openings."

For the quarter, Hibbett opened 17 new stores, expanded 3 high performing stores and closed 4 underperforming stores, bringing the store base to 892 in 31 states as of August 3, 2013. For Fiscal 2014, the Company expects to open 70-75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.

Liquidity and Stock Repurchases

Hibbett ended the second quarter of Fiscal 2014 with $80.9 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding and full availability under its $80.0 million unsecured credit facilities.

During the second quarter, the Company repurchased 110,361 shares of common stock for a total expenditure of $6.2 million.  Approximately $238.1 million of the total authorization remained for future stock repurchases as of August 3, 2013.

Fiscal 2014 Outlook

Given recent trends and on-going uncertainties in the economic environment, the Company is revising its guidance for the 52 weeks ending February 1, 2014, to earnings per diluted share in the range of $2.65 to $2.77, and an increase in comparable store sales (on a calendar basis) in the low single-digit range.  This compares to previous guidance of earnings per diluted share in the range of $2.85 to $3.05, and an increase in comparable store sales (on a calendar basis) in the low to mid single-digit range.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, August 23, 2013, to discuss second quarter Fiscal 2014 results.  The number to call for the live interactive teleconference is (212) 231-2921.  A replay of the conference call will be available until August 30, 2013, by dialing (402) 977-9140 and entering the passcode, 21646059.

The Company will also provide an online Web simulcast and rebroadcast of its second quarter Fiscal 2014 conference call.  The live broadcast of Hibbett's quarterly conference call will be available online at www.hibbett.com under Investor Relations, or www.streetevents.com, on August 23, 2013, beginning at 10:00 a.m. ET.  The online replay will follow shortly after the call and be available for replay for one year.

 

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The Company's primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.

 

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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, expansion and closing plans, liquidity, sales trends, margin trends, the effects of calendar shifts, earnings per diluted share and comparable store sales.  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 April 1, 2013 and in our Quarterly Report on Form 10-Q filed on June 10, 2013. In light of these risks and uncertainties, the future events, developments or results described by our forward looking statements in this document could turn out to be materially and adversely different from those we discuss or imply.  We are not obligated to release publicly any revisions to any forward looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

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END OF EXHIBIT 99.1