Hibbett scores high on earnings, sales in Q4

BIRMINGHAM, Ala. — Hibbett Sports reported that net sales for the fourth quarter increased 14% to $217.4 million compared with $190.7 million for the same period last year. Comparable-store sales increased 4.9% on a 13-week to 13-week period.

Net income for the quarter increased 22.3% to $19.4 million compared with $15.8 million for the same period last year. Earnings per diluted share increased 23.7% to 73 cents for the quarter compared with 59 cents for the same period last year.

For the quarter, Hibbett opened 27 new stores, expanded four high performing stores and closed two underperforming stores, bringing the store base to 873 in 29 states as of Feb. 2, 2013.

Net sales for fiscal 2013 increased 11.8% to $818.7 million compared with $732.6 million for fiscal 2012. Comparable store sales increased 6.9% on a 52-week to 52-week period.

Net income for the year increased 22.9% to $72.6 million compared with $59.1 million for the same period last year. Earnings per diluted share increased 26.5% to $2.72 compared with $2.15 for the same period last year.

For the year, Hibbett opened 54 new stores, expanded 13 high performing stores and closed 13 underperforming stores.

Jeff Rosenthal, president and CEO, stated, “The holiday season was strong due to solid performance in footwear, apparel, and accessories. Fiscal 2013 results were accomplished by excellent assortments, great customer service, and outstanding support from our distribution team and supplier partners. Looking forward into fiscal 2014, we are well positioned to continue our growth and are very excited about the investments being made in the business to ensure our future success.”

For fiscal 2014, the company expects to report diluted earnings per share in the range of $2.85 to $3.05 and an increase in comparable-store sales in the low to mid-single digit range. For fiscal 2014, the company expects to open 65 to 70 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.