Hibett Sports reports 4Q sales decrease

BIRMINGHAM, Ala. Hibbett Sports reported net sales decreased 5.5% to $142.8 million for the 13-week fourth quarter ended Feb. 2, compared with $151.2 million for the 14-week period ended Feb. 3, 2007. Comparable-store sales decreased 7.3% on a comparable 13-week period and decreased 4.7% on a fiscal basis. Net income for the quarter was $8.1 million compared with $12.6 million for the same period in 2007. Earnings per diluted share for the 13-week period ended Feb. 2 was 26 cents compared with 39 cents per diluted share for the 14-week period ended Feb. 3, 2007.

The company reported that net sales for the 52-week fiscal year ended Feb. 2, increased 1.7% to $520.7 million compared with $512.1 million for the 53-week period ended Feb. 3, 2007. Comparable-store sales decreased 2.9% on a comparable 52-week period of fiscal 2008 and decreased 3.1% on a fiscal basis. Net income for the 52-week fiscal year ended Feb. 2, 2008, was $30.8 million compared with $38.1 million for the 53-week period ended Feb. 3, 2007. Earnings per diluted share for the 52-week fiscal year were 98 cents compared with $1.17 for the 53-week period ended Feb. 3, 2007.

Mickey Newsome, chairman and ceo, stated, "The fourth quarter was heavily influenced by generally unfavorable economic factors combined with the lack of new product trends. While sales thus far in fiscal 2009 show improvement over our fourth quarter results, we are conservative with our guidance due to current economic conditions which are continuing to impact our customer’s spending habits. Our focus remains on opening new stores in small markets where we are needed and leveraging the investments we have made in our systems and infrastructure."

For the fiscal year ended Jan. 31, 2009, the company expects to report earnings of 88 cents to $1.00 per diluted share with comparable-store sales ranging between flat to negative 3%.