Hibbett Reports Third Quarter Fiscal 2017 Results
November 18, 2016
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Comparable Store Sales Increase 0.7%, with
Continued High Single-Digit Comps in Footwear -
Company Opens First Store inCalifornia - Company Updates Guidance
Third Quarter Results
Net sales for the 13-week period ended
Gross profit was 35.4% of net sales for the 13-week period ended
Store operating, selling and administrative expenses were 23.6% of net
sales for the 13-week period ended
Net income for the 13-week period ended
"At the end of the quarter, we opened our first store in
For the quarter, Hibbett opened 13 new stores, expanded two high
performing stores and closed five underperforming stores, bringing the
store base to 1,067 in 34 states as of
Fiscal Year to Date Results
Net sales for the 39-week period ended
Gross profit was 35.4% of net sales for the 39-week period ended
Store operating, selling and administrative expenses were 22.8% of net
sales for the 39-week period ended
Net income for the 39-week period ended
Liquidity and Stock Repurchases
Hibbett ended the third quarter of Fiscal 2017 with
During the third quarter, the Company repurchased 53,519 shares of its
common stock for a total expenditure of
Fiscal 2017 Outlook
The Company is updating its guidance for the 52 weeks ending
Investor Conference Call and Simulcast
The Company will also provide an online Web simulcast and rebroadcast of
its third quarter Fiscal 2017 conference call. The live broadcast of
Hibbett's quarterly conference call will be available online at www.hibbett.com
under Investor Relations on
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 earnings per diluted
share, sales trends, merchandise margin rates, impact of the
omni-channel initiative and store openings and growth opportunities.
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
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Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
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Net sales | $ | 237,006 | $ | 228,301 | $ | 726,031 | $ | 697,385 | |||||||||
Cost of goods sold, including wholesale, logistics and store occupancy costs |
153,181 | 145,949 | 468,947 | 450,140 | |||||||||||||
Gross profit | 83,825 | 82,352 | 257,084 | 247,245 | |||||||||||||
Store operating, selling and administrative expenses | 55,853 | 48,255 | 165,415 | 150,206 | |||||||||||||
Depreciation and amortization | 4,799 | 4,238 | 14,036 | 12,656 | |||||||||||||
Operating income | 23,173 | 29,859 | 77,633 | 84,383 | |||||||||||||
Interest expense, net | 60 | 67 | 187 | 201 | |||||||||||||
Income before provision for income taxes | 23,113 | 29,792 | 77,446 | 84,182 | |||||||||||||
Provision for income taxes | 8,509 | 11,115 | 28,426 | 31,065 | |||||||||||||
Net income | $ | 14,604 | $ | 18,677 | $ | 49,020 | $ | 53,117 | |||||||||
Net income per common share: | |||||||||||||||||
Basic earnings per share | $ | 0.66 | $ | 0.79 | $ | 2.19 | $ | 2.18 | |||||||||
Diluted earnings per share | $ | 0.66 | $ | 0.79 | $ | 2.18 | $ | 2.17 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 21,989 | 23,607 | 22,350 | 24,333 | |||||||||||||
Diluted | 22,186 | 23,777 | 22,525 | 24,519 | |||||||||||||
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Unaudited Condensed Consolidated Balance Sheets | |||||||||
(In thousands) | |||||||||
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Assets | |||||||||
Cash and cash equivalents | $ | 41,195 | $ | 32,274 | |||||
Inventories, net | 292,461 | 283,099 | |||||||
Other current assets | 16,557 | 14,995 | |||||||
Total current assets | 350,213 | 330,368 | |||||||
Property and equipment, net | 106,601 | 101,389 | |||||||
Other assets | 10,087 | 10,615 | |||||||
Total assets | $ | 466,901 | $ | 442,372 | |||||
Liabilities and Stockholders' Investment | |||||||||
Accounts payable | $ | 85,710 | $ | 88,456 | |||||
Short-term capital leases | 545 | 478 | |||||||
Accrued expenses | 20,877 | 16,256 | |||||||
Total current liabilities | 107,132 | 105,190 | |||||||
Non-current liabilities | 27,596 | 26,336 | |||||||
Stockholders' investment | 332,173 | 310,846 | |||||||
Total liabilities and stockholders' investment | $ | 466,901 | $ | 442,372 | |||||
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Supplemental Information | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||
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Sales Information |
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Net sales increase | 3.8 | % | 4.6 | % | 4.1 | % | 3.5 | % | |||||||||||||
Comparable store sales increase (decrease) | 0.7 | % | 0.6 | % | 1.0 | % | -0.5 | % | |||||||||||||
Store Count Information |
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Beginning of period | 1,059 | 1,014 | 1,044 | 988 | |||||||||||||||||
New stores opened | 13 | 20 | 44 | 51 | |||||||||||||||||
Stores closed | (5 | ) | (3 | ) | (21 | ) | (8 | ) | |||||||||||||
End of period | 1,067 | 1,031 | 1,067 | 1,031 | |||||||||||||||||
Stores expanded | 2 | 1 | 4 | 8 | |||||||||||||||||
Estimated square footage at end of period (in thousands) |
6,090 | 5,893 | |||||||||||||||||||
Balance Sheet Information |
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Average inventory per store | $ | 274,097 | $ | 268,611 | |||||||||||||||||
Share Repurchase Activity |
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Shares | 53,519 | 1,341,170 | 911,356 | 2,137,389 | |||||||||||||||||
Cost (in thousands) | $ | 1,941 | $ | 50,542 | $ | 31,634 | $ | 87,944 | |||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20161118005091/en/
Senior Vice
President & Chief Financial Officer
Source: