Hibbett Reports First Quarter Fiscal 2019 Results
May 25, 2018
Download PDF
-
EPS Increases 15% to
$1.12 Per Diluted Share - Comparable Store Sales Decrease 0.3%
- Continued Strong Growth in E-Commerce Sales
- Company Successfully Launches Mobile App
First Quarter Results
Net sales for the 13-week period ended
Gross margin was 35.2% of net sales for the 13-week period ended
Store operating, selling and administrative expenses were 22.5% of net
sales for the 13-week period ended
Net income for the 13-week period ended
For the quarter, Hibbett opened seven new stores, expanded four
high-performing stores and closed 18 underperforming stores, bringing
the store base to 1,068 in 35 states as of
Liquidity and Stock Repurchases
Hibbett ended the first quarter of Fiscal 2019 with
During the first quarter, the Company repurchased 40,299 shares of
common stock for a total expenditure of
Fiscal 2019 Outlook
The Company is maintaining its guidance for Fiscal 2019, with earnings
per diluted share in the range of
Investor Conference Call and Simulcast
The Company will also provide an online Web simulcast and rebroadcast of
its first quarter Fiscal 2019 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, the impact of our mobile app and
expectations around our Buy Online, Pick up in Store and Reserve in
Store capabilities. 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
|
||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||
(Dollars in thousands, except per share amounts) | ||||||
Thirteen Weeks Ended | ||||||
|
|
|||||
2018 | 2017 | |||||
Net sales | $ | 274,707 | $ | 275,688 | ||
Cost of goods sold | 177,934 | 177,470 | ||||
Gross margin | 96,773 | 98,218 | ||||
Store operating, selling and administrative expenses | 61,904 | 58,337 | ||||
Depreciation and amortization | 6,248 | 5,713 | ||||
Operating income | 28,621 | 34,168 | ||||
Interest expense, net | 57 | 66 | ||||
Income before provision for income taxes | 28,564 | 34,102 | ||||
Provision for income taxes | 7,055 | 13,192 | ||||
Net income | $ | 21,509 | $ | 20,910 | ||
Net income per common share: | ||||||
Basic earnings per share | $ | 1.13 | $ | 0.98 | ||
Diluted earnings per share | $ | 1.12 | $ | 0.97 | ||
Weighted average shares outstanding: | ||||||
Basic | 18,970 | 21,316 | ||||
Diluted | 19,143 | 21,466 | ||||
|
||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
(In thousands) | ||||||
|
|
|||||
2018 | 2018 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 115,827 | $ | 73,544 | ||
Inventories, net | 229,109 | 253,201 | ||||
Other current assets | 18,840 | 20,029 | ||||
Total current assets | 363,776 | 346,774 | ||||
Property and equipment, net | 107,132 | 109,698 | ||||
Other assets | 4,341 | 5,374 | ||||
Total assets | $ | 475,249 | $ | 461,846 | ||
Liabilities and Stockholders' Investment | ||||||
Accounts payable | $ | 83,406 | $ | 93,435 | ||
Short-term capital leases | 641 | 663 | ||||
Accrued expenses | 23,206 | 21,469 | ||||
Total current liabilities | 107,253 | 115,567 | ||||
Non-current liabilities | 26,313 | 26,683 | ||||
Stockholders' investment | 341,683 | 319,596 | ||||
Total liabilities and stockholders' investment | $ | 475,249 | $ | 461,846 | ||
|
||||||||
Supplemental Information | ||||||||
(Unaudited) | ||||||||
Thirteen Weeks Ended | ||||||||
|
|
|||||||
2018 | 2017 | |||||||
Sales Information | ||||||||
Net sales decrease | -0.4 | % | -2.3 | % | ||||
Comparable store sales decrease | -0.3 | %1 | -4.9 | %2 | ||||
Store Count Information | ||||||||
Beginning of period | 1,079 | 1,078 | ||||||
New stores opened | 7 | 13 | ||||||
Stores closed | (18 | ) | (9 | ) | ||||
End of period | 1,068 | 1,082 | ||||||
Stores expanded | 4 | 4 | ||||||
Estimated square footage at end of period (in thousands) | 6,094 | 6,158 | ||||||
Balance Sheet Information | ||||||||
Average inventory per store | $ | 214,521 | $ | 230,461 | ||||
Share Repurchase Program | ||||||||
Shares | 40,299 | 748,134 | ||||||
Cost (in thousands) | $ | 871 | $ | 22,337 | ||||
1) Represents the decrease in comparable store sales from the 13
weeks ended |
||||||||
2) As originally reported for the first quarter ended |
||||||||
|
||||||||||||||||||||
Fiscal 2018 Comparable Store Sales and |
||||||||||||||||||||
As Originally Reported and Adjusted for Week Shift (a) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Fiscal 2018 | ||||||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Comparable store sales increase (originally reported) | -4.9 | % | -11.7 | % | -1.3 | % | 1.6 | % | -3.8 | % | ||||||||||
Comparable store sales increase (adjusted for week shift) | -4.8 | % | -11.0 | % | 0.3 | % | 1.0 | % | -3.6 | % | ||||||||||
Impact of week shift | 0.1 | % | 0.7 | % | 1.6 | % | -0.6 | % | 0.2 | % | ||||||||||
Fiscal 2018 | ||||||||||||||||||||
First | Second | Third | Fourth |
|
||||||||||||||||
Quarter | Quarter | Quarter | Quarter |
Full Year |
||||||||||||||||
Net sales (originally reported) | $ | 275.7 | $ | 188.0 | $ | 237.8 | $ | 266.7 | $ | 968.2 | ||||||||||
Net sales (adjusted for one week) | $ | 275.2 | $ | 206.0 | $ | 220.6 | $ | 265.8 | $ | 967.6 | ||||||||||
Impact of week shift | $ | (0.5 | ) | $ | 18.0 | $ | (17.2 | ) | $ | (0.9 | ) | $ | (0.6 | ) | ||||||
(a) Due to the 53rd week in Fiscal 2018, each quarter in Fiscal 2019 starts one week later than the same quarter in Fiscal 2018. The charts above present comparable store sales and net sales for Fiscal 2018 as originally reported and as adjusted to represent the same 13-week period as the Fiscal 2019 quarters. | ||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180525005041/en/
Senior Vice
President & Chief Financial Officer
Source: