Hibbett Reports Fourth Quarter and Fiscal 2016 Results
March 11, 2016
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EPS of
$0.76 in Fourth Quarter - Comparable Store Sales Decrease 0.6% in Fourth Quarter
- Issues Fiscal 2017 Outlook
Fourth Quarter Results
Net sales for the 13-week period ended
Gross profit was 34.8% of net sales for the 13-week period ended
Store operating, selling and administrative expenses were 21.8% of net
sales for the 13-week period ended
Net income for the 13-week period ended
Fiscal 2016 Results
Net sales for the 52-week period ended
Gross profit was 35.3% of net sales for the 52-week period ended
Store operating, selling and administrative expenses were 21.6% of net
sales for the 52-week period ended
Net income for the 52-week period ended
For the year, Hibbett opened 71 new stores, expanded 16 high performing
stores and closed 15 underperforming stores, bringing the store base to
1,044 in 33 states as of
Liquidity and Stock Repurchases
Hibbett ended the fourth quarter of Fiscal 2016 with
During the fourth quarter, the Company repurchased 99,000 shares of
common stock for a total expenditure of
Fiscal 2017 Outlook
The Company provided the following guidance for Fiscal 2017:
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Earnings per diluted share in the range of
$2.90 to$3.04 . - Increase in comparable store sales in the low single digit range.
- Approximately 40 to 50 net new stores.
- Relatively flat product gross margin rate compared to Fiscal 2016.
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An estimated incremental reduction of
$0.14 to$0.16 per diluted share due to our ongoing omni-channel initiative. This will include the rollout of a new point-of-sale system across all stores, preparation of our Store-to-Home capability, and early development of our digital commerce capability. Included in this estimate is approximately$0.08 per diluted share for depreciation. -
Capital expenditures of approximately
$35 million to$40 million .
Investor Conference Call and Simulcast
The Company will also provide an online Web simulcast and rebroadcast of
its fourth quarter and Fiscal 2016 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
store opening plans, earnings per diluted share, comparable store sales,
product gross margin rates, capital expenditures, merchandising
initiatives and the impact of our omni-channel initiative. 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 | Fifty-Two Weeks Ended | |||||||||||
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2016 | 2015 | 2016 | 2015 | |||||||||
Net sales | $ | 245,719 | $ | 239,338 | $ | 943,104 | $ | 913,486 | ||||
Cost of goods sold, wholesale and logistics facility and store occupancy costs | 160,250 | 154,308 | 610,389 | 586,702 | ||||||||
Gross profit | 85,469 | 85,030 | 332,715 | 326,784 | ||||||||
Store operating, selling and administrative expenses | 53,467 | 48,870 | 203,673 | 192,648 | ||||||||
Depreciation and amortization | 4,382 | 4,213 | 17,038 | 15,990 | ||||||||
Operating income | 27,620 | 31,947 | 112,004 | 118,146 | ||||||||
Interest expense, net | 90 | 76 | 292 | 293 | ||||||||
Income before provision for income taxes | 27,530 | 31,871 | 111,712 | 117,853 | ||||||||
Provision for income taxes | 10,119 | 11,946 | 41,184 | 44,269 | ||||||||
Net income | $ | 17,411 | $ | 19,925 | $ | 70,528 | $ | 73,584 | ||||
Net income per common share: | ||||||||||||
Basic earnings per share | $ | 0.76 | $ | 0.80 | $ | 2.95 | $ | 2.90 | ||||
Diluted earnings per share | $ | 0.76 | $ | 0.79 | $ | 2.92 | $ | 2.87 | ||||
Weighted average shares outstanding: | ||||||||||||
Basic | 22,790 | 24,965 | 23,947 | 25,369 | ||||||||
Diluted | 22,960 | 25,205 | 24,129 | 25,620 | ||||||||
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Unaudited Condensed Consolidated Balance Sheets | ||||||
(In thousands) | ||||||
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2016 | 2015 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 32,274 | $ | 88,397 | ||
Inventories, net | 283,099 | 240,408 | ||||
Other current assets | 14,995 | 26,693 | ||||
Total current assets | 330,368 | 355,498 | ||||
Property and equipment, net | 101,389 | 92,981 | ||||
Other assets | 10,615 | 3,918 | ||||
Total assets | $ | 442,372 | $ | 452,397 | ||
Liabilities and Stockholders' Investment | ||||||
Accounts payable | $ | 88,456 | $ | 84,439 | ||
Short-term capital leases | 478 | 436 | ||||
Accrued expenses | 16,256 | 17,250 | ||||
Total current liabilities | 105,190 | 102,125 | ||||
Non-current liabilities | 26,336 | 25,491 | ||||
Stockholders' investment | 310,846 | 324,781 | ||||
Total liabilities and stockholders' investment | $ | 442,372 | $ | 452,397 | ||
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Supplemental Information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Thirteen Weeks Ended | Fifty-Two Weeks Ended | |||||||||||||||
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2016 | 2015 | 2016 | 2015 | |||||||||||||
Sales Information |
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Net sales increase |
2.7 | % | 9.9 | % | 3.2 | % | 7.2 | % | ||||||||
Comparable store sales (decrease) increase | -0.6 | % | 5.4 | % | -0.4 | % | 2.9 | % | ||||||||
Store Count Information |
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Beginning of period | 1,031 | 969 | 988 | 927 | ||||||||||||
New stores opened | 20 | 22 | 71 | 80 | ||||||||||||
Stores closed | (7 | ) | (3 | ) | (15 | ) | (19 | ) | ||||||||
End of period | 1,044 | 988 | 1,044 | 988 | ||||||||||||
Stores expanded | 8 | 2 | 16 | 9 | ||||||||||||
Estimated square footage at end of period (in thousands) | 5,974 | 5,649 | ||||||||||||||
Balance Sheet Information |
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Average inventory per store | $ | 271,168 | $ | 243,328 | ||||||||||||
Share Repurchase Program |
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Shares | 99,000 | 133,711 | 2,236,389 | 1,206,006 | ||||||||||||
Cost (in thousands) | $ | 3,389 | $ | 6,394 | $ | 91,333 | $ | 60,971 | ||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160311005073/en/
Senior Vice
President & Chief Financial Officer
Source: