Delaware
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000-20969
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20-8159608
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☒ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 Par Value Per Share |
HIBB |
Nasdaq Global Select Market |
Item 2.02. |
Results of Operations and Financial Condition.
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Item 8.01. |
Other Events.
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Item 9.01. |
Financial Statements and Exhibits.
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Exhibit No.
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Description
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Press Release dated June 5, 2024
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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June 5, 2024
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HIBBETT, INC.
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By:
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/s/ Robert J. Volke
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Robert J. Volke
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||
Senior Vice President and Chief Financial Officer
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Contact:
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Robert Volke - SVP, Chief Financial Officer
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Gavin Bell - VP, Finance & Investor Relations
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||
205-944-1312
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• |
Q1 Diluted EPS of $2.67 Versus $2.74 Prior Year
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• |
Q1 Comparable Sales Decrease 5.8%; Net Sales Down 1.8% Versus Prior Year
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13-Weeks Ended
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||||||||||||||||
May 4,
2024
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April 29,
2023
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|||||||||||||||
% to Sales
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% to Sales
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|||||||||||||||
Net sales
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$
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447,163
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$
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455,497
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||||||||||||
Cost of goods sold
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286,957
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64.2
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%
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301,877
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66.3
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%
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||||||||||
Gross margin
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160,206
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35.8
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%
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153,620
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33.7
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%
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||||||||||
Store operating, selling and administrative expenses
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105,927
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23.7
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%
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96,014
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21.1
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%
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||||||||||
Depreciation and amortization
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12,973
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2.9
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%
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11,693
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2.6
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%
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||||||||||
Operating income
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41,306
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9.2
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%
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45,913
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10.1
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%
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||||||||||
Interest expense, net
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231
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0.1
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%
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1,327
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0.3
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%
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||||||||||
Income before provision for income taxes
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41,075
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9.2
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%
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44,586
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9.8
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%
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||||||||||
Provision for income taxes
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8,575
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1.9
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%
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8,711
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1.9
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%
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||||||||||
Net income
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$
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32,500
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7.3
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%
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$
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35,875
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7.9
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%
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||||||||
Basic earnings per share
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$
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2.73
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$
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2.80
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||||||||||||
Diluted earnings per share
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$
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2.67
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$
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2.74
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||||||||||||
Weighted average shares:
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||||||||||||||||
Basic
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11,909
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12,791
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||||||||||||||
Diluted
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12,153
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13,111
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May 4,
2024
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February 3,
2024
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April 29,
2023
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||||||||||
ASSETS
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||||||||||||
Current assets:
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||||||||||||
Cash and cash equivalents
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$
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28,681
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$
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21,230
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$
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26,926
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||||||
Receivables, net
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16,970
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16,743
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12,582
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|||||||||
Inventories, net
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371,259
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344,294
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437,957
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|||||||||
Other current assets
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19,213
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24,448
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13,662
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|||||||||
Total current assets
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436,123
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406,715
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491,127
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|||||||||
Property and equipment, net
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182,391
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183,949
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175,285
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|||||||||
Operating right-of-use assets
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277,122
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280,755
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262,999
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|||||||||
Finance right-of-use assets, net
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1,696
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1,837
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1,913
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|||||||||
Tradename intangible asset
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23,500
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23,500
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23,500
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|||||||||
Deferred income taxes, net
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2,874
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3,024
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2,744
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|||||||||
Other assets, net
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11,625
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9,442
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7,777
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|||||||||
Total assets
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$
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935,331
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$
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909,222
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$
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965,345
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||||||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
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||||||||||||
Current liabilities:
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||||||||||||
Accounts payable
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$
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128,069
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$
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96,431
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$
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131,437
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||||||
Operating lease obligations
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71,666
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71,448
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73,142
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|||||||||
Credit facility
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7,545
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45,296
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103,577
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|||||||||
Finance lease obligations
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534
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538
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929
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|||||||||
Accrued payroll expense
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14,656
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8,488
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7,707
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|||||||||
Other accrued expenses
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14,452
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14,013
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14,183
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|||||||||
Total current liabilities
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236,922
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236,214
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330,975
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|||||||||
Operating lease obligations
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242,231
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245,649
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228,645
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|||||||||
Finance lease obligations
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1,287
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1,423
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1,116
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|||||||||
Other liabilities
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7,638
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6,911
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5,594
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|||||||||
Stockholders’ investment
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447,253
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419,025
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399,015
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|||||||||
Total liabilities and stockholders’ investment
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$
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935,331
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$
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909,222
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$
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965,345
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13-Weeks Ended
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||||||||
May 4,
2024
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April 29,
2023
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|||||||
Sales Information
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||||||||
Net sales (decrease) increase
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(1.8
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)%
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7.4
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%
|
||||
Comparable store sales (decrease) increase
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(5.8
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)%
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4.1
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%
|
||||
Store Count Information
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||||||||
Beginning of period
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1,169
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1,133
|
||||||
New stores opened
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6
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12
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||||||
Rebranded stores
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—
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—
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||||||
Stores closed
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(6
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)
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(2
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)
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||||
End of period
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1,169
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1,143
|
||||||
Estimated square footage at end of period (in thousands)
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6,637
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6,485
|
||||||
Balance Sheet Information
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||||||||
Average inventory per store
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$
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317,587
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$
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383,164
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||||
Share Repurchase Information
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||||||||
Shares purchased under our Repurchase Program
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—
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159,592
|
||||||
Cost (in thousands)
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$
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—
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$
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10,199
|
||||
Settlement of net share equity awards
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59,490
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47,177
|
||||||
Cost (in thousands)
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$
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4,270
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$
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2,833
|
||||
Dividend Information
|
||||||||
Number of declarations
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1
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1
|
||||||
Cash paid (in thousands)
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$
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2,949
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$
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3,173
|
||||
Total paid per share
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$
|
0.25
|
$
|
0.25
|