☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-8159608 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 Par Value Per Share | HIBB | Nasdaq Global Select Market |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Yes | ☐ | No | ☒ |
Page | ||||||||
ASSETS | October 28, 2023 | January 28, 2023 | October 29, 2022 | ||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 29,580 | $ | 16,015 | $ | 25,114 | |||||||||||
Receivables, net | 12,136 | 12,850 | 15,170 | ||||||||||||||
Inventories, net | 398,106 | 420,839 | 404,819 | ||||||||||||||
Other current assets | 28,408 | 23,351 | 29,577 | ||||||||||||||
Total current assets | 468,230 | 473,055 | 474,680 | ||||||||||||||
Property and equipment, net | 172,701 | 169,476 | 165,196 | ||||||||||||||
Operating right-of-use assets | 272,909 | 263,391 | 266,402 | ||||||||||||||
Finance right-of-use assets, net | 2,095 | 2,279 | 2,027 | ||||||||||||||
Tradename intangible asset | 23,500 | 23,500 | 23,500 | ||||||||||||||
Deferred income taxes, net | 3,044 | 3,025 | 2,484 | ||||||||||||||
Other assets, net | 8,414 | 4,434 | 3,081 | ||||||||||||||
Total assets | $ | 950,893 | $ | 939,160 | $ | 937,370 | |||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 118,127 | $ | 190,648 | $ | 209,194 | |||||||||||
Operating lease obligations | 75,490 | 72,544 | 71,649 | ||||||||||||||
Credit facility | 96,916 | 36,264 | 51,657 | ||||||||||||||
Finance lease obligations | 663 | 1,132 | 1,057 | ||||||||||||||
Accrued payroll expenses | 9,573 | 11,361 | 11,550 | ||||||||||||||
Other accrued expenses | 16,003 | 15,803 | 16,820 | ||||||||||||||
Total current liabilities | 316,772 | 327,752 | 361,927 | ||||||||||||||
Operating lease obligations | 239,300 | 229,388 | 233,504 | ||||||||||||||
Finance lease obligations | 1,557 | 1,305 | 1,143 | ||||||||||||||
Other liabilities | 4,211 | 4,484 | 2,962 | ||||||||||||||
Total liabilities | 561,840 | 562,929 | 599,536 | ||||||||||||||
Stockholders' investment: | |||||||||||||||||
Common stock - 40,147,969; 39,916,593; and 39,847,656 shares issued, respectively | 401 | 399 | 398 | ||||||||||||||
Paid-in capital | 219,653 | 213,182 | 209,659 | ||||||||||||||
Retained earnings | 1,200,320 | 1,137,481 | 1,102,243 | ||||||||||||||
Treasury stock, at cost - 28,376,218; 27,166,538; and 27,161,181 shares repurchased, respectively | (1,031,321) | (974,831) | (974,466) | ||||||||||||||
Total stockholders' investment | 389,053 | 376,231 | 337,834 | ||||||||||||||
Total liabilities and stockholders' investment | $ | 950,893 | $ | 939,160 | $ | 937,370 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||||||||||||||
% to Sales | % to Sales | % to Sales | % to Sales | ||||||||||||||||||||||||||||||||
Net sales | $ | 431,923 | $ | 433,164 | $ | 1,262,297 | $ | 1,250,021 | |||||||||||||||||||||||||||
Cost of goods sold | 285,579 | 66.1 | % | 284,434 | 65.7 | % | 839,411 | 66.5 | % | 809,306 | 64.7 | % | |||||||||||||||||||||||
Gross margin | 146,344 | 33.9 | % | 148,730 | 34.3 | % | 422,886 | 33.5 | % | 440,715 | 35.3 | % | |||||||||||||||||||||||
Store operating, selling and administrative expenses | 99,404 | 23.0 | % | 103,510 | 23.9 | % | 290,284 | 23.0 | % | 290,520 | 23.2 | % | |||||||||||||||||||||||
Depreciation and amortization | 12,457 | 2.9 | % | 11,019 | 2.5 | % | 36,189 | 2.9 | % | 32,463 | 2.6 | % | |||||||||||||||||||||||
Operating income | 34,483 | 8.0 | % | 34,201 | 7.9 | % | 96,413 | 7.6 | % | 117,732 | 9.4 | % | |||||||||||||||||||||||
Interest expense, net | 1,106 | 0.3 | % | 467 | 0.1 | % | 4,323 | 0.3 | % | 900 | 0.1 | % | |||||||||||||||||||||||
Income before provision for income taxes | 33,377 | 7.7 | % | 33,734 | 7.8 | % | 92,090 | 7.3 | % | 116,832 | 9.3 | % | |||||||||||||||||||||||
Provision for income taxes | 7,880 | 1.8 | % | 8,161 | 1.9 | % | 19,816 | 1.6 | % | 27,199 | 2.2 | % | |||||||||||||||||||||||
Net income | $ | 25,497 | 5.9 | % | $ | 25,573 | 5.9 | % | $ | 72,274 | 5.7 | % | $ | 89,633 | 7.2 | % | |||||||||||||||||||
Basic earnings per share | $ | 2.09 | $ | 1.99 | $ | 5.76 | $ | 6.89 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | 2.05 | $ | 1.94 | $ | 5.66 | $ | 6.71 | |||||||||||||||||||||||||||
Weighted-average shares: | |||||||||||||||||||||||||||||||||||
Basic | 12,224 | 12,837 | 12,554 | 13,004 | |||||||||||||||||||||||||||||||
Diluted | 12,408 | 13,202 | 12,780 | 13,358 |
39-Weeks Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income | $ | 72,274 | $ | 89,633 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 36,189 | 32,463 | |||||||||
Stock-based compensation | 4,612 | 5,407 | |||||||||
Impairment charges | 1,393 | 346 | |||||||||
Other non-cash adjustments | (1,054) | 4,682 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Inventories, net | 22,732 | (183,600) | |||||||||
Receivables, net | (1,549) | (1,510) | |||||||||
Accounts payable | (76,088) | 119,760 | |||||||||
Income tax payable, net | — | 2,697 | |||||||||
Other assets and liabilities | (6,157) | (17,478) | |||||||||
Net cash provided by operating activities | 52,352 | 52,400 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Capital expenditures | (37,163) | (47,463) | |||||||||
Other, net | 2,604 | 938 | |||||||||
Net cash used in investing activities | (34,559) | (46,525) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds under credit facilities | 682,264 | 688,665 | |||||||||
Repayments under credit facilities | (621,612) | (637,008) | |||||||||
Stock repurchases | (53,212) | (38,458) | |||||||||
Cash dividends paid to stockholders | (9,427) | (9,699) | |||||||||
Payments of finance lease obligations | (824) | (759) | |||||||||
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 1,861 | 1,525 | |||||||||
Other, net | (3,278) | (2,081) | |||||||||
Net cash (used in) provided by financing activities | (4,228) | 2,185 | |||||||||
Net increase in cash and cash equivalents | 13,565 | 8,060 | |||||||||
Cash and cash equivalents, beginning of period | 16,015 | 17,054 | |||||||||
Cash and cash equivalents, end of period | $ | 29,580 | $ | 25,114 |
13-Weeks Ended October 28, 2023 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-In Capital | Retained Earnings | Shares | Amount | Total Stockholders' Investment | |||||||||||||||||||||||||||||||||||
Balance - July 29, 2023 | 40,132 | $ | 401 | $ | 217,986 | $ | 1,177,914 | 27,668 | $ | (998,991) | $ | 397,310 | |||||||||||||||||||||||||||||
Net income | — | — | — | 25,497 | — | — | 25,497 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 16 | — | 437 | — | — | — | 437 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 708 | (31,999) | (31,999) | ||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | — | (17) | (17) | ||||||||||||||||||||||||||||||||||
Excise tax on stock repurchases | — | — | — | — | — | (314) | (314) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.25 per common share | — | — | — | (3,091) | — | — | (3,091) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,230 | — | — | — | 1,230 | ||||||||||||||||||||||||||||||||||
Balance - October 28, 2023 | 40,148 | $ | 401 | $ | 219,653 | $ | 1,200,320 | 28,376 | $ | (1,031,321) | $ | 389,053 |
13-Weeks Ended October 29, 2022 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-In Capital | Retained Earnings | Shares | Amount | Total Stockholders' Investment | |||||||||||||||||||||||||||||||||||
Balance - July 30, 2022 | 39,830 | $ | 398 | $ | 207,678 | $ | 1,079,872 | 27,000 | $ | (965,405) | $ | 322,543 | |||||||||||||||||||||||||||||
Net income | — | — | — | 25,573 | — | — | 25,573 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 18 | — | 617 | — | — | — | 617 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 161 | (9,049) | (9,049) | ||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | — | (12) | (12) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.25 per common share | — | — | — | (3,202) | — | — | (3,202) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,364 | — | — | — | 1,364 | ||||||||||||||||||||||||||||||||||
Balance - October 29, 2022 | 39,848 | $ | 398 | $ | 209,659 | $ | 1,102,243 | 27,161 | $ | (974,466) | $ | 337,834 |
39-Weeks Ended October 28, 2023 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Paid-In Capital | Retained Earnings | Number of Shares | Amount | Total Stockholders' Investment | |||||||||||||||||||||||||||||||||||
Balance - January 28, 2023 | 39,917 | $ | 399 | $ | 213,182 | $ | 1,137,481 | 27,167 | $ | (974,831) | $ | 376,231 | |||||||||||||||||||||||||||||
Net income | — | — | — | 72,274 | — | — | 72,274 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 231 | 2 | 1,859 | — | — | — | 1,861 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 1,162 | (53,212) | (53,212) | ||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | 47 | (2,849) | (2,849) | ||||||||||||||||||||||||||||||||||
Excise tax on stock repurchase | — | — | — | — | — | (429) | (429) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.75 per common share | — | — | — | (9,435) | — | — | (9,435) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 4,612 | — | — | — | 4,612 | ||||||||||||||||||||||||||||||||||
Balance - October 28, 2023 | 40,148 | $ | 401 | $ | 219,653 | $ | 1,200,320 | 28,376 | $ | (1,031,321) | $ | 389,053 |
39-Weeks Ended October 29, 2022 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Paid-In Capital | Retained Earnings | Number of Shares | Amount | Total Stockholders' Investment | |||||||||||||||||||||||||||||||||||
Balance - January 29, 2022 | 39,611 | $ | 396 | $ | 202,729 | $ | 1,022,317 | 26,318 | $ | (933,927) | $ | 291,515 | |||||||||||||||||||||||||||||
Net income | — | — | — | 89,633 | — | — | 89,633 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 236 | 2 | 1,523 | — | — | — | 1,525 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 797 | (38,458) | (38,458) | ||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | 46 | (2,081) | (2,081) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.75 per common share | — | — | — | (9,707) | — | — | (9,707) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 5,407 | — | — | — | 5,407 | ||||||||||||||||||||||||||||||||||
Balance - October 29, 2022 | 39,848 | $ | 398 | $ | 209,659 | $ | 1,102,243 | 27,161 | $ | (974,466) | $ | 337,834 |
October 28, 2023 | January 28, 2023 | October 29, 2022 | |||||||||||||||
Land | $ | 7,277 | $ | 7,277 | $ | 7,277 | |||||||||||
Buildings | 22,643 | 22,529 | 22,395 | ||||||||||||||
Equipment | 138,861 | 134,304 | 128,537 | ||||||||||||||
Furniture and fixtures | 70,043 | 67,522 | 66,564 | ||||||||||||||
Leasehold improvements | 191,285 | 170,773 | 162,747 | ||||||||||||||
Construction in progress | 5,492 | 5,501 | 7,579 | ||||||||||||||
Total property and equipment | 435,601 | 407,906 | 395,099 | ||||||||||||||
Less: accumulated depreciation and amortization | 262,900 | 238,430 | 229,903 | ||||||||||||||
Total property and equipment, net | $ | 172,701 | $ | 169,476 | $ | 165,196 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Footwear | $ | 306,868 | $ | 294,133 | $ | 884,230 | $ | 818,706 | |||||||||||||||
Apparel | 72,277 | 93,125 | 231,177 | 298,405 | |||||||||||||||||||
Equipment | 52,778 | 45,906 | 146,890 | 132,910 | |||||||||||||||||||
Total | $ | 431,923 | $ | 433,164 | $ | 1,262,297 | $ | 1,250,021 |
13-Weeks Ended | 39-Weeks Ended | |||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | |||||||||||||||||||||||
Operating lease cost | $ | 20,479 | $ | 19,285 | $ | 60,737 | $ | 56,606 | ||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of assets | 271 | 235 | 791 | 716 | ||||||||||||||||||||||
Interest on lease liabilities | 25 | 27 | 79 | 84 | ||||||||||||||||||||||
Variable lease cost | 4,862 | 4,771 | 14,554 | 13,536 | ||||||||||||||||||||||
$ | 25,637 | $ | 24,318 | $ | 76,161 | $ | 70,942 |
39-Weeks Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
ROU assets obtained in exchange for lease obligations, net: | |||||||||||
Operating leases | $ | 69,507 | $ | 73,797 | |||||||
Finance leases | $ | 718 | $ | 571 |
October 28, 2023 | January 28, 2023 | October 29, 2022 | |||||||||||||||||||||||||||
13-Weeks Ended | 39-Weeks Ended | 52-Weeks Ended | 13-Weeks Ended | 39-Weeks Ended | |||||||||||||||||||||||||
Number of days borrowings incurred | 91 | 273 | 307 | 91 | 236 | ||||||||||||||||||||||||
Average borrowings | $71.2 | $95.2 | $40.8 | $50.6 | $39.3 | ||||||||||||||||||||||||
Maximum borrowings | $110.2 | $134.1 | $110.5 | $94.8 | $110.0 | ||||||||||||||||||||||||
Average interest rate | 6.62% | 6.26% | 3.21% | 3.57% | 2.54% |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Stock-based compensation expense by type: | |||||||||||||||||||||||
Stock options | $ | — | $ | — | $ | 220 | $ | 155 | |||||||||||||||
Restricted stock units | 1,112 | 1,269 | 4,033 | 4,881 | |||||||||||||||||||
Employee stock purchases | 92 | 69 | 280 | 304 | |||||||||||||||||||
Director deferred compensation | 26 | 26 | 79 | 67 | |||||||||||||||||||
Total stock-based compensation expense | 1,230 | 1,364 | 4,612 | 5,407 | |||||||||||||||||||
Income tax benefit recognized | 245 | 321 | 1,022 | 1,247 | |||||||||||||||||||
Stock-based compensation expense, net of income tax | $ | 985 | $ | 1,043 | $ | 3,590 | $ | 4,160 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Stock options | — | — | 8,188 | 7,212 | |||||||||||||||||||
Restricted stock unit awards | 3,390 | 1,469 | 81,905 | 110,990 | |||||||||||||||||||
Performance-based restricted stock unit awards | — | — | 39,567 | 49,978 | |||||||||||||||||||
Deferred stock units | 553 | 510 | 1,708 | 1,447 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Total stock options granted | — | — | 8,188 | 7,212 | |||||||||||||||||||
Exercise price | $ | — | $ | — | $ | 58.38 | $ | 46.22 | |||||||||||||||
Fair value of stock options | $ | — | $ | — | $ | 26.87 | $ | 21.46 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Shares purchased | 10,753 | 6,408 | 27,484 | 28,033 | |||||||||||||||||||
Average price per share | $ | 30.85 | $ | 38.11 | $ | 35.78 | $ | 49.30 | |||||||||||||||
Weighted-average fair value at grant date | $ | 9.43 | $ | 11.41 | $ | 13.55 | $ | 14.58 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Weighted-average shares used in basic computations | 12,224 | 12,837 | 12,554 | 13,004 | |||||||||||||||||||
Dilutive equity awards | 184 | 365 | 226 | 354 | |||||||||||||||||||
Weighted-average shares used in diluted computations | 12,408 | 13,202 | 12,780 | 13,358 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Common stock repurchased under the Repurchase Program | 707,621 | 160,637 | 1,162,130 | 797,033 | |||||||||||||||||||
Aggregate cost of repurchases under the Repurchase Program | $ | 31,999 | $ | 9,049 | $ | 53,211 | $ | 38,458 | |||||||||||||||
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements | 373 | 208 | 47,550 | 46,201 | |||||||||||||||||||
Tax withholding requirement from holders of restricted stock unit awards | $ | 17 | $ | 12 | $ | 2,849 | $ | 2,081 | |||||||||||||||
Excise tax on stock repurchases | $ | 314 | $ | — | $ | 429 | $ | — |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Cash dividends paid (in millions) | $3.1 | $3.2 | $9.4 | $9.7 | |||||||||||||||||||
Total paid per share during period | $0.25 | $0.25 | $0.75 | $0.75 |
Location | ||||||||||||||
Brand | Average Square Footage | Strip Center(1) | Mall | Total | ||||||||||
Hibbett | 5,800 | 776 | 175 | 951 | ||||||||||
City Gear | 5,200 | 154 | 37 | 191 | ||||||||||
Sports Additions(2) | 2,900 | 3 | 13 | 16 | ||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
13-weeks ended | 1,108 | 1,074 | |||||||||
39-weeks ended | 1,085 | 1,057 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Net sales (in millions) | $ | 431.9 | $ | 433.2 | $ | 1,262.3 | $ | 1,250.0 | |||||||||||||||
E-commerce, percentage to net sales | 17.0 | % | 15.0 | % | 15.2 | % | 14.9 | % | |||||||||||||||
Operating income, percentage to sales | 8.0 | % | 7.9 | % | 7.6 | % | 9.4 | % | |||||||||||||||
Comparable store sales | (2.7) | % | 9.9 | % | (1.9) | % | (7.4) | % | |||||||||||||||
Brick and mortar comparable store sales | (5.4) | % | 7.9 | % | (2.7) | % | (10.2) | % | |||||||||||||||
E-commerce comparable sales | 12.6 | % | 22.0 | % | 2.9 | % | 11.2 | % | |||||||||||||||
Net income (in millions) | $ | 25.5 | $ | 25.6 | $ | 72.3 | $ | 89.6 | |||||||||||||||
Net income, percentage to net sales | 5.9 | % | 5.9 | % | 5.7 | % | 7.2 | % | |||||||||||||||
Diluted earnings per share | $ | 2.05 | $ | 1.94 | $ | 5.66 | $ | 6.71 |
13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||||
Net sales (decrease) increase | (0.3) | % | 13.5 | % | 1.0 | % | (4.4) | % | |||||||||||||||
Comparable store sales decrease | (2.7) | % | 9.9 | % | (1.9) | % | (7.4) | % | |||||||||||||||
Balance Sheets | |||||||||||||||||||||||
Ending cash and cash equivalents (in thousands) | $ | 29,580 | $ | 25,114 | |||||||||||||||||||
Average inventory per store | $ | 343,788 | $ | 359,520 | |||||||||||||||||||
Store Information | |||||||||||||||||||||||
Beginning of period | 1,148 | 1,117 | 1,133 | 1,096 | |||||||||||||||||||
New stores opened | 12 | 11 | 30 | 33 | |||||||||||||||||||
Rebranded stores | — | — | — | 1 | |||||||||||||||||||
Stores closed | (2) | (2) | (5) | (4) | |||||||||||||||||||
End of period | 1,158 | 1,126 | 1,158 | 1,126 | |||||||||||||||||||
Estimated square footage at end of period (in thousands) | 6,569 | 6,376 | |||||||||||||||||||||
Share Repurchase Information(1) | |||||||||||||||||||||||
Shares purchased under our Repurchase Program | 707,621 | 160,637 | 1,162,130 | 797,033 | |||||||||||||||||||
Cost (in thousands) | $ | 31,999 | $ | 9,049 | $ | 53,211 | $ | 38,458 | |||||||||||||||
Settlement of net share equity awards | 373 | 208 | 47,550 | 46,201 | |||||||||||||||||||
Cost (in thousands) | $ | 17 | $ | 12 | $ | 2,849 | $ | 2,081 | |||||||||||||||
Dividend Information | |||||||||||||||||||||||
Number of declarations | 1 | 1 | 3 | 3 | |||||||||||||||||||
Cash paid (in thousands) | $ | 3,088 | $ | 3,199 | $ | 9,427 | $ | 9,699 | |||||||||||||||
Total paid per share | $ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.75 |
39-Weeks Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Net cash provided by operating activities | $ | 52,352 | $ | 52,400 | |||||||
Net cash used in investing activities | (34,559) | (46,525) | |||||||||
Net cash (used in) provided by financing activities | (4,228) | 2,185 | |||||||||
Net increase in cash and cash equivalents | $ | 13,565 | $ | 8,060 |
Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Programs(2) | Approximate Dollar Value of Shares That May Yet be Purchased Under the Programs (in thousands)(1) | ||||||||||||||||||||||
July 30, 2023 - August 26, 2023 | — | $ | — | — | $ | 308,850 | ||||||||||||||||||||
August 27, 2023 - September 30, 2023 | 517,204 | $ | 44.91 | 517,204 | $ | 285,851 | ||||||||||||||||||||
October 1, 2023 - October 28, 2023 | 190,790 | $ | 47.72 | 190,417 | $ | 276,851 | ||||||||||||||||||||
Total | 707,994 | $ | 45.66 | 707,621 | $ | 276,851 |
Exhibit No. | Description | |||||||
Certificate of Incorporation and By-Laws | ||||||||
Certificate of Incorporation of the Registrant; incorporated herein by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 31, 2012. | ||||||||
Certificate of Amendment to the Certificate of Incorporation of the Registrant; incorporated herein by reference to Exhibit 3.1 of the Registrant’s Form Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2021. | ||||||||
Certificate of Amendment to the Certificate of Incorporation of the Registrant; incorporated herein by reference to Exhibit 3.1 of the Registrant's Form Current Report on Form 8-K with the Securities and Exchange Commission on May 27, 2022. | ||||||||
Bylaws of the Registrant, as amended; incorporated herein by reference to Exhibit 3.2 of the Registrant's Form 8-K filed with the Securities and Exchange Commission on June 24, 2021. | ||||||||
Certifications | ||||||||
* | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer | |||||||
* | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer | |||||||
* | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||
Interactive Data Files | ||||||||
101.INS | * | Inline XBRL Instance Document | ||||||
101.SCH | * | Inline XBRL Taxonomy Extension Schema Document | ||||||
101.CAL | * | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||
101.DEF | * | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||
101.LAB | * | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||
101.PRE | * | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||
104 | * | The cover page for the Registrant's Quarterly Report on Form 10-Q for the quarter ended October 28, 2023, has been formatted in Inline XBRL. | ||||||
* | Filed Within |
HIBBETT, INC. | |||||||||||
Date: | December 5, 2023 | By: | /s/ Robert J. Volke | ||||||||
Robert J. Volke | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
Date: December 5, 2023 | /s/ Michael E. Longo | ||||
Michael E. Longo | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) |
Date: December 5, 2023 | /s/ Robert J. Volke | ||||
Robert J. Volke | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: December 5, 2023 | /s/ Michael E. Longo | ||||
Michael E. Longo | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) |
Date: December 5, 2023 | /s/ Robert J. Volke | ||||
Robert J. Volke | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |