Washington, D.C. 20549


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 22, 2023
HIBB_ Hibbett, Inc. Logo.jpg
Hibbett, Inc.
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)

2700 Milan Court
Birmingham, Alabama 35211
(Address of principal executive offices)

(205) 942-4292
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par Value Per Share HIBBNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02.     Results of Operations and Financial Condition.

On August 25, 2023, Hibbett, Inc. (the "Company") issued a press release (the "Press Release") providing results for the 13-weeks and 26-weeks ended July 29, 2023. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that section. It may be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

Item 7.01.     Regulation FD Disclosures.

The information contained in Item 2.02 (including disclaimer) is incorporated by reference into this item 7.01.

Item 8.01. Other Events.

On August 22, 2023, the Board of Directors of the Company authorized and declared a quarterly dividend in the amount of $0.25 per share on the Company's Common Stock. The dividend is payable in cash on September 19, 2023 to stockholders of record at the close of business on September 7, 2023.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.Description
Press Release dated August 25, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

August 25, 2023
By:/s/ Robert J. Volke
Robert J. Volke
Senior Vice President and Chief Financial Officer

Exhibit 99.1
Contact:Robert Volke - SVP, Chief Financial Officer
Gavin Bell - VP, Investor Relations


Reiterates Full Year Fiscal 2024 Comparable Sales and Diluted EPS Guidance
Q2 Comparable Sales Decrease 7.3% Versus Prior Year; Net Sales Down 4.6% Year-Over-Year
Q2 Diluted EPS of $0.85

BIRMINGHAM, Ala. (August 25, 2023) - Hibbett, Inc. (Nasdaq/GS: HIBB), an athletic-inspired fashion retailer, today provided financial results for its second quarter ended July 29, 2023, and business updates.

Mike Longo, President and Chief Executive Officer, stated, “We are pleased with our performance for the second quarter of Fiscal 2024. Our business model focuses on providing an exceptional consumer experience in underserved markets and produced solid financial results despite a challenging retail environment. Our sales for the second quarter were supported by a strong start to the busy back-to-school season and we also benefited from a positive customer response to new product launches during the quarter. Our strong relationships with valued brand partners continue to provide us the ability to offer a compelling product assortment and as a result, we believe we continue to gain market share.”

Mr. Longo continued, “In today’s inflationary environment, consumers have pulled back on discretionary spending. In response, we have continued to focus on offering the products that meet our customers’ more selective interests. Due to these efforts, our footwear sales, especially with our popular premium brands, have remained more consistent while our apparel business continues to reflect softer demand amid a heavy promotional environment. Although we still face considerable headwinds, we believe we are well positioned for continued growth when market conditions improve. As always, we are focused on the long term and we remain confident in our ability to offer the most compelling brands and products while continuing to attract and retain customers in Fiscal 2024 and beyond. We are reiterating our previously stated guidance for the current fiscal year.”

Second Quarter Results

Net sales for the 13-weeks ended July 29, 2023, decreased 4.6% to $374.9 million compared with $392.8 million for the 13-weeks ended July 30, 2022. Comparable sales decreased 7.3% versus the prior year period. Brick and mortar comparable sales declined 7.7% while e-commerce sales decreased 5.2% on a year-over-year basis. E-commerce represented 15.1% of total net sales for the 13-weeks ended July 29, 2023, compared to 15.2% in the 13-weeks ended July 30, 2022.

Gross margin was 32.8% of net sales for the 13-weeks ended July 29, 2023, compared with 34.4% of net sales for the 13-weeks ended July 30, 2022. The approximate 160 basis point decline was driven primarily by lower average product margin which was approximately 215 basis points lower than the prior year period. This decline was driven mainly by higher promotional activity across both footwear and apparel. In addition, the year-over-year sales decline resulted in deleverage of store occupancy costs of approximately 100 basis points. These unfavorable gross margin impacts were partially offset by lower freight, shipping and logistics expenses as a percent of sales in comparison the prior year quarter.

Store operating, selling and administrative (“SG&A”) expenses were 25.3% of net sales for the 13-weeks ended July 29, 2023, compared with 23.3% of net sales for the 13-weeks ended July 30, 2022. The increase of approximately

Exhibit 99.1
200 basis points is primarily the result of deleverage from lower sales volume with the largest headwinds noted in wage increases driven by inflation, incentive compensation, medical expenses and data processing costs.

Net income for the 13-weeks ended July 29, 2023, was $10.9 million, or $0.85 per diluted share, compared with net income of $24.7 million, or $1.86 per diluted share, for the 13-weeks ended July 30, 2022.

For the 13-weeks ended July 29, 2023, we opened 5 net new stores, bringing the store base to 1,148 in 36 states.

As of July 29, 2023, we had $33.1 million of available cash and cash equivalents on our unaudited condensed consolidated balance sheet and $106.9 million of debt outstanding on our $160.0 million unsecured line of credit. Inventory as of July 29, 2023, was $430.8 million, a 17.6% increase compared to the prior year second quarter and up 2.4% from the beginning of the year.

During the 13-weeks ended July 29, 2023, we repurchased 294,917 shares of common stock under our Stock Repurchase Program (the “Repurchase Program”) for a total expenditure of $11.0 million. We also paid a quarterly dividend equal to $0.25 per outstanding common share that resulted in a cash outlay of $3.2 million.

Fiscal 2024 Year-to-Date Results

Net sales for the 26-weeks ended July 29, 2023, increased 1.7% to $830.4 million compared with $816.9 million for the 26-weeks ended July 30, 2022. Comparable sales decreased 1.4% versus the 26-weeks ended July 30, 2022. Brick and mortar comparable sales declined 1.2% and e-commerce sales decreased 2.2% compared to the 26-weeks ended July 30, 2022. E-commerce represented 14.3% of total net sales for the 26-weeks ended July 29, 2023, compared to 14.9% in the 26-weeks ended July 30, 2022.

Gross margin was 33.3% of net sales for the 26-weeks ended July 29, 2023, compared with 35.7% of net sales for the 26-weeks ended July 30, 2022. The approximate 240 basis point decline was due to lower average product margin of approximately 300 basis points and an approximate 45 basis point increase in store occupancy costs. Freight, shipping and logistics costs have improved as a percent of sales on a year-over-year basis, partially offsetting the unfavorable average product margin and store occupancy performance.

SG&A expenses were 23.0% of net sales for the 26-weeks ended July 29, 2023, compared with 22.9% of net sales for the 26-weeks ended July 30, 2022. The modest 10 basis point increase is primarily the result of higher medical expenses and an increase in data processing costs partially offset by lower advertising and professional fees.

Net income for the 26-weeks ended July 29, 2023, was $46.8 million, or $3.61 per diluted share, compared with $64.1 million, or $4.77 per diluted share for the 26-weeks ended July 30, 2022.

Capital expenditures during the 26-weeks ended July 29, 2023, were $25.7 million compared to $30.5 million in the 26-weeks ended July 30, 2022. Capital expenditures were predominantly related to store initiatives including new store openings, relocations, expansions, remodels and updated store signage.

Exhibit 99.1
Fiscal 2024 Outlook

Although the current retail business climate remains challenging as consumer demand has been negatively impacted by persistent inflation and higher interest rates, among other factors, we are reiterating our full-year Fiscal 2024 guidance as noted in the following table.
MetricReiterated Guidance
Total salesFlat to up ~2.0%
Sales percent by quarter~26%, ~22%, ~24%, ~28%
Comp salesDown low-single digit
Brick and mortarDown low-single digit
E-commerceDown low-single digit
Net store growth in units40 to 50
Gross margin %33.9% to 34.0%
SG&A %23.3% to 23.5%
Operating profit %7.4% to 7.8%
Interest expense %0.40% to 0.45%
Diluted EPS$7.00 to $7.75
Diluted shares~12.8 million
Tax rate23.5% to 23.7%
Capital expenditures$60 to $70 million

Investor Conference Call and Simulcast

Hibbett, Inc. will host a webcast at 10:00 a.m. ET on Friday, August 25, 2023, to discuss second quarter results. The webcast of Hibbett’s earnings review and a slide deck of supporting information that will be referenced during the webcast will be available at https://investors.hibbett.com/ under the News & Events section. A replay of the webcast will be available for 30 days.

About Hibbett, Inc.

Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,148 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of July 29, 2023. Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan and adidas. Consumers can browse styles, find new releases, shop looks and make purchases online or in their nearest store by visiting www.hibbett.com. Follow us @hibbettsports and @citygear on Facebook, Instagram and Twitter.

Exhibit 99.1
Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the Company anticipates will or may occur in the future, including, but not limited to, such things as our Fiscal 2024 outlook, future capital expenditures, expansion, strategic plans, financial objectives, dividend payments, stock repurchases, growth of the Company’s business and operations, including future cash flows, revenues, and earnings, our effective tax rate and other such matters, are forward-looking statements. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, or performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to: changes in general economic or market conditions that could affect overall consumer spending or our industry, including the possible effects of inflation and higher interest rates; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; the potential impact of new trade, tariff and tax regulations on our profitability; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; future reliability of, and cost associated with, disruptions in the global supply chain including increased freight and transportation costs, and the potential impacts on our domestic and international sources of product; increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts; the impact of public health crises or other significant or catastrophic events such as extreme weather, natural disasters or climate change; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt level or changes in fiscal, monetary or regulatory policy; fluctuations in the costs of our products; loss of key suppliers or manufacturers or failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner, including due to port disruptions; labor availability and wage pressures; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; our ability to successfully manage or realize expected results from acquisitions, other significant investments or capital expenditures; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; risks related to data security or privacy breaches; our ability to raise additional capital required to grow our business on terms acceptable to us; our potential exposure to litigation and other proceedings; and our ability to attract key talent and retain the services of our senior management and key employees.

These forward-looking statements are based on our expectations and judgments as of the date of this press release and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. For additional discussion on risks and uncertainties that may affect forward-looking statements, see “Risk Factors” disclosed in our most recent Annual Report on Form 10-K as well as similar disclosures in our other filings with the Securities and Exchange Commission, press releases and other communications. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.

Exhibit 99.1
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

13-Weeks Ended26-Weeks Ended
July 29,
July 30,
July 29,
July 30,
% to Sales% to Sales% to Sales% to Sales
Net sales$374,877 $392,805 $830,374 $816,857 
Cost of goods sold251,954 67.2 %257,653 65.6 %553,832 66.7 %524,872 64.3 %
Gross margin122,923 32.8 %135,152 34.4 %276,542 33.3 %291,985 35.7 %
Store operating, selling and administrative expenses94,867 25.3 %91,414 23.3 %190,880 23.0 %187,011 22.9 %
Depreciation and amortization12,039 3.2 %10,926 2.8 %23,732 2.9 %21,444 2.6 %
Operating income16,017 4.3 %32,812 8.4 %61,930 7.5 %83,530 10.2 %
Interest expense, net1,891 0.5 %361 0.1 %3,217 0.4 %432 0.1 %
Income before provision for income taxes14,126 3.8 %32,451 8.3 %58,713 7.1 %83,098 10.2 %
Provision for income taxes3,224 0.9 %7,738 2.0 %11,936 1.4 %19,038 2.3 %
Net income$10,902 2.9 %$24,713 6.3 %$46,777 5.6 %$64,060 7.8 %
Basic earnings per share$0.86 $1.91 $3.68 $4.89 
Diluted earnings per share$0.85 $1.86 $3.61 $4.77 
Weighted average shares:
Basic12,648 12,951 12,719 13,088 
Diluted12,822 13,261 12,967 13,436 

Percentages may not foot due to rounding.

Exhibit 99.1
Unaudited Condensed Consolidated Balance Sheets
(In thousands)

July 29,
January 28,
July 30,
Current assets:
Cash and cash equivalents$33,067 $16,015 $28,438 
Receivables, net15,449 12,850 16,495 
Inventories, net430,819 420,839 366,218 
Other current assets23,124 23,351 25,864 
Total current assets502,459 473,055 437,015 
Property and equipment, net174,358 169,476 159,608 
Operating right-of-use assets263,334 263,391 260,932 
Finance right-of-use assets, net2,366 2,279 2,086 
Tradename intangible asset23,500 23,500 23,500 
Deferred income taxes, net2,875 3,025 2,441 
Other assets, net7,974 4,434 3,113 
Total assets$976,866 $939,160 $888,695 
Current liabilities:
Accounts payable$133,310 $190,648 $140,951 
Operating lease obligations73,700 72,544 73,454 
Credit facility106,897 36,264 88,548 
Finance lease obligations802 1,132 1,015 
Accrued payroll expense12,776 11,361 11,755 
Other accrued expenses15,977 15,803 16,631 
Total current liabilities343,462 327,752 332,354 
Operating lease obligations229,292 229,388 228,848 
Finance lease obligations1,690 1,305 1,258 
Other liabilities5,112 4,484 3,692 
Stockholders’ investment397,310 376,231 322,543 
Total liabilities and stockholders’ investment$976,866 $939,160 $888,695 

Exhibit 99.1
Supplemental Information

13-Weeks Ended26-Weeks Ended
July 29,
July 30,
July 29,
July 30,
Sales Information
Net sales (decrease) increase(4.6)%(6.3)%1.7 %(11.8)%
Comparable store sales decrease(7.3)%(9.2)%(1.4)%(14.5)%
Store Count Information
Beginning of period1,143 1,105 1,133 1,096 
New stores opened13 18 22 
Rebranded stores— — — 
Stores closed(1)(1)(3)(2)
End of period1,148 1,117 1,148 1,117 
Estimated square footage at end of period (in thousands)6,514 6,335 
Balance Sheet Information
Average inventory per store$375,278 $327,859 
Share Repurchase Information
Shares purchased under our Repurchase Program294,917 145,178 454,509 636,396 
Cost (in thousands)$11,013 $7,009 $21,212 $29,409 
Settlement of net share equity awards— — 47,177 45,993 
Cost (in thousands)$— $— $2,833 $2,069 
Dividend Information
Number of declarations
Cash paid (in thousands)$3,165 $3,223 $6,339 $6,500 
Total paid per share$0.25 $0.25 $0.50 $0.50