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): May 23, 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 May 26, 2023, Hibbett, Inc. (the "Company") issued a press release (the "Press Release") providing results for the 13-weeks ended April 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 May 23, 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 June 20, 2023 to stockholders of record at the close of business on June 8, 2023.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.Description
Press Release dated May 26, 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.

May 26, 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


Q1 Comparable Sales Increase 4.1% Versus Prior Year; Net Sales Up 7.4% Year-Over-Year
Q1 Diluted EPS of $2.74; 10.1% Operating Income Margin
Updates Full Year Fiscal 2024 Guidance to Reflect A More Cautious Consumer Outlook

BIRMINGHAM, Ala. (May 26, 2023) - Hibbett, Inc. (Nasdaq/GS: HIBB), an athletic-inspired fashion retailer, today provided financial results for its first quarter ended April 29, 2023, and business updates.

Mike Longo, President and Chief Executive Officer, stated, “Hibbett posted solid sales results in a challenging environment, delivering a 4.1% comparable sales increase and a total sales increase of 7.4% versus last year. We maintain very good relationships with our valued brand partners that enables us to maintain our new store growth plan and provide the product assortment to meet consumer’s narrowed demand. We’re investing in our already best-in-class consumer experience while also taking costs out of the business, producing leverage on SG&A of 140 basis points versus last year. We believe our product array and outstanding customer service is a competitive advantage, resulting in market share gains.”

Mr. Longo continued, “Our consumers are facing a number of headwinds that range from inflation to concerns over outright job loss. Of note, the total amount of the average tax refund was unfavorable to last year by approximately 10%. We believe this disproportionately impacted our consumer and impacted our sales in the important first quarter of the year. Additionally, the athletic inspired segment of our industry is carrying surplus inventory and therefore experienced an elevated level of promotional activity. As a result of the challenging retail environment, consumers are focused on a narrower range of products. The combination of these factors is a major contributor to our revised guidance for the remainder of this fiscal year. Notwithstanding our more cautious near-term consumer outlook, we believe Hibbett remains well positioned for the long-term to continue to grow and increase market share.”

First Quarter Results

Net sales for the 13-weeks ended April 29, 2023, increased 7.4% to $455.5 million compared with $424.1 million for the 13-weeks ended April 30, 2022. Comparable sales increased 4.1% versus the prior year. Brick and mortar comparable sales were up 4.7% while e-commerce sales increased 0.6% on a year-over-year basis. E-commerce represented 13.7% of total net sales for the 13-weeks ended April 29, 2023, compared to 14.6% in the 13-weeks ended April 30, 2022.

Gross margin was 33.7% of net sales for the 13-weeks ended April 29, 2023, compared with 37.0% of net sales for the 13-weeks ended April 30, 2022. The approximate 330 basis point decline was driven primarily by lower average product margin which was about 375 basis points lower than the prior year due to higher promotional activity across both footwear and apparel. Store occupancy was relatively flat as a percent of sales year-over-year while both freight and logistics operations were favorable as a percentage of net sales.

Store operating, selling and administrative (“SG&A”) expenses were 21.1% of net sales for the 13-weeks ended April 29, 2023, compared with 22.5% of net sales for the 13-weeks ended April 30, 2022. The decrease of 140 basis points is primarily the result of expense reduction initiatives, lower advertising spend and reduced incentive compensation expense partially offset by wage inflation.

Exhibit 99.1
Net income for the 13-weeks ended April 29, 2023, was $35.9 million, or $2.74 per diluted share, compared with net income of $39.3 million, or $2.89 per diluted share, for the 13-weeks ended April 30, 2022.

For the 13-weeks ended April 29, 2023, we opened 10 net new stores, bringing the store base to 1,143 in 36 states.

As of April 29, 2023, we had $26.9 million of available cash and cash equivalents on our unaudited condensed consolidated balance sheet and $103.6 million of debt outstanding. Inventory as of April 29, 2023, was $438.0 million, a 39.1% increase compared to the prior year first quarter and up 4.1% from the beginning of the year.

During the 13-weeks ended April 29, 2023, we repurchased 159,592 shares of common stock under our Stock Repurchase Program (the “Repurchase Program”) for a total expenditure of $10.2 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 Outlook

The current retail business climate is challenging as consumers have been dealing with persistent inflation and higher interest rates. Consumer confidence has weakened, which we believe has impacted purchasing behavior, especially for discretionary products and services. We anticipate the risks noted below will impact us through the remainder of the 53-week fiscal year ending February 3, 2024 (“Fiscal 2024”) and expect these headwinds will be more impactful on our second fiscal quarter than in the back half of the year. Therefore, we are updating the guidance for Fiscal 2024 that we presented on March 3, 2023, in conjunction with the release of our results for the fiscal fourth quarter and full year ended January 28, 2023.

Risks to be considered for the remainder of Fiscal 2024 include inflation, a high interest rate environment, reduced consumer confidence, the ongoing promotional environment, potential reduction or deferral of discretionary purchases, a tight labor market, inventory quantities above ideal levels and geopolitical conflicts. These factors may contribute to the complexity and volatility in forecasting Fiscal 2024 results.

Our updated full-year guidance compared to the previous guidance provided is summarized in the following table:

MetricPrior GuidanceUpdated GuidanceComment
Total salesUp mid-single digitFlat to up ~2.0%Includes 53rd week
Sales percent by quarter~26%, ~22%, ~24%, ~28%~26%, ~22%, ~24%, ~28%
Comp salesUp low-single digitDown low-single digitSofter sales; cautious consumer
Brick and mortarFlat to up low-single digitDown low-single digit
E-commerceUp high-single digitDown low-single digit
Net store growth in units40 to 5040 to 50
Gross margin %34.9% to 35.0%33.9% to 34.0%More promotional environment; occupancy deleverage
SG&A %23.2% to 23.3%23.3% to 23.5%Deleverage offset by cost reductions
Operating profit %9.0% to 9.3%7.4% to 7.8%Lower margin and SG&A deleverage
Interest expense %0.25% to 0.30%0.40% to 0.45%Higher average debt; rising interest rates
Diluted EPS$9.50 to $10.00$7.00 to $7.75
Diluted shares~12.7 million~12.8 million
Tax rate24.0%23.5% to 23.7%
Capital expenditures$60 to $70 million$60 to $70 million

Exhibit 99.1
Investor Conference Call and Simulcast

Hibbett, Inc. will host a webcast at 10:00 a.m. ET on Friday, May 26, 2023, to discuss first 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 1,143 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of April 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.

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 an acquisition, and 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 largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. For additional discussion on

Exhibit 99.1
risks and uncertainties that may affect forward-looking statements, see “Risk Factors” disclosed in our most recent Annual Report on Form 10-K. 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 Ended
April 29,
April 30,
% to Sales% to Sales
Net sales$455,497 $424,051 
Cost of goods sold301,877 66.3 %267,218 63.0 %
Gross margin153,620 33.7 %156,833 37.0 %
Store operating, selling and administrative expenses96,014 21.1 %95,596 22.5 %
Depreciation and amortization11,693 2.6 %10,518 2.5 %
Operating income45,913 10.1 %50,719 12.0 %
Interest expense, net1,327 0.3 %72 — %
Income before provision for income taxes44,586 9.8 %50,647 11.9 %
Provision for income taxes8,711 1.9 %11,300 2.7 %
Net income$35,875 7.9 %$39,347 9.3 %
Basic earnings per share$2.80 $2.98 
Diluted earnings per share$2.74 $2.89 
Weighted average shares:
Basic12,791 13,224 
Diluted13,111 13,612 

Percentages may not foot due to rounding.

Exhibit 99.1
Unaudited Condensed Consolidated Balance Sheets
(In thousands)

April 29,
January 28,
April 30,
Current assets:
Cash and cash equivalents$26,926 $16,015 $23,221 
Receivables, net12,582 12,850 13,877 
Inventories, net437,957 420,839 314,861 
Other current assets13,662 23,351 16,579 
Total current assets491,127 473,055 368,538 
Property and equipment, net175,285 169,476 153,993 
Operating right-of-use assets262,999 263,391 250,522 
Finance right-of-use assets, net1,913 2,279 2,348 
Tradename intangible asset23,500 23,500 23,500 
Deferred income taxes, net2,744 3,025 3,236 
Other assets, net7,777 4,434 3,477 
Total assets$965,345 $939,160 $805,614 
Current liabilities:
Accounts payable$131,437 $190,648 $164,294 
Operating lease obligations73,142 72,544 65,054 
Credit facility103,577 36,264 20,415 
Finance lease obligations929 1,132 1,034 
Accrued payroll expense7,707 11,361 9,730 
Other accrued expenses14,183 15,803 15,271 
Total current liabilities330,975 327,752 275,798 
Operating lease obligations228,645 229,388 219,296 
Finance lease obligations1,116 1,305 1,516 
Other liabilities5,594 4,484 2,898 
Stockholders’ investment399,015 376,231 306,106 
Total liabilities and stockholders’ investment$965,345 $939,160 $805,614 

Exhibit 99.1
Supplemental Information

13-Weeks Ended
April 29,
April 30,
Sales Information
Net sales increase (decrease) 7.4 %(16.3)%
Comparable store sales increase (decrease)4.1 %(18.9)%
Store Count Information
Beginning of period1,133 1,096 
New stores opened12 
Rebranded stores— 
Stores closed(2)(1)
End of period1,143 1,105 
Estimated square footage at end of period (in thousands)6,485 6,252 
Balance Sheet Information
Average inventory per store$383,164 $284,942 
Share Repurchase Information
Shares purchased under our Repurchase Program159,592 491,218 
Cost (in thousands)$10,199 $22,399 
Settlement of net share equity awards47,177 45,993 
Cost (in thousands)$2,833 $2,069 
Dividend Information
Number of declarations
Cash paid (in thousands)$3,173 $3,277 
Total paid per share$0.25 $0.25