☒ | 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 | July 29, 2023 | January 28, 2023 | July 30, 2022 | ||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 33,067 | $ | 16,015 | $ | 28,438 | |||||||||||
Receivables, net | 15,449 | 12,850 | 16,495 | ||||||||||||||
Inventories, net | 430,819 | 420,839 | 366,218 | ||||||||||||||
Other current assets | 23,124 | 23,351 | 25,864 | ||||||||||||||
Total current assets | 502,459 | 473,055 | 437,015 | ||||||||||||||
Property and equipment, net | 174,358 | 169,476 | 159,608 | ||||||||||||||
Operating right-of-use assets | 263,334 | 263,391 | 260,932 | ||||||||||||||
Finance right-of-use assets, net | 2,366 | 2,279 | 2,086 | ||||||||||||||
Tradename intangible asset | 23,500 | 23,500 | 23,500 | ||||||||||||||
Deferred income taxes, net | 2,875 | 3,025 | 2,441 | ||||||||||||||
Other assets, net | 7,974 | 4,434 | 3,113 | ||||||||||||||
Total assets | $ | 976,866 | $ | 939,160 | $ | 888,695 | |||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 133,310 | $ | 190,648 | $ | 140,951 | |||||||||||
Operating lease obligations | 73,700 | 72,544 | 73,454 | ||||||||||||||
Credit facility | 106,897 | 36,264 | 88,548 | ||||||||||||||
Finance lease obligations | 802 | 1,132 | 1,015 | ||||||||||||||
Accrued payroll expenses | 12,776 | 11,361 | 11,755 | ||||||||||||||
Other accrued expenses | 15,977 | 15,803 | 16,631 | ||||||||||||||
Total current liabilities | 343,462 | 327,752 | 332,354 | ||||||||||||||
Operating lease obligations | 229,292 | 229,388 | 228,848 | ||||||||||||||
Finance lease obligations | 1,690 | 1,305 | 1,258 | ||||||||||||||
Other liabilities | 5,112 | 4,484 | 3,692 | ||||||||||||||
Total liabilities | 579,556 | 562,929 | 566,152 | ||||||||||||||
Stockholders' investment: | |||||||||||||||||
Common stock - 40,131,503; 39,916,593; and 39,829,704 shares issued, respectively | 401 | 399 | 398 | ||||||||||||||
Paid-in capital | 217,986 | 213,182 | 207,678 | ||||||||||||||
Retained earnings | 1,177,914 | 1,137,481 | 1,079,872 | ||||||||||||||
Treasury stock, at cost - 27,668,224; 27,166,538; and 27,000,336 shares repurchased, respectively | (998,991) | (974,831) | (965,405) | ||||||||||||||
Total stockholders' investment | 397,310 | 376,231 | 322,543 | ||||||||||||||
Total liabilities and stockholders' investment | $ | 976,866 | $ | 939,160 | $ | 888,695 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||||||||||||||
% to Sales | % to Sales | % to Sales | % to Sales | ||||||||||||||||||||||||||||||||
Net sales | $ | 374,877 | $ | 392,805 | $ | 830,374 | $ | 816,857 | |||||||||||||||||||||||||||
Cost of goods sold | 251,954 | 67.2 | % | 257,653 | 65.6 | % | 553,832 | 66.7 | % | 524,872 | 64.3 | % | |||||||||||||||||||||||
Gross margin | 122,923 | 32.8 | % | 135,152 | 34.4 | % | 276,542 | 33.3 | % | 291,985 | 35.7 | % | |||||||||||||||||||||||
Store operating, selling and administrative expenses | 94,867 | 25.3 | % | 91,414 | 23.3 | % | 190,880 | 23.0 | % | 187,011 | 22.9 | % | |||||||||||||||||||||||
Depreciation and amortization | 12,039 | 3.2 | % | 10,926 | 2.8 | % | 23,732 | 2.9 | % | 21,444 | 2.6 | % | |||||||||||||||||||||||
Operating income | 16,017 | 4.3 | % | 32,812 | 8.4 | % | 61,930 | 7.5 | % | 83,530 | 10.2 | % | |||||||||||||||||||||||
Interest expense, net | 1,891 | 0.5 | % | 361 | 0.1 | % | 3,217 | 0.4 | % | 432 | 0.1 | % | |||||||||||||||||||||||
Income before provision for income taxes | 14,126 | 3.8 | % | 32,451 | 8.3 | % | 58,713 | 7.1 | % | 83,098 | 10.2 | % | |||||||||||||||||||||||
Provision for income taxes | 3,224 | 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: | |||||||||||||||||||||||||||||||||||
Basic | 12,648 | 12,951 | 12,719 | 13,088 | |||||||||||||||||||||||||||||||
Diluted | 12,822 | 13,261 | 12,967 | 13,436 |
26-Weeks Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income | $ | 46,777 | $ | 64,060 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 23,732 | 21,444 | |||||||||
Stock-based compensation | 3,382 | 4,044 | |||||||||
Impairment charges | 453 | 131 | |||||||||
Other non-cash adjustments | 367 | 5,521 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Inventories, net | (9,980) | (144,999) | |||||||||
Receivables, net | (4,531) | (2,888) | |||||||||
Accounts payable | (60,773) | 51,029 | |||||||||
Other assets and liabilities | 1,209 | (8,188) | |||||||||
Net cash provided by (used in) operating activities | 636 | (9,846) | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Capital expenditures | (25,657) | (30,495) | |||||||||
Other, net | 1,067 | 758 | |||||||||
Net cash used in investing activities | (24,590) | (29,737) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds under credit facilities | 417,926 | 450,294 | |||||||||
Repayments under credit facilities | (347,293) | (361,746) | |||||||||
Stock repurchases | (21,212) | (29,409) | |||||||||
Cash dividends paid to stockholders | (6,339) | (6,500) | |||||||||
Payments of finance lease obligations | (552) | (510) | |||||||||
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 1,424 | 907 | |||||||||
Other, net | (2,948) | (2,069) | |||||||||
Net cash provided by financing activities | 41,006 | 50,967 | |||||||||
Net increase in cash and cash equivalents | 17,052 | 11,384 | |||||||||
Cash and cash equivalents, beginning of period | 16,015 | 17,054 | |||||||||
Cash and cash equivalents, end of period | $ | 33,067 | $ | 28,438 |
13-Weeks Ended July 29, 2023 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-In Capital | Retained Earnings | Shares | Amount | Total Stockholders' Investment | |||||||||||||||||||||||||||||||||||
Balance - April 29, 2023 | 40,120 | $ | 401 | $ | 216,309 | $ | 1,170,180 | 27,373 | $ | (987,875) | $ | 399,015 | |||||||||||||||||||||||||||||
Net income | — | — | — | 10,902 | — | — | 10,902 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 12 | — | 300 | — | — | — | 300 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 295 | (11,013) | (11,013) | ||||||||||||||||||||||||||||||||||
Excise tax on stock repurchases | — | — | — | — | — | (103) | (103) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.25 per common share | — | — | — | (3,168) | — | — | (3,168) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,377 | — | — | — | 1,377 | ||||||||||||||||||||||||||||||||||
Balance - July 29, 2023 | 40,132 | $ | 401 | $ | 217,986 | $ | 1,177,914 | 27,668 | $ | (998,991) | $ | 397,310 |
13-Weeks Ended July 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-In Capital | Retained Earnings | Shares | Amount | Total Stockholders' Investment | |||||||||||||||||||||||||||||||||||
Balance - April 30, 2022 | 39,780 | $ | 398 | $ | 205,720 | $ | 1,058,383 | 26,855 | $ | (958,395) | $ | 306,106 | |||||||||||||||||||||||||||||
Net income | — | — | — | 24,713 | — | — | 24,713 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 50 | — | 369 | — | — | — | 369 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 145 | (7,009) | (7,009) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.25 per common share | — | — | — | (3,226) | — | — | (3,226) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,589 | — | — | — | 1,589 | ||||||||||||||||||||||||||||||||||
Balance - July 30, 2022 | 39,830 | $ | 398 | $ | 207,678 | $ | 1,079,872 | 27,000 | $ | (965,405) | $ | 322,543 |
26-Weeks Ended July 29, 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 | — | — | — | 46,777 | — | — | 46,777 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 215 | 2 | 1,422 | — | — | — | 1,424 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 455 | (21,212) | (21,212) | ||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | 47 | (2,833) | (2,833) | ||||||||||||||||||||||||||||||||||
Excise tax on stock repurchase | — | — | — | — | — | (115) | (115) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.50 per common share | — | — | — | (6,344) | — | — | (6,344) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 3,382 | — | — | — | 3,382 | ||||||||||||||||||||||||||||||||||
Balance - July 29, 2023 | 40,132 | $ | 401 | $ | 217,986 | $ | 1,177,914 | 27,668 | $ | (998,991) | $ | 397,310 |
26-Weeks Ended July 30, 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 | — | — | — | 64,060 | — | — | 64,060 | ||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 219 | 2 | 905 | — | — | — | 907 | ||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 636 | (29,409) | (29,409) | ||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | 46 | (2,069) | (2,069) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.50 per common share | — | — | — | (6,505) | — | — | (6,505) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 4,044 | — | — | — | 4,044 | ||||||||||||||||||||||||||||||||||
Balance - July 30, 2022 | 39,830 | $ | 398 | $ | 207,678 | $ | 1,079,872 | 27,000 | $ | (965,405) | $ | 322,543 |
July 29, 2023 | January 28, 2023 | July 30, 2022 | |||||||||||||||
Land | $ | 7,277 | $ | 7,277 | $ | 7,277 | |||||||||||
Buildings | 22,589 | 22,529 | 22,271 | ||||||||||||||
Equipment | 139,812 | 134,304 | 126,118 | ||||||||||||||
Furniture and fixtures | 69,388 | 67,522 | 65,130 | ||||||||||||||
Leasehold improvements | 185,525 | 170,773 | 154,712 | ||||||||||||||
Construction in progress | 3,909 | 5,501 | 5,297 | ||||||||||||||
Total property and equipment | 428,500 | 407,906 | 380,805 | ||||||||||||||
Less: accumulated depreciation and amortization | 254,142 | 238,430 | 221,197 | ||||||||||||||
Total property and equipment, net | $ | 174,358 | $ | 169,476 | $ | 159,608 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Footwear | $ | 256,828 | $ | 260,924 | $ | 577,362 | $ | 524,577 | |||||||||||||||
Apparel | 70,066 | 94,099 | 158,900 | 205,280 | |||||||||||||||||||
Equipment | 47,983 | 37,782 | 94,112 | 87,000 | |||||||||||||||||||
Total | $ | 374,877 | $ | 392,805 | $ | 830,374 | $ | 816,857 |
13-Weeks Ended | 26-Weeks Ended | |||||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | |||||||||||||||||||||||
Operating lease cost | $ | 20,219 | $ | 19,062 | $ | 40,258 | $ | 37,321 | ||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of assets | 265 | 245 | 520 | 481 | ||||||||||||||||||||||
Interest on lease liabilities | 27 | 29 | 54 | 57 | ||||||||||||||||||||||
Variable lease cost | 4,624 | 4,306 | 9,692 | 8,765 | ||||||||||||||||||||||
$ | 25,135 | $ | 23,642 | $ | 50,524 | $ | 46,624 |
26-Weeks Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
ROU assets obtained in exchange for lease obligations, net: | |||||||||||
Operating leases | $ | 38,696 | $ | 50,939 | |||||||
Finance leases | $ | 718 | $ | 395 |
July 29, 2023 | January 28, 2023 | July 30, 2022 | |||||||||||||||||||||||||||
13-Weeks Ended | 26-Weeks Ended | 52-Weeks Ended | 13-Weeks Ended | 26-Weeks Ended | |||||||||||||||||||||||||
Number of days borrowings incurred | 91 | 182 | 307 | 91 | 145 | ||||||||||||||||||||||||
Average borrowings | $117.6 | $107.2 | $40.8 | $59.6 | $33.7 | ||||||||||||||||||||||||
Maximum borrowings | $134.1 | $134.1 | $110.5 | $110.0 | $110.0 | ||||||||||||||||||||||||
Average interest rate | 6.35% | 6.08% | 3.21% | 2.11% | 1.89% |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Stock-based compensation expense by type: | |||||||||||||||||||||||
Stock options | $ | — | $ | — | $ | 220 | $ | 155 | |||||||||||||||
Restricted stock units | 1,268 | 1,488 | 2,921 | 3,613 | |||||||||||||||||||
Employee stock purchases | 83 | 77 | 189 | 235 | |||||||||||||||||||
Director deferred compensation | 26 | 24 | 52 | 41 | |||||||||||||||||||
Total stock-based compensation expense | 1,377 | 1,589 | 3,382 | 4,044 | |||||||||||||||||||
Income tax benefit recognized | 263 | 369 | 649 | 926 | |||||||||||||||||||
Stock-based compensation expense, net of income tax | $ | 1,114 | $ | 1,220 | $ | 2,733 | $ | 3,118 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Stock options | — | — | 8,188 | 7,212 | |||||||||||||||||||
Restricted stock unit awards | — | 1,673 | 78,515 | 109,521 | |||||||||||||||||||
Performance-based restricted stock unit awards | — | — | 39,567 | 49,978 | |||||||||||||||||||
Deferred stock units | 705 | 532 | 1,155 | 937 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 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 | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Shares purchased | 9,705 | 7,352 | 16,731 | 21,625 | |||||||||||||||||||
Average price per share | $ | 30.85 | $ | 36.07 | $ | 38.95 | $ | 52.62 | |||||||||||||||
Weighted-average fair value at grant date | $ | 15.18 | $ | 10.65 | $ | 16.19 | $ | 15.52 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Weighted-average shares used in basic computations | 12,648 | 12,951 | 12,719 | 13,088 | |||||||||||||||||||
Dilutive equity awards | 174 | 310 | 248 | 348 | |||||||||||||||||||
Weighted-average shares used in diluted computations | 12,822 | 13,261 | 12,967 | 13,436 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Common stock repurchased under the Repurchase Program | 294,917 | 145,178 | 454,509 | 636,396 | |||||||||||||||||||
Aggregate cost of repurchases under the Repurchase Program | $ | 11,013 | $ | 7,009 | $ | 21,212 | $ | 29,409 | |||||||||||||||
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements | — | — | 47,177 | 45,993 | |||||||||||||||||||
Tax withholding requirement from holders of restricted stock unit awards | $ | — | $ | — | $ | 2,833 | $ | 2,069 | |||||||||||||||
Excise tax on stock repurchases | $ | 103 | $ | — | $ | 115 | $ | — |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Cash dividends paid (in millions) | $3.2 | $3.2 | $6.3 | $6.5 | |||||||||||||||||||
Total paid per share during period | $0.25 | $0.25 | $0.50 | $0.50 |
Location | ||||||||||||||
Brand | Average Square Footage | Strip Center(1) | Mall | Total | ||||||||||
Hibbett | 5,800 | 766 | 177 | 943 | ||||||||||
City Gear | 5,200 | 152 | 37 | 189 | ||||||||||
Sports Additions(2) | 2,900 | 3 | 13 | 16 | ||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
13-weeks ended | 1,097 | 1,065 | |||||||||
26-weeks ended | 1,087 | 1,059 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Net sales (in millions) | $ | 374.9 | $ | 392.8 | $ | 830.4 | $ | 816.9 | |||||||||||||||
E-commerce, percentage to net sales | 15.1 | % | 15.2 | % | 14.3 | % | 14.9 | % | |||||||||||||||
Operating income, percentage to sales | 4.3 | % | 8.4 | % | 7.5 | % | 10.2 | % | |||||||||||||||
Comparable store sales | (7.3) | % | (9.2) | % | (1.4) | % | (14.5) | % | |||||||||||||||
Brick and mortar comparable store sales | (7.7) | % | (11.9) | % | (1.2) | % | (17.4) | % | |||||||||||||||
E-commerce comparable sales | (5.2) | % | 8.3 | % | (2.2) | % | 6.2 | % | |||||||||||||||
Net income (in millions) | $ | 10.9 | $ | 24.7 | $ | 46.8 | $ | 64.1 | |||||||||||||||
Net income, percentage to net sales | 2.9 | % | 6.3 | % | 5.6 | % | 7.8 | % | |||||||||||||||
Diluted earnings per share | $ | 0.85 | $ | 1.86 | $ | 3.61 | $ | 4.77 |
13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||||
Net sales (decrease) increase | (4.6) | % | (6.3) | % | 1.7 | % | (11.8) | % | |||||||||||||||
Comparable store sales decrease | (7.3) | % | (9.2) | % | (1.4) | % | (14.5) | % | |||||||||||||||
Balance Sheets | |||||||||||||||||||||||
Ending cash and cash equivalents (in thousands) | $ | 33,067 | $ | 28,438 | |||||||||||||||||||
Average inventory per store | $ | 375,278 | $ | 327,859 | |||||||||||||||||||
Store Information | |||||||||||||||||||||||
Beginning of period | 1,143 | 1,105 | 1,133 | 1,096 | |||||||||||||||||||
New stores opened | 6 | 13 | 18 | 22 | |||||||||||||||||||
Rebranded stores | — | — | — | 1 | |||||||||||||||||||
Stores closed | (1) | (1) | (3) | (2) | |||||||||||||||||||
End of period | 1,148 | 1,117 | 1,148 | 1,117 | |||||||||||||||||||
Estimated square footage at end of period (in thousands) | 6,514 | 6,335 | |||||||||||||||||||||
Share Repurchase Information(1) | |||||||||||||||||||||||
Shares purchased under our Repurchase Program | 294,917 | 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 | 1 | 1 | 2 | 2 | |||||||||||||||||||
Cash paid (in thousands) | $ | 3,165 | $ | 3,223 | $ | 6,339 | $ | 6,500 | |||||||||||||||
Total paid per share | $ | 0.25 | $ | 0.25 | $ | 0.50 | $ | 0.50 |
26-Weeks Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
Net cash provided by (used in) operating activities | $ | 636 | $ | (9,846) | |||||||
Net cash used in investing activities | (24,590) | (29,737) | |||||||||
Net cash provided by financing activities | 41,006 | 50,967 | |||||||||
Net increase in cash and cash equivalents | $ | 17,052 | $ | 11,384 |
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) | ||||||||||||||||||||||
April 30, 2023 - May 27, 2023 | — | $ | — | — | $ | 319,863 | ||||||||||||||||||||
May 28, 2023 - July 1, 2023 | 294,917 | $ | 37.34 | 294,917 | $ | 308,850 | ||||||||||||||||||||
July 2, 2023 - July 29, 2023 | — | $ | — | — | $ | 308,850 | ||||||||||||||||||||
Total | 294,917 | $ | 37.34 | 294,917 | $ | 308,850 |
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 July 29, 2023, has been formatted in Inline XBRL. | ||||||
* | Filed Within |
HIBBETT, INC. | |||||||||||
Date: | September 5, 2023 | By: | /s/ Robert J. Volke | ||||||||
Robert J. Volke | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
Date: September 5, 2023 | /s/ Michael E. Longo | ||||
Michael E. Longo | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) |
Date: September 5, 2023 | /s/ Robert J. Volke | ||||
Robert J. Volke | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: September 5, 2023 | /s/ Michael E. Longo | ||||
Michael E. Longo | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) |
Date: September 5, 2023 | /s/ Robert J. Volke | ||||
Robert J. Volke | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |