Hibbett Sports – HIBB – Fiscal 2013 Outlook indicate solid earnings growth
NASDAQ: HIBB), a sporting goods retailer, announced results for the second quarter ended July 28, 2012.
- Achieves 11th Consecutive Quarter of Comparable Store Sales Increase
- EPS Increases 43%
- Raises Fiscal 2013 Guidance
HIBB – Financial Highlights
Net sales for the 13-week period ended July 28, 2012, increased 8.0% to $165.4 million compared with $153.1 million for the 13-week period ended July 30, 2011. Comparable store sales increased 4.8%. Net income for the 13-week period ended July 28, 2012, increased 32.9% to $7.9 million compared with $5.9 million for the 13-week period ended July 30, 2011. Earnings per diluted share increased 42.9% to $0.30 compared with $0.21 for the 13-week period ended July 30, 2011.
Net sales for the 26-week period ended July 28, 2012, increased 11.7% to $398.4 million compared with $356.8 million for the 26-week period ended July 30, 2011. Comparable store sales increased 8.4%. Net income for the 26-week period ended July 28, 2012, increased 25.6% to $34.3 million compared with $27.3 million for the 26-week period ended July 30, 2011. Earnings per diluted share increased 30.6% to $1.28 compared with $0.98 for the 26-week period ended July 30, 2011.
Jeff Rosenthal, President and Chief Executive Officer, stated, “Our outlook for Fiscal 2013 continues to indicate solid earnings growth driven by positive sales trends and margin improvement. Based on our strong first half results, we are raising full year earnings estimates. Our small market strategy of bringing premium branded products to underserved markets continues to drive results.”
For the quarter, Hibbett opened 7 new stores, expanded 3 high performing stores and closed 5 underperforming stores, bringing the store base to 837 in 26 states as of July 28, 2012.
Liquidity and Stock Repurchases
Hibbett ended second quarter of Fiscal 2013 with $71.5 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding and full availability under its $80.0 million unsecured credit facilities.
During the second quarter, the Company repurchased 176,443 shares of common stock for a total expenditure of $10.2 million. Approximately $121.5 million of the current $250.0 million authorization remains available for future stock repurchases.
HIBB – Fiscal 2013 Outlook
The Company increased its earnings guidance for Fiscal 2013 to a range of $2.57 to $2.67 per diluted share (which includes an expected contribution of $0.07 to $0.09 per diluted share from the 53rd week) and a mid single digit comparable store sales increase. For Fiscal 2013, the Company expects to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 underperforming stores.
About Hibbett Sports – HIBB
Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the South, Mid-Atlantic and the lower Midwest regions of the United States. The Company’s primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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