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Actionable news in HIBB: Hibbett Sports, Inc.,

Hibbett: Senior Vice President & Chief Financial Officer

The following excerpt is from the company's SEC filing.

(205) 942-4292

HIBBETT REPORTS THIRD QUARTER FISCAL 2016 RESULTS

EPS increases 17.9% to $0.79 per diluted share (including favorable impact of $0.05 per diluted share resulting from legal settlement)

Comparable store sales increases 0.6%

Updates Fiscal 2016 Guidance

Board authorizes new stock repurchase program of $300 million

BIRMINGHAM, Ala. (November 20, 2015) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the third quarter ended October 31, 2015.

Third Quarter Results

Net sales for the 13-week peri od ended October 31, 2015 increased 4.6% to $228.3 million compared with $218.3 million for the 13-week period ended November 1, 2014. Comparable store sales for the third quarter increased 0.6%.

Gross profit was 36.1% of net sales for the 13-week period ended October 31, 2015, compared with 36.3% of net sales for the 13-week period ended November 1, 2014. Product margin was flat, although store occupancy and logistics costs increased as a percentage of net sales due to the deleveraging effect of lower comparable store sales.

Store operating, selling and administrative expenses were 21.1% of net sales for the 13-week period ended October 31, 2015, compared with 22.1% of net sales for the 13-week period ended November 1, 2014. These expenses were lower as a percentage of net sales mainly due to a favorable legal settlement.

Net income for the 13-week period ended October 31, 2015, was $18.7 million compared with $16.9 million for the 13-week period ended November 1, 2014. Earnings per diluted share totaled $0.79 for the 13-week period ended October 31, 2015, compared with $0.67 for the 13-week period ended November 1, 2014. The impact of the favorable legal settlement contributed $0.05 per diluted share to the 13-week period ended October 31, 2015.

Jeff Rosenthal, President and Chief Executive Officer, stated, "We were very pleased with our back-to-school sales, our margin performance and expense controls, and are encouraged by the great progress we are making with our merchandising initiatives. Sales softened late in the quarter due to significant declines in our colder weather categories, although footwear remained strong due to benefits from a strong assortment and an improved in-stock position. Looking forward, we believe that our ongoing improvements in merchandise strategies, execution and replenishment capabilities have us well-positioned for the holiday season."

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Fiscal Year to Date Results

Net sales for the 39-week period ended October 31, 2015, increased 3.5% to $697.4 million compared with $674.1 million for the 39-week period ended November 1, 2014. Comparable store sales decreased 0.5%.

Gross profit was 35.5% of net sales for the 39-week period ended October 31, 2015, compared with 35.9% of net sales for the 39-week period ended November 1, 2014.

Store operating, selling and administrative expenses were 21.5% of net sales for the 39-week period ended...


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