SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 20, 2004
Hibbett Sporting Goods, Inc.
(Exact Name Of Registrant As Specified In Its Charter)
Commission file number: 000-20969
Delaware 63-1074067
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(State of (I.R.S. Employer
Incorportation) Indentification No.)
451 Industrial Lane
Birmingham, Alabama 35211
(Address of Principal Executive Offices)
(205) 942-4292
(Registrant's telephone number, including area code)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
( c )
Exhibits.
This exhibit is furnished pursuant to Item 12 and shall not be deemed to be
"filed".
Exhibit No. Description
99.1 Earnings Release Dated May 20, 2004
Item 12. Results of Operations and Financial Condition
Hibbett Sporting Goods, Inc. announced its financial results for the first
quarter ended May 1, 2004, in a press release issued on May 20, 2004. A copy of
the earnings release is attached hereto as Exhibit 99.1.
The information in this Report, including Exhibit 99.1 attached hereto, is
furnished solely pursuant to Item 12 of this Form 8-K. Consequently, it is not
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that section. It may only 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.
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SIGNATURES
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.
HIBBETT SPORTING GOODS, INC.
By /s/ Gary A. Smith
---------------------------------------------
Gary A. Smith
Vice President and Chief Financial Officer
May 20, 2004
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EXHIBIT INDEX
Exhibit
99.1 Earnings Release dated May 20, 2004
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EXHIBIT 99.1
[Hibbett Sporting Goods, Inc. Letterhead]
Contact: Gary Smith
Chief Financial Officer
(205) 942-4292
HIBBETT REPORTS FIRST QUARTER RESULTS
- Comparable Store Sales Up 8.8%
- Earnings per Share Increases 47.8%
- Raises Fiscal 2005 Guidance
BIRMINGHAM, Ala. (May 20, 2004) - Hibbett Sporting Goods, Inc. (NASDAQ/NM:
HIBB), a rapidly growing, full-line sporting goods retailer, today announced
results for the first quarter ended May 1, 2004.
Financial Highlights
Net sales for the 13-week period ended May 1, 2004, increased 21.3% to
$96.5 million compared with $79.6 million for the 13-week period ended May 3,
2003. Comparable store sales increased 8.8% in the first quarter of fiscal 2005.
Net income for the first fiscal quarter increased 53.4% to $8.1 million
compared with $5.3 million in the first fiscal quarter of last year. Earnings
per diluted share increased 47.8% to $0.34 from $0.23 in the prior year.
Hibbett opened eight new stores and closed three stores during the first
quarter, bringing the store base to 433. The Company plans to open a total of
approximately 65 new stores, net of store closings, in fiscal 2005.
Mickey Newsome, Chairman, President and Chief Executive Officer, stated,
"Consistent with the trends we experienced in the fourth quarter, we posted
positive comparable store sales in all three merchandise categories this
quarter. Continued growth in licensed, performance and urban-influenced products
produced low double-digit comparable sales in apparel while strength in ladies
and kids led to mid-single-digit comparable increases in footwear. Similarly,
hard goods yielded a low single-digit increase due to improvement in team
equipment sales.
"The strong sales results, combined with improved product margins and a
lower level of markdowns, led to the highest quarterly operating margin in our
history at 13.2%. While it would be unrealistic to expect we could sustain such
a dramatic sequential improvement in our operating margin throughout the year,
we expect to continue to show significant year-over-year improvement in our
margins."
Fiscal 2005 Outlook
For the second quarter ending July 31, 2004, the Company expects to report
earnings per diluted share of approximately $0.18 to $0.20 and a comparable
store sales increase in the range of 5% to 6%. Guidance for fiscal 2005 is
estimated at approximately $1.06 to $1.09 earnings per diluted share and a
comparable store sales increase in the range of 5% to 6%.
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Newsome added, "Although we had expected second half sales momentum to ease
a bit as we lapped strong sales results from a year ago, we have yet to see that
pace abate to any degree. In addition, our operating results continue to reflect
the benefits of our small market strategy, a high level of store and support
center operational excellence, greater allocations of the top apparel and
footwear brands and a wealth of new store growth opportunities. Based upon this
strong start, we are very optimistic about the year ahead of us in fiscal 2005."
The per share results reported for all periods presented herein reflect the
effect of the three-for-two stock split that was distributed on April 16, 2004,
to stockholders of record on April 1, 2004.
Investor Conference Call and Simulcast
Hibbett Sporting Goods, Inc. will conduct a conference call at 10:00 am EDT
on May 21, 2004, to discuss the first quarter results. The number to call for
this interactive teleconference is (913) 981-5509. A replay of the conference
call will be available until May 28th, by dialing (719) 457-0820 and entering
the passcode, 499918.
The Company will also provide an online Web simulcast and rebroadcast of
its fiscal 2005-first quarter conference call. The live broadcast of Hibbett's
quarterly conference call will be available online at www.streetevents.com and
www.fulldisclosure.com on May 21, 2004, beginning at 10:00 a.m. EDT. The online
replay will follow shortly after the call and continue through June 4, 2004.
Hibbett Sporting Goods, Inc. is a rapidly growing operator of full-line
sporting goods stores in small to mid-sized markets, predominantly in the
Southeast, Mid-Atlantic and Midwest. The Company's primary store format is
Hibbett Sports, a 5,000-square-foot store located in enclosed malls and dominant
strip centers.
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in
this press release are "forward looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward looking statements
address future events, developments or results and typically use words such as
believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or
estimate. For example, our forward looking statements include statements
regarding store opening plans, merchandise performance and future earnings and
comparable store sales. Such statements are subject to risks and uncertainties
that could cause actual results to differ materially, including economic
conditions, industry trends, merchandise trends, vendor relationships, customer
demand, and competition. For a complete description of these factors, as well as
others which could affect our business, you should carefully review the "Risk
Factors," "Business," and "MD&A" sections in our Annual Report on Form 10-K
filed on April 15, 2004, our Quarterly Report on Form 10-Q filed December 16,
2003, and our most recent prospectus supplement filed May 2, 2003. In light of
these risks and uncertainties, the future events, developments or results
described by our forward looking statements in this document could turn out to
be materially and adversely different from those we discuss or imply. We are not
obligated to release publicly any revisions to any forward looking statements
contained in this press release to reflect events or circumstances occurring
after the date of this report and you should not expect us to do so.
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Hibbett Sporting Goods, Inc. and Subsidiaries
Unaudited Statements of Operations
(Dollars in thousands, except per share amounts)
First Quarter Ended
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May 1, May 3,
2004 2003
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Net sales $ 96,519 $ 79,593
Cost of goods sold, including warehouse,
distribution, and store occupancy costs 64,788 54,634
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Gross profit 31,731 24,959
Store operating, selling, and administrative expenses 17,119 14,952
Depreciation and amortization 1,841 1,754
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Operating income 12,771 8,253
Interest income, net 74 23
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Income before provision for income taxes 12,845 8,276
Provision for income taxes 4,785 3,021
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Net income $ 8,060 $ 5,255
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Net Income per common share:
Basic earnings per share $ 0.35 $ 0.23
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Diluted earnings per share $ 0.34 $ 0.23
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Weighted average shares outstanding:
Basic 23,333 22,768
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Diluted 23,988 23,149
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Unaudited Condensed Balance Sheet
(In thousands)
May 1, May 3, January 31,
2004 2003 2004
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Assets
Cash and cash equivalents $ 44,422 $ 21,994 $ 41,963
Accounts receivable, net 2,752 3,051 3,594
Inventories 95,416 85,806 94,777
Prepaid expenses and other 4,801 3,922 1,925
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Total current assets 147,391 114,773 142,259
Property and equipment, net 25,684 25,614 26,173
Other assets 216 229 130
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Total assets $173,291 $140,616 $168,562
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Liabilities and Stockholders' Investment
Accounts payable $ 29,475 $ 28,902 $ 37,976
Accrued expenses 10,073 7,622 7,093
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Total current liabilities 39,548 36,524 45,069
Non-current deferred income taxes 603 - 603
Stockholders' investment 133,140 104,092 122,890
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Total liabilities and stockholders' investment $173,291 $140,616 $168,562
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