Hibbett Reports First Quarter Fiscal 2025 Results
-
Q1 Diluted EPS of
$2.67 Versus$2.74 Prior Year -
Q1 Comparable Sales Decrease 5.8%;
Net Sales Down 1.8% Versus Prior Year
“Our previously announced agreement to be acquired by
First Quarter Results
Net sales for the 13-weeks ended
Gross margin was 35.8% of net sales for the 13-weeks ended
Store operating, selling and administrative (“SG&A”) expenses were 23.7% of net sales for the 13-weeks ended
Net income for the 13-weeks ended
For the 13-weeks ended
As of
During the 13-weeks ended
Transaction with JD Sports Fashion plc
On
In light of the pending transaction with
About
Hibbett, headquartered in
Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which include all statements that do not related solely to historical or current facts, such as statements regarding our expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the following words: “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “ongoing,” “outlook,” “should,” “seek,” “target,” “will,” “would,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, Hibbett. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including: the risk that the proposed transaction with
These forward-looking statements are based on our expectations and judgments as of the date of this press release and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. Any changes in such assumptions or factors could produce significantly different results. Hibbett undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.
Important Additional Information and Where to Find It
In connection with the transaction, Hibbett filed a preliminary proxy statement on Schedule 14A with the
Participants in the Solicitation
Hibbett and certain of its directors, executive officers and other employees, under the SEC’s rules, may be deemed to be participants in the solicitation of proxies of Hibbett’s stockholders in connection with the transaction. Information about Hibbett’s directors and executive officers is available in Hibbett’s Annual Report on Form 10-K filed with the
HIBBETT, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands, except per share amounts) |
|||||||||||
|
13-Weeks Ended |
||||||||||
|
|
|
|
||||||||
|
|
% to Sales |
|
|
% to Sales |
||||||
Net sales |
$ |
447,163 |
|
|
$ |
455,497 |
|
||||
Cost of goods sold |
|
286,957 |
64.2 |
% |
|
|
301,877 |
66.3 |
% |
||
Gross margin |
|
160,206 |
35.8 |
% |
|
|
153,620 |
33.7 |
% |
||
Store operating, selling and administrative expenses |
|
105,927 |
23.7 |
% |
|
|
96,014 |
21.1 |
% |
||
Depreciation and amortization |
|
12,973 |
2.9 |
% |
|
|
11,693 |
2.6 |
% |
||
Operating income |
|
41,306 |
9.2 |
% |
|
|
45,913 |
10.1 |
% |
||
Interest expense, net |
|
231 |
0.1 |
% |
|
|
1,327 |
0.3 |
% |
||
Income before provision for income taxes |
|
41,075 |
9.2 |
% |
|
|
44,586 |
9.8 |
% |
||
Provision for income taxes |
|
8,575 |
1.9 |
% |
|
|
8,711 |
1.9 |
% |
||
Net income |
$ |
32,500 |
7.3 |
% |
|
$ |
35,875 |
7.9 |
% |
||
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
2.73 |
|
|
$ |
2.80 |
|
||||
Diluted earnings per share |
$ |
2.67 |
|
|
$ |
2.74 |
|
||||
|
|
|
|
|
|
||||||
Weighted average shares: |
|
|
|
|
|
||||||
Basic |
|
11,909 |
|
|
|
12,791 |
|
||||
Diluted |
|
12,153 |
|
|
|
13,111 |
|
||||
Percentages may not foot due to rounding. |
HIBBETT, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (In thousands) |
||||||||
|
|
|
|
|
|
|||
ASSETS |
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
28,681 |
|
$ |
21,230 |
|
$ |
26,926 |
Receivables, net |
|
16,970 |
|
|
16,743 |
|
|
12,582 |
Inventories, net |
|
371,259 |
|
|
344,294 |
|
|
437,957 |
Other current assets |
|
19,213 |
|
|
24,448 |
|
|
13,662 |
Total current assets |
|
436,123 |
|
|
406,715 |
|
|
491,127 |
|
|
|
|
|
|
|||
Property and equipment, net |
|
182,391 |
|
|
183,949 |
|
|
175,285 |
Operating right-of-use assets |
|
277,122 |
|
|
280,755 |
|
|
262,999 |
Finance right-of-use assets, net |
|
1,696 |
|
|
1,837 |
|
|
1,913 |
Tradename intangible asset |
|
23,500 |
|
|
23,500 |
|
|
23,500 |
Deferred income taxes, net |
|
2,874 |
|
|
3,024 |
|
|
2,744 |
Other assets, net |
|
11,625 |
|
|
9,442 |
|
|
7,777 |
Total assets |
$ |
935,331 |
|
$ |
909,222 |
|
$ |
965,345 |
|
|
|
|
|
|
|||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT |
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|||
Accounts payable |
$ |
128,069 |
|
$ |
96,431 |
|
$ |
131,437 |
Operating lease obligations |
|
71,666 |
|
|
71,448 |
|
|
73,142 |
Credit facility |
|
7,545 |
|
|
45,296 |
|
|
103,577 |
Finance lease obligations |
|
534 |
|
|
538 |
|
|
929 |
Accrued payroll expense |
|
14,656 |
|
|
8,488 |
|
|
7,707 |
Other accrued expenses |
|
14,452 |
|
|
14,013 |
|
|
14,183 |
Total current liabilities |
|
236,922 |
|
|
236,214 |
|
|
330,975 |
Operating lease obligations |
|
242,231 |
|
|
245,649 |
|
|
228,645 |
Finance lease obligations |
|
1,287 |
|
|
1,423 |
|
|
1,116 |
Other liabilities |
|
7,638 |
|
|
6,911 |
|
|
5,594 |
Stockholders’ investment |
|
447,253 |
|
|
419,025 |
|
|
399,015 |
Total liabilities and stockholders’ investment |
$ |
935,331 |
|
$ |
909,222 |
|
$ |
965,345 |
HIBBETT, INC. AND SUBSIDIARIES Supplemental Information (Unaudited) |
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|
13-Weeks Ended |
||||||
|
|
|
|
||||
Sales Information |
|
|
|
||||
Net sales (decrease) increase |
|
(1.8 |
)% |
|
|
7.4 |
% |
Comparable store sales (decrease) increase |
|
(5.8 |
)% |
|
|
4.1 |
% |
|
|
|
|
||||
Store Count Information |
|
|
|
||||
Beginning of period |
|
1,169 |
|
|
|
1,133 |
|
New stores opened |
|
6 |
|
|
|
12 |
|
Rebranded stores |
|
— |
|
|
|
— |
|
Stores closed |
|
(6 |
) |
|
|
(2 |
) |
End of period |
|
1,169 |
|
|
|
1,143 |
|
|
|
|
|
||||
Estimated square footage at end of period (in thousands) |
|
6,637 |
|
|
|
6,485 |
|
|
|
|
|
||||
Balance Sheet Information |
|
|
|
||||
Average inventory per store |
$ |
317,587 |
|
|
$ |
383,164 |
|
|
|
|
|
||||
Share Repurchase Information |
|
|
|
||||
Shares purchased under our Repurchase Program |
|
— |
|
|
|
159,592 |
|
Cost (in thousands) |
$ |
— |
|
|
$ |
10,199 |
|
Settlement of net share equity awards |
|
59,490 |
|
|
|
47,177 |
|
Cost (in thousands) |
$ |
4,270 |
|
|
$ |
2,833 |
|
|
|
|
|
||||
Dividend Information |
|
|
|
||||
Number of declarations |
|
1 |
|
|
|
1 |
|
Cash paid (in thousands) |
$ |
2,949 |
|
|
$ |
3,173 |
|
Total paid per share |
$ |
0.25 |
|
|
$ |
0.25 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605853201/en/
205-944-1312
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