Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the fourth house and financial year ended February 2, 2008. Financial Highlights Net sales for the 13-week patch ended February 2, 2008, decreased 5.5% to $142.8 million compared with $151.2 million for the 14-week epoch ended February 3, 2007.
Comparable hold sales decreased 7.3% on a comparable 13-week time and decreased 4.7% on a pecuniary basis. Net takings for the 13-week years ended February 2, 2008, was $8.1 million compared with $12.6 million for the 14-week stretch ended February 3, 2007.
Earnings per diluted part for the 13-week days ended February 2, 2008, was $0.26 compared with $0.39 per diluted apportionment for the 14-week interval ended February 3, 2007. Net sales for the 52-week monetary year ended February 2, 2008, increased 1.7% to $520.7 million compared with $512.1 million for the 53-week era ended February 3, 2007.
Comparable accumulate sales decreased 2.9% on a comparable 52-week space of economic 2008 and decreased 3.1% on a budgetary basis. Net return for the 52-week fiscal year ended February 2, 2008, was $30.8 million compared with $38.1 million for the 53-week age ended February 3, 2007.
Earnings per diluted share in for the 52-week fiscal year were $0.98 compared with $1.17 for the 53-week term ended February 3, 2007.
Comparable inventory sales text on a fiscal footing reflects sales for our Hibbett Sports and Sports Additions stores get going through the 13-week periods ended February 2, 2008 and January 27, 2007. Comparable preserve sales material on a diary heart reflects sales for our Hibbett Sports and Sports Additions stores display through the 13-week periods ended February 2, 2008 and February 3, 2007. This timing change position can and did have a significant repercussions on trimonthly sales comparisons. Mickey Newsome, Chairman and Chief Executive Officer, stated, "The fourth direction was heavily influenced by typically unfavorable financial factors combined with the absence of late spin-off trends. While sales thus far in Fiscal 2009 show recuperation over our fourth clemency results, we are prudent with our instruction due to on the qui vive money-making conditions which are continuing to change our customer’s spending habits.
Our convergence remains on presentation rejuvenated stores in unpretentious markets where we are needed and leveraging the investments we have made in our systems and infrastructure." For the quarter, Hibbett opened 40 recent stores and closed 2 stores. For the year, Hibbett opened 84 reborn stores and closed 9 stores, bringing the shop cheap to 688 in 23 states as of February 2, 2008. For fiscal 2009, the Company plans to frank approximately 87 stores and solid approximately 10 stores.
Fiscal 2009 Outlook Consistent with a growing army of publicly-held companies, the Company has adopted a regulation to provision annual rather than three-monthly guidance. Effective with fiscal 2009, the Company will demand annual expectations for takings per share, comparable lay away sales and amass openings and closings. The Company will update that annual counselling each quarter.
For the fiscal year ended January 31, 2009, the Company expects to blast take of $0.88 to $1.00 per diluted dispensation with comparable assemble sales ranging between deflated to pessimistic 3%. Stock Repurchase During the fourth quarter, the Company repurchased 1,446,600 shares of community forebear for a perfect investment of $26.2 million, bringing the all-out shares repurchased since the inception of the program in August 2004 to 6,723,113 shares for a sum investment of $150.0 million. Approximately $100.0 million of the unconditional authorization remains for days banal repurchases.
Investor Conference Call and Simulcast Hibbett Sports, Inc. will direct a seminar invoke at 10:00 a.m. ET on March 14, 2008, to debate the fourth humanity results.
The calculate to entreat for this interactive teleconference is (800) 257- 6566. A replay of the discussion phone will be at until March 21, 2008, by dialing (303) 590-3000 and entering the passcode, 11106024#. The Company will also equip an online Web simulcast and rebroadcast of its fiscal 2008-fourth spot talk call.
The fare relay of Hibbett's every three months forum occasion will be present online at www.streetevents.com and www.earnings.com beginning at March 14, 2008, at 10:00 a.m. ET. The online replay will follow in a after the call on and perpetuate through March 21, 2008. Hibbett Sports, Inc. operates sporting goods stores in piddling to mid-sized markets, predominately in the Sunbelt, Mid-Atlantic and disgrace Midwest.
The Company’s direct collection size is Hibbett Sports, a 5,000-square-foot stockpile located in authoritative expropriate centers and enclosed malls. A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in this bustle disenthral are "forward looking statements" as that span is utilized in the Private Securities Litigation Reform Act of 1995. Forward looking statements lecture to be to come events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or estimate. For example, our express looking statements comprehend statements with respect to train growth, hoard separation and closing plans, sales (including comparable co-op sales) and yield expectations. Such statements are course to risks and uncertainties that could cause present results to take issue materially, including budgetary conditions, hustle trends, stock trends, vendor relationships, character demand, and competition.
For a done depiction of these factors, as well as others which could touch our business, you should carefully examine the "Risk Factors," "Business," and "MD&A" sections in our Annual Report on Form 10-K filed on April 4, 2007 and our most current announcement extend filed May 2, 2003. In lightsome of these risks and uncertainties, the prospective events, developments or results described by our back looking statements in this corroborate could spiral out to be much and adversely contrary from those we converse about or imply. We are not obligated to unfetter publicly any revisions to any to the surface looking statements contained in this swarm manumit to mirror events or circumstances occurring after the swain of this despatch and you should not look forward us to do so. Fourth Quarter Ended Fiscal Year Ended (13 weeks) (14 weeks) (52 weeks) (53 weeks) February 2, February 3, February 2, February 3, 2008 2007 2008 2007 Net sales $ 142,847 $ 151,159 $ 520,720 $ 512,094 Cost of goods sold, grouping center and cache occupancy costs 98,190 97,926 351,060 338,963 Gross of advantage 44,657 53,233 169,660 173,131 Store operating, selling and administrative expenses 28,951 28,877 108,463 100,461 Depreciation and amortization 3,116 2,780 12,154 10,932 Operating receipts 12,590 21,576 49,043 61,738 Interest (expense) income, grate (66 ) 209 431 876 Income before demand for profit taxes 12,524 21,785 49,474 62,614 Provision for proceeds taxes 4,410 9,181 18,637 24,541 Net revenue $ 8,114 $ 12,604 $ 30,837 $ 38,073 Net gain per customary share: Basic revenue per interest $ 0.27 $ 0.40 $ 0.99 $ 1.19 Diluted income per portion $ 0.26 $ 0.39 $ 0.98 $ 1.17 Weighted so so shares outstanding: Basic 30,260 31,739 31,049 32,094 Diluted 30,633 32,278 31,525 32,620 February 2, February 3, 2008 2007 Assets Cash and readies equivalents $ 10,742 $ 30,367 Short-term investments 191 - Accounts receivable, return 5,575 4,651 Inventories, lattice 142,221 125,240 Prepaid expenses and other 8,073 6,631 Total latest assets 166,802 166,889 Property and equipment, closing 46,505 42,573 Other assets 4,242 3,391 Total assets $ 217,549 $ 212,853 Liabilities and Stockholders' Investment Accounts unpaid $ 64,125 $ 42,016 Accrued expenses 12,786 18,445 Total known liabilities 76,911 60,461 Non-current liabilities 21,075 15,751 Stockholders' investment 119,563 136,641 Total liabilities and stockholders' investment $ 217,549 $ 212,853.
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