Hibbett Sporting Goods Reports Second Quarter Results

SOURCE: Business Wire

BIRMINGHAM, AL - Hibbett Sporting Goods, Inc. (Nasdaq/NM: HIBB), a full-line sporting goods retailer, has announced results for the second quarter ended August 4, 2001, above its previously revised range of sales and earnings guidance.

Net sales for the 13-week period ended August 4, 2001, increased 19.3 percent to $55.6 million compared with $46.6 million for the 13-week period ended July 29, 2000. Comparable store sales increased 4.6 percent in the second quarter of fiscal 2002. Net income for the second quarter was $2.0 million compared with $2.0 million in the second quarter of last year. Diluted earnings per share was $0.30 compared with $0.31 in the prior year.

Net sales for the 26-week period ended August 4, 2001, increased 19.4 percent to $116.0 million compared with $97.1 million for the 26-week period ended July 29, 2000. Comparable store sales increased 4.1 percent for the first half of fiscal 2002. Net income for the first half of fiscal 2002 increased 14.3 percent to $5.5 million compared with net income of $4.8 million in the first half of last year. Diluted earnings per share increased 11.0 percent to $0.81 per share from $0.73 per share in the prior year.

Commenting on the results, Michael J. Newsome, president and chief executive officer, states, "Despite a difficult retail environment, we anticipated positive second quarter sales as a result of a favorable impact from the retail fiscal calendar versus last year. However, the strong level of sales the last two weeks of the quarter pleasantly surprised us as second quarter comps improved from a slight increase to a 4.6-percent increase. As we discussed in late July, the slowing economy and the impact from lower sales at some smaller stores opened in the past 18 months were the primary negative factors that affected our results for the quarter. We plan to open 32 more stores in fiscal 2002, bringing us to 55 stores for the year. We continue to expect to achieve earnings per share of $1.70 to $1.75 for the year as a result of the unfavorable calendar shift in the third quarter and a 13-week fourth quarter this year compared with a 14-week fourth quarter last year."

Hibbett Sporting Goods, Inc. will conduct a conference call at 10:00 am EDT on August 24, 2001, to discuss the second quarter results. The number to call for this interactive teleconference is 913/981-5509. A replay of the conference call will be available until August 28th, by dialing 719/457-0820 and entering the passcode, 511702.

The company will also provide an online Web simulcast and rebroadcast of its fiscal 2002 second quarter conference call. The live broadcast of Hibbett's quarterly conference call will be available online at http://www.streetevents.com on August 24, 2001, beginning at 10:00 a.m. EDT. The online replay will follow shortly after the call and continue through September 7, 2001.