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As Of Filer Filing For·On·As Docs:Size 8/23/19 Hibbett Sports Inc 8-K:2,7,9 8/23/19 2:633K |
Document/Exhibit Description Pages Size 1: 8-K Hibb - 8-K Earnings Release Q2F20 HTML 14K 2: EX-99.1 Miscellaneous Exhibit -- hibbq2f20_earningsrelease HTML 157K
Contact:
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Christine Skold
|
|
Interim Chief Financial Officer
|
||
(205) 942-4292
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Updated
|
Previous
|
||
Comparable store sales
|
1.0% - 2.0%
|
|
+0.5% - +2.0%
|
Net store closings
|
(80) - (85)
|
(80) - (85)
|
|
Earnings per diluted share
|
$1.35 - $1.50
|
|
$1.70 - $1.85
|
Expected impact of non-recurring items (non-GAAP)
|
($0.75) - ($0.80)
|
($0.25) - ($0.35)
|
|
Earnings per diluted share excluding non-recurring items (non-GAAP)
|
$2.15 - $2.25
|
|
$2.00 - $2.15
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Gross margin
|
(30)bps - (40)bps
|
(25)bps - (35)bps
|
|
Gross margin excluding non-recurring items (non-GAAP)
|
(40)bps - (50)bps
|
|
(35)bps - (45)bps
|
SG&A expense rate change
|
50bps - 70bps
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10bps - 15bps
|
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SG&A expense rate change excluding non-recurring items (non-GAAP)
|
(40)bps - (60)bps
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Flat - (10)bps
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Depreciation
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(10)bps - (20)bps
|
(10)bps
|
|
Tax rate
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25.5%
|
|
25.0%
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Capital expenditures
|
$18M - $20M
|
$18M - $22M
|
|
Share repurchase
|
$25M - $30M
|
|
$10M - $15M
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations
|
||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts)
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||||||||||||||||||||||||||||||||
13-Week Period Ended
|
26-Week Period Ended
|
|||||||||||||||||||||||||||||||
% of Sales
|
% of Sales
|
% of Sales
|
% of Sales
|
|||||||||||||||||||||||||||||
Net sales
|
$
|
252,440
|
$
|
211,123
|
$
|
595,735
|
$
|
485,830
|
||||||||||||||||||||||||
Cost of goods sold
|
176,067
|
69.7
|
%
|
144,772
|
68.6
|
%
|
400,759
|
67.3
|
%
|
322,706
|
66.4
|
%
|
||||||||||||||||||||
Gross margin
|
76,373
|
30.3
|
66,351
|
31.4
|
194,976
|
32.7
|
163,124
|
33.6
|
||||||||||||||||||||||||
Store operating, selling and administrative expenses
|
80,334
|
31.8
|
61,965
|
29.4
|
154,373
|
25.9
|
123,869
|
25.5
|
||||||||||||||||||||||||
Depreciation and amortization
|
7,680
|
3.0
|
6,271
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3.0
|
14,903
|
2.5
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12,519
|
2.6
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||||||||||||||||||||||||
Operating (loss) income
|
(11,641
|
)
|
-4.6
|
(1,885
|
)
|
-0.9
|
25,700
|
4.3
|
26,736
|
5.5
|
||||||||||||||||||||||
Interest expense, net
|
(73
|
)
|
-
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(167
|
)
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--
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(29
|
)
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-
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(111
|
)
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-
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||||||||||||||||||||
(Loss) income before provision for income taxes
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(11,568
|
)
|
-4.6
|
(1,718
|
)
|
-0.8
|
25,729
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4.3
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26,847
|
5.5
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||||||||||||||||||||||
(Benefit) provision for income taxes
|
(2,790
|
)
|
-1.1
|
(496
|
)
|
-0.2
|
6,650
|
1.1
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6,560
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1.4
|
||||||||||||||||||||||
Net (loss) income
|
$
|
(8,778
|
)
|
-3.5
|
%
|
$
|
(1,222
|
)
|
-0.6
|
%
|
$
|
19,079
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3.2
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%
|
$
|
20,287
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4.2
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%
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||||||||||||||
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||||||||||||||||||||||||||||||||
Basic (loss) earnings per share
|
$
|
(0.49
|
)
|
$
|
(0.06
|
)
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$
|
1.05
|
$
|
1.07
|
||||||||||||||||||||||
Diluted (loss) earnings per share
|
$
|
(0.49
|
)
|
$
|
(0.06
|
)
|
$
|
1.05
|
$
|
1.06
|
||||||||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||||||||||||||
Basic
|
17,906
|
18,823
|
18,107
|
18,896
|
||||||||||||||||||||||||||||
Diluted
|
17,906
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18,823
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18,220
|
19,079
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||
Unaudited Condensed Consolidated Balance Sheets
|
||||||||
(In thousands)
|
||||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
97,790
|
$
|
61,756
|
||||
Inventories, net
|
270,563
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280,287
|
||||||
Other current assets
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21,302
|
25,813
|
||||||
Total current assets
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389,655
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367,856
|
||||||
Property and equipment, net
|
103,864
|
115,394
|
||||||
Operating right-of-use assets
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218,443
|
-
|
||||||
Finance right-of-use assets, net
|
1,691
|
-
|
||||||
Goodwill
|
19,661
|
23,133
|
||||||
Tradename intangible
|
32,400
|
32,400
|
||||||
Other noncurrent assets
|
10,914
|
7,282
|
||||||
Total assets
|
$
|
776,628
|
$
|
546,065
|
||||
|
||||||||
Liabilities and Stockholders' Investment
|
||||||||
Accounts payable
|
$
|
124,859
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$
|
107,315
|
||||
Operating lease liabilities
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64,249
|
-
|
||||||
Credit facilities
|
17,000
|
35,000
|
||||||
Finance/capital lease obligations
|
896
|
1,017
|
||||||
Accrued expenses
|
32,720
|
29,941
|
||||||
Total current liabilities
|
239,724
|
173,273
|
||||||
Long-term operating lease liabilities
|
184,927
|
-
|
||||||
Long-term finance/capital lease
|
1,149
|
1,994
|
||||||
Other noncurrent liabilities
|
10,883
|
34,749
|
||||||
Stockholders' investment
|
339,945
|
336,049
|
||||||
Total liabilities and stockholders' investment
|
$
|
776,628
|
$
|
546,065
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||||||||||
Supplemental Information
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
13-Week Period Ended
|
26-Week Period Ended
|
|||||||||||||||
Sales Information
|
||||||||||||||||
Net sales increase
|
19.6
|
%
|
12.3
|
%
|
22.6
|
%
|
4.8
|
%
|
||||||||
Comparable sales increase
|
0.3
|
%
|
4.1
|
%
|
3.1
|
%
|
1.7
|
%
|
||||||||
Store Count Information
|
||||||||||||||||
Beginning of period
|
1,144
|
1,068
|
1,163
|
1,079
|
||||||||||||
New stores opened
|
4
|
6
|
9
|
13
|
||||||||||||
Stores closed
|
(40
|
)
|
(15
|
)
|
(64
|
)
|
(33
|
)
|
||||||||
End of period
|
1,108
|
1,059
|
1,108
|
1,059
|
||||||||||||
|
||||||||||||||||
Stores expanded or relocated
|
4
|
3
|
6
|
8
|
||||||||||||
Estimated square footage at end of period (in thousands)
|
6,239
|
6,048
|
||||||||||||||
Balance Sheet Information
|
||||||||||||||||
Average inventory per store
|
$
|
244,190
|
$
|
234,311
|
||||||||||||
|
||||||||||||||||
Share Repurchase Information
|
||||||||||||||||
Shares
|
429,964
|
336,302
|
689,396
|
376,601
|
||||||||||||
Cost (in thousands)
|
$
|
8,945
|
$
|
7,978
|
$
|
14,300
|
$
|
8,848
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
GAAP to Non-GAAP Reconciliation
|
||||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
13-Week Period Ended August 3, 2019
|
||||||||||||||||||||
Non-Recurring Costs
|
||||||||||||||||||||
GAAP Basis
(As Reported) |
Acquisition Costs (1) |
Strategic Realignment
Costs (2) |
Non-GAAP Basis
August 3, 2019 |
|||||||||||||||||
% of Sales
|
||||||||||||||||||||
Net sales
|
$
|
252,440
|
$
|
-
|
$
|
-
|
$
|
252,440
|
||||||||||||
Cost of goods sold
|
176,067
|
-
|
-
|
176,067
|
69.7
|
%
|
||||||||||||||
Gross margin
|
76,373
|
-
|
-
|
76,373
|
30.3
|
|||||||||||||||
Store operating, selling and administrative expenses
|
80,334
|
7,553
|
892
|
71,889
|
28.5
|
|||||||||||||||
Depreciation and amortization
|
7,680
|
-
|
-
|
7,680
|
3
|
|||||||||||||||
Operating (loss) income
|
(11,641
|
)
|
7,553
|
892
|
(3,196
|
)
|
-1.3
|
|||||||||||||
Interest expense, net
|
(73
|
)
|
-
|
-
|
(73
|
)
|
-
|
|||||||||||||
Loss before provision for income taxes
|
(11,568
|
)
|
7,553
|
892
|
(3,123
|
)
|
-1.2
|
|||||||||||||
(Benefit) provision for income taxes
|
(2,790
|
)
|
1,822
|
215
|
(753
|
)
|
-0.3
|
|||||||||||||
Net (loss) income
|
$
|
(8,778
|
)
|
$
|
5,731
|
$
|
677
|
$
|
(2,370
|
)
|
-0.9
|
%
|
||||||||
|
||||||||||||||||||||
Basic (loss) earnings per share
|
$
|
(0.49
|
)
|
$
|
0.32
|
$
|
0.04
|
$
|
(0.13
|
)
|
||||||||||
Diluted (loss) earnings per share
|
$
|
(0.49
|
)
|
$
|
0.32
|
$
|
0.04
|
$
|
(0.13
|
)
|
||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic
|
17,906
|
17,906
|
17,906
|
17,906
|
||||||||||||||||
Diluted
|
17,906
|
17,906
|
17,906
|
17,906
|
||||||||||||||||
1) Non-recurring acquisition costs represent costs incurred during the 13-week period ended August 3, 2019, related to the acquisition
of City Gear, LLC and consists primarily of contingent earnout valuation update and legal, accounting and professional fees.
|
||||||||||||||||||||
2) Non-recurring strategic realignment costs represent costs incurred during the 13-week period ended August 3, 2019, related to our
accelerated store closure plan and consists of professional fees, loss on fixed assets and operating leases and impairment costs.
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
GAAP to Non-GAAP Reconciliation
|
||||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
26-Week Period Ended August 3, 2019
|
||||||||||||||||||||
Non-Recurring Costs
|
||||||||||||||||||||
GAAP Basis
(As Reported) |
Acquisition Costs (1) |
Strategic Realignment
Costs (2) |
Non-GAAP Basis
August 3, 2019 |
|||||||||||||||||
% of Sales
|
||||||||||||||||||||
Net sales
|
$
|
595,735
|
$
|
-
|
$
|
-
|
$
|
595,735
|
||||||||||||
Cost of goods sold
|
400,759
|
956
|
-
|
399,803
|
67.1
|
%
|
||||||||||||||
Gross margin
|
194,976
|
956
|
-
|
195,932
|
32.9
|
|||||||||||||||
Store operating, selling and administrative expenses
|
154,373
|
8,287
|
1,846
|
144,240
|
24.2
|
|||||||||||||||
Depreciation and amortization
|
14,903
|
-
|
-
|
14,903
|
2.5
|
|||||||||||||||
Operating income
|
25,700
|
9,243
|
1,846
|
36,789
|
6.2
|
|||||||||||||||
Interest expense, net
|
(29
|
)
|
-
|
-
|
(29
|
)
|
-
|
|||||||||||||
Income before provision for income taxes
|
25,729
|
9,243
|
1,846
|
36,818
|
6.2
|
|||||||||||||||
Provision for income taxes
|
6,650
|
2,389
|
477
|
9,516
|
1.6
|
|||||||||||||||
Net income
|
$
|
19,079
|
$
|
6,854
|
$
|
1,369
|
$
|
27,302
|
4.6
|
%
|
||||||||||
|
||||||||||||||||||||
Basic earnings per share
|
$
|
1.05
|
$
|
0.38
|
$
|
0.08
|
$
|
1.51
|
||||||||||||
Diluted earnings per share
|
$
|
1.05
|
$
|
0.38
|
$
|
0.08
|
$
|
1.50
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic
|
18,107
|
18,107
|
18,107
|
18,107
|
||||||||||||||||
Diluted
|
18,220
|
18,220
|
18,220
|
18,220
|
||||||||||||||||
1) Non-recurring acquisition costs represent costs incurred during the 26-week period ended August 3, 2019, related to the acquisition
of City Gear, LLC and consists primarily of contingent earnout valuation update, amortization of inventory fair-market value step-up and legal, accounting and professional fees.
|
||||||||||||||||||||
2) Non-recurring strategic realignment costs represent costs incurred during the 26-week period ended August 3, 2019, related to our
accelerated store closure plan and consists of professional fees, loss on fixed assets and operating leases and impairment costs.
|
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/29/22 | ||||
8/30/19 | ||||
Filed on / For Period end: | 8/23/19 | |||
8/3/19 | ||||
7/19/19 | 3 | |||
4/18/19 | 10-K | |||
2/2/19 | 10-K, DEF 14A | |||
8/4/18 | 10-Q | |||
List all Filings |