Hibbett Sports Inc. (HIBB, Financial) filed Quarterly Report for the period ended 2010-10-30.
Hibbett Sports Inc. has a market cap of $1.02 billion; its shares were traded at around $35.76 with a P/E ratio of 22.78 and P/S ratio of 1.72. Hibbett Sports Inc. had an annual average earning growth of 16.1% over the past 10 years. GuruFocus rated Hibbett Sports Inc. the business predictability rank of 4.5-star.HIBB is in the portfolios of Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Pioneer Investments, Jeremy Grantham of GMO LLC.
Net sales for the thirty-nine week period ended October 30, 2010, increased 15.3% to $491.7 million compared with $426.7 million for the thirty-nine week period ended October 31, 2009. Comparable store sales increased 13.0%. Operating income was 11.0% of net sales for the thirty-nine week period ended October 30, 2010 compared to 7.8% of net sales for the thirty-nine week period ended October 31, 2009. Net income increased to $33.9 million compared with $20.8 million for the prior comparable period. Diluted earnings per share increased to $1.16 compared with $0.72 for the thirty-nine week period ended October 31, 2009.
Net sales. Net sales increased $21.6 million, or 14.8%, to $167.4 million for the thirteen weeks ended October 30, 2010 from $145.9 million for the comparable period in the prior year. Furthermore:
Net cash used in investing activities in the thirty-nine week period ended October 30, 2010 totaled $6.7 million compared with net cash used in investing activities of $6.9 million in the thirty-nine week period ended October 31, 2009. Capital expenditures used $6.5 million and $7.0 million of cash in the thirty-nine week periods ended October 30, 2010 and October 31, 2009, respectively. We use cash in investing activities to open new stores and remodel or relocate existing stores. The reduction of capital expenditures over last year is due to a lower initial investment in leasehold improvements per new store. Furthermore, net cash used in investing activities includes purchases of information technology assets and capital expenditures for our distribution facility and corporate headquarters.
At October 30, 2010, we had two unsecured revolving credit facilities that allow borrowings up to $50.0 million and $30.0 million, respectively, and which renew in November 2010 and August 2011, respectively. The facilities do not require a commitment or agency fee nor are there any covenant restrictions. We plan to renew these facilities as they expire and do not anticipate any problems in doing so; however, no assurance can be given that we will be granted a renewal or terms which are acceptable to us. We had no debt outstanding under either of these facilities as of October 30, 2010. Subsequent to October 30, 2010, we renewed our existing credit facility of $50.0 million.
We are a party to various legal proceedings incidental to our business. We do not believe that any of these matters will, individually or in the aggregate, have a material adverse effect on our business or financial condition. We cannot give assurance, however, that one or more of these legal proceedings will not have a material adverse effect on our results of operations for the period in which they are resolved. At October 30, 2010 and January 30, 2010, we estimated that the liabilities related to these matters were approximately $0.4 million and $0.3 million, respectively, and accordingly, accrued $0.4 million and $0.3 million, respectively, as current liabilities on our unaudited condensed consolidated balance sheets.
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Hibbett Sports Inc. has a market cap of $1.02 billion; its shares were traded at around $35.76 with a P/E ratio of 22.78 and P/S ratio of 1.72. Hibbett Sports Inc. had an annual average earning growth of 16.1% over the past 10 years. GuruFocus rated Hibbett Sports Inc. the business predictability rank of 4.5-star.HIBB is in the portfolios of Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Pioneer Investments, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
The strong sales trend we experienced in the first two quarters continued throughout the third quarter of this year. Our overall positive sales performance was driven by double-digit increases in accessories, licensed apparel, activewear and footwear. Net sales for the thirteen week period ended October 30, 2010, increased 14.8% to $167.4 million compared with $145.9 million for the thirteen week period ended October 31, 2009. Comparable store sales increased 12.5%. Operating income was 12.0% of net sales for the third quarter of Fiscal 2011 compared with 9.6% of net sales for the third quarter of Fiscal 2010. Net income for the third quarter of Fiscal 2011 increased 43.5% to $12.6 million compared with $8.8 million for the third quarter of Fiscal 2010. Earnings per diluted share increased 45.0% to $0.44 compared with $0.30 for the third quarter of Fiscal 2010.Net sales for the thirty-nine week period ended October 30, 2010, increased 15.3% to $491.7 million compared with $426.7 million for the thirty-nine week period ended October 31, 2009. Comparable store sales increased 13.0%. Operating income was 11.0% of net sales for the thirty-nine week period ended October 30, 2010 compared to 7.8% of net sales for the thirty-nine week period ended October 31, 2009. Net income increased to $33.9 million compared with $20.8 million for the prior comparable period. Diluted earnings per share increased to $1.16 compared with $0.72 for the thirty-nine week period ended October 31, 2009.
Net sales. Net sales increased $21.6 million, or 14.8%, to $167.4 million for the thirteen weeks ended October 30, 2010 from $145.9 million for the comparable period in the prior year. Furthermore:
Net cash used in investing activities in the thirty-nine week period ended October 30, 2010 totaled $6.7 million compared with net cash used in investing activities of $6.9 million in the thirty-nine week period ended October 31, 2009. Capital expenditures used $6.5 million and $7.0 million of cash in the thirty-nine week periods ended October 30, 2010 and October 31, 2009, respectively. We use cash in investing activities to open new stores and remodel or relocate existing stores. The reduction of capital expenditures over last year is due to a lower initial investment in leasehold improvements per new store. Furthermore, net cash used in investing activities includes purchases of information technology assets and capital expenditures for our distribution facility and corporate headquarters.
At October 30, 2010, we had two unsecured revolving credit facilities that allow borrowings up to $50.0 million and $30.0 million, respectively, and which renew in November 2010 and August 2011, respectively. The facilities do not require a commitment or agency fee nor are there any covenant restrictions. We plan to renew these facilities as they expire and do not anticipate any problems in doing so; however, no assurance can be given that we will be granted a renewal or terms which are acceptable to us. We had no debt outstanding under either of these facilities as of October 30, 2010. Subsequent to October 30, 2010, we renewed our existing credit facility of $50.0 million.
We are a party to various legal proceedings incidental to our business. We do not believe that any of these matters will, individually or in the aggregate, have a material adverse effect on our business or financial condition. We cannot give assurance, however, that one or more of these legal proceedings will not have a material adverse effect on our results of operations for the period in which they are resolved. At October 30, 2010 and January 30, 2010, we estimated that the liabilities related to these matters were approximately $0.4 million and $0.3 million, respectively, and accordingly, accrued $0.4 million and $0.3 million, respectively, as current liabilities on our unaudited condensed consolidated balance sheets.
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