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Hibbett Sports Inc. (HIBB) filed Quarterly Report for the period ended 2011-10-29.
Hibbett Sports Inc. has a market cap of $1.25 billion; its shares were traded at around $46.59 with a P/E ratio of 23.3 and P/S ratio of 1.9. Hibbett Sports Inc. had an annual average earning growth of 15.8% over the past 10 years. GuruFocus rated Hibbett Sports Inc. the business predictability rank of 4.5-star.
This is the annual revenues and earnings per share of HIBB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of HIBB.
Highlight of Business Operations:
Gross profit. Cost of goods sold includes the cost of inventory, occupancy costs for stores and occupancy and operating costs for the distribution center. Gross profit was $67.8 million, or 36.6% of net sales, in the thirteen weeks ended October 29, 2011, compared with $59.1 million, or 35.3% of net sales, in the same period of the prior fiscal year. The increase in gross profit percent was due primarily to fewer promotions and less aged inventory. Distribution expense as a percentage of net sales increased by 9 basis points compared to a year ago primarily because of increased data processing costs and fuel costs. Occupancy expense as a percentage of net sales decreased 69 basis points, with the largest decrease in rent expense resulting from lease renegotiations.Store operating, selling and administrative expenses. Store operating, selling and administrative expenses were $39.5 million, or 21.3% of net sales, for the thirteen weeks ended October 29, 2011, compared to $35.6 million, or 21.3% of net sales, for the comparable period a year ago. We closely monitor and carefully manage these costs. For the third quarter:
Provision for income taxes. Provision for income taxes as a percentage of net sales was 4.8% in the thirteen weeks ended October 29, 2011, compared to 4.5% for the thirteen weeks ended October 30, 2010. This increase was primarily due to operating efficiencies achieved resulting in higher pre-tax income as a percentage of net sales. The combined federal, state and local effective income tax rates as percentages of pre-tax income were 36.0% and 37.3% for the thirteen weeks ended October 29, 2011 and October 30, 2010, respectively. The decrease in rate resulted from the resolution of an income tax matter with a state taxing authority and the expiration of the statute of limitations on previously open tax years.
Store operating, selling and administrative expenses. Store operating, selling and administrative expenses were $115.9 million, or 21.4% of net sales, for the thirty-nine weeks ended October 29, 2011, compared to $105.5 million, or 21.5% of net sales, for the comparable period a year ago. For the first three quarters:
Provision for income taxes. Provision for income taxes as a percentage of net sales was 4.6% in the thirty-nine week period ended October 29, 2011, compared to 4.1% for the thirty-nine week period ended October 30, 2010. This increase was primarily due to operating efficiencies achieved resulting in higher pre-tax income as a percentage of net sales. The combined federal, state and local effective income tax rate as a percentage of pre-tax income was 36.7% and 37.4% for the thirty-nine week period ended October 29, 2011 and October 30, 2010, respectively. The decrease in rate resulted from a decrease in incentive stock option expense, an increase in employment-related income tax credits, the resolution of an income tax matter with a state taxing authority and the expiration of the statute of limitations on previously open tax years.
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