Hibbett Sports Inc. (HIBB, Financial) filed Quarterly Report for the period ended 2010-05-01.
Hibbett Sports Inc. has a market cap of $722 million; its shares were traded at around $25.06 with a P/E ratio of 18.8 and P/S ratio of 1.2. 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 Pioneer Investments, Pioneer Investments, Steven Cohen of SAC Capital Advisors.
Net sales. Net sales increased $26.8 million, or 17.0%, to $184.5 million for the thirteen weeks ended May 1, 2010 from $157.7 million for the comparable period in the prior year. Furthermore:
Net cash used in investing activities in the thirteen-week period ended May 1, 2010 totaled $1.5 million compared with net cash used in investing activities of $2.4 million in the thirteen-week period ended May 2, 2009. Capital expenditures used $1.3 million and $2.6 million of cash in the thirteen-week periods ended May 1, 2010 and May 2, 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 slowing of new store openings and 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 May 1, 2010, the only indebtedness we had outstanding related to a capital lease obligation in the amount of $0.2 million. At May 1, 2010, we had no borrowings outstanding under our credit facilities. There were three days during the thirteen-week period ended May 1, 2010, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $2.1 million and a weighted-average interest rate of 2.23%.
At January 30, 2010, the only indebtedness we had outstanding related to a capital lease obligation in the amount of $0.3 million. At January 30, 2010, we had no borrowings outstanding under any credit facility. There were 110 days during the 52 weeks ended January 30, 2010, where we incurred borrowings against our credit facilities for an average borrowing of $7.3 million. During Fiscal 2010, the maximum amount outstanding against these agreements was $13.9 million and the weighted average interest rate was 1.82%.
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 May 1, 2010 and January 30, 2010, we estimated that the liability related to these matters was approximately $0.4 million and $0.3 million, respectively and accordingly, accrued $0.4 million and $0.3 million, respectively, as a current liability on our unaudited condensed consolidated balance sheets.
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Hibbett Sports Inc. has a market cap of $722 million; its shares were traded at around $25.06 with a P/E ratio of 18.8 and P/S ratio of 1.2. 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 Pioneer Investments, Pioneer Investments, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
The strong sales trend we experienced in the fourth quarter of last year continued throughout the first quarter of this year. Our overall positive sales performance was driven by double-digit increases in footwear and apparel. Net sales for the 13-week period ended May 1, 2010, increased 17.0% to $184.5 million compared with $157.7 million for the 13-week period ended May 2, 2009. Comparable store sales increased 14.5%. Operating income was 15.0% of net sales for the first quarter of Fiscal 2011 compared with 11.1% of net sales for the first quarter of Fiscal 2010. Net income for the first quarter of Fiscal 2011 increased 58.9% to $17.3 million compared with $10.9 million for the first quarter of Fiscal 2010. Earnings per diluted share increased 56.8% to $0.59 compared with $0.38 for the first quarter of Fiscal 2010.Net sales. Net sales increased $26.8 million, or 17.0%, to $184.5 million for the thirteen weeks ended May 1, 2010 from $157.7 million for the comparable period in the prior year. Furthermore:
Net cash used in investing activities in the thirteen-week period ended May 1, 2010 totaled $1.5 million compared with net cash used in investing activities of $2.4 million in the thirteen-week period ended May 2, 2009. Capital expenditures used $1.3 million and $2.6 million of cash in the thirteen-week periods ended May 1, 2010 and May 2, 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 slowing of new store openings and 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 May 1, 2010, the only indebtedness we had outstanding related to a capital lease obligation in the amount of $0.2 million. At May 1, 2010, we had no borrowings outstanding under our credit facilities. There were three days during the thirteen-week period ended May 1, 2010, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $2.1 million and a weighted-average interest rate of 2.23%.
At January 30, 2010, the only indebtedness we had outstanding related to a capital lease obligation in the amount of $0.3 million. At January 30, 2010, we had no borrowings outstanding under any credit facility. There were 110 days during the 52 weeks ended January 30, 2010, where we incurred borrowings against our credit facilities for an average borrowing of $7.3 million. During Fiscal 2010, the maximum amount outstanding against these agreements was $13.9 million and the weighted average interest rate was 1.82%.
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 May 1, 2010 and January 30, 2010, we estimated that the liability related to these matters was approximately $0.4 million and $0.3 million, respectively and accordingly, accrued $0.4 million and $0.3 million, respectively, as a current liability on our unaudited condensed consolidated balance sheets.
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