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4-Traders Homepage  >  Equities  >  Nasdaq  >  Hibbett Sports, Inc.    HIBB

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Hibbett : Hibbett Sporting Goods Announces Sales for Fourth Quarter and Fiscal 2007

02/08/2007 | 04:00pm US/Eastern

Hibbett Sporting Goods, Inc. (NASDAQ/GS: HIBB), a rapidly growing sporting goods retailer, today announced sales for the fourth quarter and fiscal year ended February 3, 2007. The Company will report earnings results for both periods on March 14, 2007.

Net sales for the 14-week period ended February 3, 2007, increased 25.1% to $151.2 million, compared with net sales of $120.8 million for the 13-week period ended January 28, 2006. Comparable store sales increased 5.9% for the comparable 13-week period.

For the 53-week fiscal year ended February 3, 2007, net sales increased 16.3% to $512.1 million, compared with $440.3 million for the 52-week period ended January 28, 2006. Comparable store sales for the year increased 3.8% for the comparable 52-week period of fiscal 2007.

Comparable store net sales data reflects sales for our Hibbett Sports and Sports Additions stores open through the 13-week and 52-week periods ended January 27, 2007, and the 13-week and 52-week periods ended January 28, 2006.

Commenting on the announcement, Mickey Newsome, Chairman and Chief Executive Officer, stated, ?Our comparable store sales were very strong in the second half of the year with a 6.6% increase. In the fourth quarter, activewear, licensed apparel, footwear and team sports equipment were all positive. Comparable store sales were led by youth apparel and youth footwear.?

For the quarter, the Company opened 25 new stores and closed 2 stores. For the year, the Company opened 74 new stores and closed 10 stores, bringing the total to 613 stores in 23 states.

Hibbett Sporting Goods, Inc. operates sporting goods stores in small to mid-sized markets, predominantly in the Sunbelt, Mid-Atlantic and Midwest. The Company's primary store format is Hibbett Sports, a 5,000-square-foot store located in dominant strip centers and enclosed malls.

A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in this press release are "forward looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward looking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or estimate. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including economic conditions, industry trends, merchandise trends, vendor relationships, customer demand, and competition. For a complete description of these factors, as well as others which could affect our business, you should carefully review the "Risk Factors," "Business," and "MD&A" sections in our Annual Report on Form 10-K filed on April 13, 2006 and our most recent prospectus supplement filed May 2, 2003. In light of these risks and uncertainties, the future events, developments or results described by our forward looking statements in this document could turn out to be materially and adversely different from those we discuss or imply. We are not obligated to release publicly any revisions to any forward looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

© Business Wire 2007
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