Fourth Quarter Results
Net sales for the 13-week period ended
Gross margin was 31.5% of net sales for the 13-week period ended
Store operating, selling and administrative (SG&A) expenses were 26.8% of net sales for the 13-week period ended
Net income for the 13-week period ended
For the quarter, the Company opened four stores, rebranded three Hibbett stores to City Gear stores and closed 23 stores, bringing the store base to 1,081 in 35 states as of
Fiscal Year Results
Net sales for the 52-week period ended
Gross margin was 32.4% of net sales for the 52-week period ended
Store operating, selling and administrative expenses were 26.9% of net sales for the 52-week period ended
Net income for the 52-week period ended
Balance Sheet and Stock Repurchases
Hibbett ended the fourth quarter of Fiscal 2020 with
During the fourth quarter, the Company repurchased 532,702 shares of common stock for a total expenditure of
Fiscal 2021 Outlook
Due to the current uncertainty about the overall impact the Coronavirus will have on our businesses, the Company is not providing a full year outlook for Fiscal Year 2021 at this time. We hope to provide full year guidance in May, when we release our first quarter earnings for 2021.
Investor Conference Call and Simulcast
The Company will also provide an online Web simulcast and rebroadcast of its fourth quarter and Fiscal 2020 conference call. The live broadcast of Hibbett's quarterly conference call will be available online at www.hibbett.com under Investor Relations on
Hibbett, headquartered in
About Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, including adjusted net income, adjusted earnings per share, adjusted gross margin and adjusted SG&A expenses as a percentage of net sales. Management believes these non-GAAP financial measures are useful to investors to facilitate comparisons of our current financial results to historical operations, forward looking guidance and the financial results of peer companies, as they exclude the effects of items that may not be indicative of, or are unrelated to, the Company's underlying operating results, such as expenses related to the acquisition of City Gear and our strategic realignment plan. The costs related to the acquisition of City Gear include amortization of inventory step-up value, contingent earnout valuation updates and professional service fees and expenses consisting primarily of investment banking, legal and accounting fees and expenses. In future periods, such acquisition-related costs may include one or more of the following categories of expenses: (i) transition and integration costs, (ii) professional service fees and expenses and (iii) contingent earnout valuation updates.
While our management uses these non-GAAP financial measures as a tool to enhance their ability to assess certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial statements. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial statements, allows for greater transparency in the review of our financial and operational performance. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the sections titled 'GAAP to Non-GAAP Reconciliation' that accompany this press release.
Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the Company anticipates will or may occur in the future, including, but not limited to, such things as our Fiscal 2021 outlook, future capital expenditures, expansion, strategic plans, financial objectives, dividend payments, stock repurchases, growth of the Company's business and operations, including future cash flows, revenues, and earnings, the impact of the Coronavirus on our business and other such matters, are forward-looking statements. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to: changed in general economic or market conditions that could affect overall consumer spending or our industry; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to successfully execute our strategic realignment and realize its expected benefits; our ability to effectively drive operational efficiency in our business; the potential impact of new trade, tariff and tax regulations on our profitability; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts; the impact of public health crises, including the coronavirus, or other significant or catastrophic events; fluctuations in the costs of our products; loss of key suppliers or manufacturers or failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner, including due to port disruptions; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; our ability to successfully manage or realize expected results from acquisition, including our acquisition of City Gear, and other significant investments or capital expenditures; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; risks related to data security or privacy breaches; our ability to raise additional capital required to grow our business on terms acceptable to us; our potential exposure to litigation and other proceedings; and our ability to attract key talent and retain the services of our senior management and key employees.
For additional discussion on risks and uncertainties that may affect forward-looking statements, see 'Risk Factors' disclosed in our most recent Annual Report on Form 10-K and in our subsequent filings. Any changes in such assumptions or factors could produce materially different results. Forward-looking statements included in this release are made as of the date of this release. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
Unaudited Condensed Consolidated Statements of Operations: See details at:
https://hibbettsportsinc.gcs-web.com/news-releases/news-release-details/hibbett-reports-fourth-quarter-and-fiscal-2020-results
Excluded acquisition amounts during the 52-week period ended
2) Excluded severance costs incurred during the 52-week period ended
Interim Chief Financial Officer
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