HIBBETT SPORTING GOODS INC

CIK:0001017480|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Income Statement [Abstract]
Net sales	$ 447,163	$ 455,497
Cost of goods sold	$ 286,957	$ 301,877
Cost of goods sold, as a percent to sales	64.20%	66.30%
Gross margin	$ 160,206	$ 153,620
Gross margin, as a percent to sales	35.80%	33.70%
Store operating, selling and administrative expenses	$ 105,927	$ 96,014
Store operating, selling and administrative expenses, as a percent to sales	23.70%	21.10%
Depreciation and amortization	$ 12,973	$ 11,693
Depreciation and amortization, as a percent to sales	2.90%	2.60%
Operating income	$ 41,306	$ 45,913
Operating income, as a percent to sales	9.20%	10.10%
Interest expense, net	$ 231	$ 1,327
Interest expense, net, as a percent to sales	0.10%	0.30%
Income before provision for income taxes	$ 41,075	$ 44,586
Income before provision for income taxes, as a percent to sales	9.20%	9.80%
Provision for income taxes	$ 8,575	$ 8,711
Provision for income taxes, as a percent to sales	1.90%	1.90%
Net income	$ 32,500	$ 35,875
Net income, as a percent to sales	7.30%	7.90%
Basic earnings per share (in dollars per share)	$ 2.73	$ 2.80
Diluted earnings per share (in dollars per share)	$ 2.67	$ 2.74
Weighted-average shares:
Basic (in shares)	11,909	12,791
Diluted (in shares)	12,153	13,111

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Cash Flows From Operating Activities:
Net income	$ 32,500	$ 35,875
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	12,973	11,693
Stock-based compensation	2,481	2,005
Impairment charges	825	199
Other non-cash adjustments	1,067	1,449
Changes in operating assets and liabilities:
Inventories, net	(26,965)	(17,119)
Receivables, net	7,158	7,277
Accounts payable	28,374	(62,361)
Other assets and liabilities	2,225	(5,815)
Net cash provided by (used in) operating activities	60,638	(26,797)
Cash Flows From Investing Activities:
Capital expenditures	(8,456)	(14,219)
Other, net	(90)	(12)
Net cash used in investing activities	(8,546)	(14,231)
Cash Flows From Financing Activities:
Proceeds under credit facilities	104,999	214,075
Repayments under credit facilities	(142,750)	(146,762)
Stock repurchases	0	(10,199)
Cash dividends paid to stockholders	(2,949)	(3,173)
Payments of finance lease obligations	(139)	(281)
Proceeds from options exercised and purchase of shares under employee stock purchase plan	469	1,124
Other, net	(4,271)	(2,845)
Net cash (used in) provided by financing activities	(44,641)	51,939
Net increase in cash and cash equivalents	7,451	10,911
Cash and cash equivalents, beginning of period	21,230	16,015
Cash and cash equivalents, end of period	$ 28,681	$ 26,926

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 28,681	$ 21,230	$ 26,926
Receivables, net	16,970	16,743	12,582
Inventories, net	371,259	344,294	437,957
Other current assets	19,213	24,448	13,662
Total current assets	436,123	406,715	491,127
Property and equipment, net	182,391	183,949	175,285
Operating right-of-use assets	277,122	280,755	262,999
Finance right-of-use assets, net	1,696	1,837	1,913
Tradename intangible asset	23,500	23,500	23,500
Deferred income taxes, net	2,874	3,024	2,744
Other assets, net	11,625	9,442	7,777
Total assets	935,331	909,222	965,345
Current liabilities:
Accounts payable	128,069	96,431	131,437
Operating lease obligations	71,666	71,448	73,142
Credit facility	7,545	45,296	103,577
Finance lease obligations	534	538	929
Accrued payroll expenses	14,656	8,488	7,707
Other accrued expenses	14,452	14,013	14,183
Total current liabilities	236,922	236,214	330,975
Operating lease obligations	242,231	245,649	228,645
Finance lease obligations	1,287	1,423	1,116
Other liabilities	7,638	6,911	5,594
Total liabilities	488,078	490,197	566,330
Stockholders' investment:
Preferred stock, $0.01 par value, no shares issued	0	0	0
Common stock - 40,384; 40,170; and 40,120 shares issued, respectively	404	402	401
Paid-in capital	224,616	221,668	216,309
Retained earnings	1,257,805	1,228,257	1,170,180
Treasury stock, at cost - 28,436; 28,376; and 27,373 shares repurchased, respectively	(1,035,572)	(1,031,302)	(987,875)
Total stockholders' investment	447,253	419,025	399,015
Total liabilities and stockholders' investment	$ 935,331	$ 909,222	$ 965,345