Hibbett Reports First Quarter Fiscal 2011 Results

http://www.businesswire.com/news/home/20100521005119/en

BIRMINGHAM, Ala.--(Business Wire)--
Hibbett Sports, Inc. (NASDAQ/GS: HIBB):

* EPS Increases 56.8%
* Record Operating Margin of 15.0%
* Comparable Store Sales Up 14.5%
* Strong Trends Continuing in Second Quarter
* Increases Guidance for Fiscal 2011

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today
announced results for the first quarter ended May 1, 2010.

Financial Highlights

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.

Jeff Rosenthal, President and Chief Executive Officer, stated, "The strong sales
trend we experienced in the fourth quarter of last year continued throughout the
first quarter of this year and into the second quarter. Our overall positive
sales performance was driven by double-digit increases in footwear and apparel.
The broad-based improvement and exceptional operating margin give us confidence
in our optimistic outlook for the remainder of the year."

In the first quarter, Hibbett opened 2 new stores and closed 2 stores, leaving
the store base at 767 in 24 states as of May 1, 2010. For Fiscal 2011, the
Company expects to open approximately 30 new stores and expand approximately 20
high performing locations. In its efforts to increase operating margins, Hibbett
intends to close 10 to 15 underperforming stores, which is permitted by the
terms of the leases for these stores.

Liquidity

Hibbett ended the first quarter of Fiscal 2011 with $71.4 million of available
cash and cash equivalents on the consolidated balance sheet, no bank debt and
full availability under its $80 million unsecured credit facilities. The Company
ended Fiscal 2010 with $49.7 million in cash and cash equivalents and no bank
debt.

Fiscal 2011 Outlook

The Company increased its earnings guidance for Fiscal 2011 to a range of $1.35
to $1.50 per diluted share based on mid- to high-single-digit increases in
comparable store sales for the full year.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday,
May 21, 2010, to discuss first quarter Fiscal 2011 results. The number to call
for the live interactive teleconference is (212) 231-2919. A replay of the
conference call will be available until May 28, 2010, by dialing (402) 977-9140
and entering the passcode, 21466896.

The Company will also provide an online Web simulcast and rebroadcast of its
Fiscal 2011 first quarter conference call. The live broadcast of Hibbett's
quarterly conference call will be available online at www.hibbett.com under
Investor Relations, www.streetevents.com and www.earnings.com on Friday, May 21,
2010, beginning at 10:00 a.m. ET. The online replay will follow shortly after
the call and continue through May 28, 2010.

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized
markets, predominately in the Southeast, Southwest, Mid-Atlantic and the lower
Midwest regions of the United States. The Company`s primary store format is
Hibbett Sports, a 5,000-square-foot store located in 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.For example, our forward looking statements include statements
regarding store opening plans, liquidity, earnings and sales trend expectations
for Fiscal 2011, store closing plans and future operating margins.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
discussion of these factors, as well as others which could affect our business,
you should carefully review our Annual Report and other reports filed from time
to time with the Securities and Exchange Commission, including the "Risk
Factors," "Business" and "MD&A" sections in our Annual Report on Form 10-K filed
on March 26, 2010.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.

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

Thirteen Weeks Ended
May 1, May 2,
2010 2009
Net sales $ 184,506 $ 157,700
Cost of goods sold, distribution center
and store occupancy costs 118,397 105,004
Gross profit 66,109 52,696
Store operating, selling and administrative
expenses 34,941 31,873
Depreciation and amortization 3,492 3,265
Operating income 27,676 17,558
Interest expense, net 6 2
Income before provision for income taxes 27,670 17,556
Provision for income taxes 10,329 6,644
Net income $ 17,341 $ 10,912

Net income per common share:
Basic $ 0.60 $ 0.38
Diluted $ 0.59 $ 0.38

Weighted average shares outstanding:
Basic 28,749 28,568
Diluted 29,364 28,971

Unaudited Condensed Consolidated Balance Sheets
(In thousands)

May 1, January 30,
2010 2010
Assets
Cash and cash equivalents $ 71,354 $ 49,691
Inventories, net 165,056 169,394
Other current assets 15,635 12,435
Total current assets 252,045 231,520
Property and equipment, net 38,800 41,084
Non-current assets 4,747 4,100
Total assets $ 295,592 $ 276,704

Liabilities and Stockholders' Investment
Accounts payable $ 60,560 $ 64,949
Other current liabilities 21,260 18,988
Total current liabilities 81,820 83,937
Non-current liabilities 17,032 17,688
Stockholders' investment 196,740 175,079
Total liabilities and stockholders' investment $ 295,592 $ 276,704

Hibbett Sports, Inc.
Gary A. Smith
Senior Vice President &
Chief Financial Officer
205-942-4292

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