Hibbett Reports Second Quarter Fiscal 2011 Results

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

* EPS Increases 257%
* Comparable Store Sales Up 11.9%
* Increases Guidance for Fiscal 2011

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today
announced results for the second quarter ended July 31, 2010.

Financial Highlights

Net sales for the 13-week period ended July 31, 2010, increased 13.6% to $139.8
million compared with $123.1 million for the 13-week period ended August 1,
2009. Comparable store sales increased 11.9%, making it the second straight
quarter the company has produced double digit comparable store sales growth. Net
income for the second quarter of Fiscal 2011 increased 261.9% to $4.0 million
compared with $1.1 million for the second quarter of Fiscal 2010. Earnings per
diluted share increased 257% to $0.14 compared with $0.04 for the second quarter
of Fiscal 2010.

Net sales for the 26-week period ended July 31, 2010, increased 15.5% to $324.3
million compared with $280.8 million for the 26-week period ended August 1,
2009. Comparable store sales increased 13.4%. Net income for the 26-week period
ended July 31, 2010, was $21.4 million compared with $12.0 million for the
26-week period ended August 1, 2009. Earnings per diluted share increased 75% to
$0.73 compared with $0.41 for the 26-week period ended August 1, 2009.

Jeff Rosenthal, President and Chief Executive Officer, stated, "This was a
tremendous first half of the year for Hibbett with earnings already equaling
what we achieved in the first three quarters last year. Based on our strong
second quarter and year-to-date performance, coupled with continuing strong
comparable store sales trends into the third quarter, we are raising our
expectation for Fiscal 2011."

In the second quarter, Hibbett opened 10 new stores and closed 3 stores,
bringing the store base to 774 in 25 states as of July 31, 2010, opening its
first stores in Colorado. 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 and Stock Repurchases

Hibbett ended the second quarter of Fiscal 2011 with $66.0 million of available
cash and cash equivalents on the consolidated balance sheet and $3.1 million in
debt. At quarter end a year ago, the Company had $15.6 million of available cash
and cash equivalents with no debt.

During the second quarter, the Company repurchased 200,000 shares of common
stock for a total expenditure of $4.9 million, bringing the total shares
repurchased since the inception of the program in August 2004 to 7,963,225
shares for a total expenditure of $171.9 million. Approximately $245.1 million
of the total authorization remains for future stock repurchases as of the end of
the second quarter of Fiscal 2011.

Fiscal 2011 Outlook

The Company increased its earnings guidance for Fiscal 2011 to a range of $1.45
to $1.55 per diluted share based on a mid- to high-single-digit increase in
comparable store sales in the second half of the year.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday,
August 20, 2010, to discuss second quarter Fiscal 2011 results. The number to
call for the live interactive teleconference is (212) 231-2900. A replay of the
conference call will be available until August 27, 2010, by dialing (402)
977-9140 and entering the passcode, 21466897.

The Company will also provide an online Web simulcast and rebroadcast of its
Fiscal 2011 second 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, August
20, 2010, beginning at 10:00 a.m. ET. The online replay will follow shortly
after the call and continue through August 27, 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 and, store closing plans.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 Twenty-Six Weeks Ended
July 31, August 1, July 31, August 1,
2010 2009 2010 2009
Net sales $ 139,819 $ 123,118 $ 324,325 $ 280,818
Cost of goods sold, distribution center and store occupancy costs 95,044 86,330 213,441 191,335
Gross profit 44,775 36,788 110,884 89,483
Store operating, selling and administrative expenses 34,917 31,313 69,858 63,185
Depreciation and amortization 3,377 3,537 6,869 6,802
Operating income 6,481 1,938 34,157 19,496
Interest expense, net 44 32 51 34
Income before provision for income taxes 6,437 1,906 34,106 19,462
Provision for income taxes 2,424 797 12,752 7,441
Net income $ 4,013 $ 1,109 $ 21,354 $ 12,021

Net income per common share:
Basic earnings per share $ 0.14 $ 0.04 $ 0.74 $ 0.42
Diluted earnings per share $ 0.14 $ 0.04 $ 0.73 $ 0.41

Weighted average shares outstanding:
Basic 28,786 28,633 28,768 28,600
Diluted 29,389 29,063 29,377 29,017

Unaudited Condensed Consolidated Balance Sheets
(In thousands)

July 31, January 30,
2010 2010
Assets
Cash and cash equivalents $ 65,956 $ 49,691
Inventories, net 177,758 169,394
Other current assets 23,153 12,435
Total current assets 266,867 231,520
Property and equipment, net 38,032 41,084
Non-current assets 5,188 4,100
Total assets $ 310,087 $ 276,704

Liabilities and Stockholders' Investment
Accounts payable $ 77,304 $ 64,949
Short-term debt and capital lease obligations 3,308 117
Other current liabilities 15,680 18,871
Total current liabilities 96,292 83,937
Non-current liabilities 16,830 17,688
Stockholders' investment 196,965 175,079
Total liabilities and stockholders' investment $ 310,087 $ 276,704

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

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