EXHIBIT 99.1
(Hibbett Sporting Goods, Inc. Letterhead)
Contact: | Gary Smith |
| Vice-President & |
| Chief Financial Officer |
| (205) 942-4292 |
HIBBETT SPORTING GOODS ANNOUNCES SALES FOR
FOURTH QUARTER AND FISCAL 2006
• | January Comp Sales Up 5.0% | |
• | Fourth Quarter Comp Sales Up 2.5% |
• | Fiscal 2006 Comp Sales Up 5.6% | |
| | | |
BIRMINGHAM, Ala. (February 2, 2006) – Hibbett Sporting Goods, Inc. (NASDAQ/NM: HIBB), a rapidly growing sporting goods retailer, today announced sales for the fourth quarter and fiscal year ended January 28, 2006. The Company will report earnings results for both periods on March 9, 2006.
Net sales for the 13-week period ended January 28, 2006, increased 12.8% to $120.8 million, a new Company record, compared with net sales of $107.1 million for the 13-week period ended January 29, 2005. Comparable store sales for the fourth quarter increased 2.5% over the prior-year period.
Comparable store net sales data reflects sales for our Hibbett Sports and Sports Additions stores open through the 13-week periods ended January 28, 2006 and January 29, 2005.
For the 52-week fiscal year ended January 28, 2006, net sales increased 16.6% to $440.3 million, a new Company record, compared with $377.5 million for the 52-week period ended January 29, 2005. Comparable store sales for the year increased 5.6% over the prior-year period.
For the quarter, the Company opened a net of 23 new stores. For the year, the Company opened a net of 67 new stores, bringing the total to 549 stores in 22 states. Hibbett expects to open a net of approximately 80 to 85 new stores in fiscal 2007.
Commenting on the announcement, Mickey Newsome, Chairman and Chief Executive Officer, stated, “Hibbett continued the positive comparable store sales momentum through January that we have exhibited throughout the year. Equipment, footwear and apparel were all positive. We are pleased that our inventory management efforts continue to yield positive results, including faster turns and margin expansion.”
Hibbett Sporting Goods, Inc. is a rapidly growing operator of 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 enclosed malls and dominant strip centers.
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 company growth, store opening plans, product performance, operating efficiencies, sales (including comparable store sales) and earnings expectations. 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 14, 2005 as amended on Form 10-K/A on April 19, 2005 and our most recent prospectus supplement filed May 2, 2003. In addition, our estimates of annual earnings for fiscal 2006 do not reflect the impact of Financial Accounting Standard 123(R) regarding share-based payments. 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.
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