Hibbett (HIBB) 10-Q 13 Jun 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	May 05, 2018	Jun. 07, 2018	Jul. 29, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	HIBBETT SPORTS INC
Entity Central Index Key	1,017,480
Current Fiscal Year End Date	--02-02
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 313,135,768
Entity Common Stock, Shares Outstanding		18,945,849
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 5, 2018

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 05, 2018	Feb. 03, 2018
Current Assets:
Cash and cash equivalents	$ 115,827	$ 73,544
Inventories, net	229,109	253,201
Other current assets	18,840	20,029
Total current assets	363,776	346,774
Property and equipment	256,549	258,010
Less accumulated depreciation and amortization	149,417	148,312
Property and equipment, net	107,132	109,698
Other assets, net	4,341	5,374
Total Assets	475,249	461,846
Current Liabilities:
Accounts payable	83,406	93,435
Accrued payroll expenses	7,286	10,424
Deferred rent	5,666	5,909
Capital lease obligations	641	663
Other accrued expenses	10,254	5,136
Total current liabilities	107,253	115,567
Deferred rent	20,224	20,291
Other liabilities	6,089	6,392
Total liabilities	133,566	142,250
Stockholders' Investment:
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued	0	0
Common stock, $.01 par value, 80,000,000 shares authorized, 38,946,439 and 38,862,929 shares issued at May 5, 2018 and February 3, 2018, respectively	389	389
Paid-in capital	182,630	180,536
Retained earnings	752,765	731,901
Treasury stock, at cost; 19,950,590 and 19,910,291 shares repurchased at May 5, 2018 and February 3, 2018, respectively	(594,101)	(593,230)
Total stockholders' investment	341,683	319,596
Total Liabilities and Stockholders' Investment	$ 475,249	$ 461,846

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares	May 05, 2018	Feb. 03, 2018
Stockholders' Investment:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	38,946,439	38,862,929
Treasury stock, shares (in shares)	19,950,590	19,910,291

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 274,707	$ 275,688
Cost of goods sold	177,934	177,470
Gross margin	96,773	98,218
Store operating, selling and administrative expenses	61,904	58,337
Depreciation and amortization	6,248	5,713
Operating income	28,621	34,168
Interest expense, net	57	66
Income before provision for income taxes	28,564	34,102
Provision for income taxes	7,055	13,192
Net income	$ 21,509	$ 20,910
Basic earnings per share (in dollars per share)	$ 1.13	$ 0.98
Diluted earnings per share (in dollars per share)	$ 1.12	$ 0.97
Weighted average shares outstanding:
Basic (in dollars per share)	18,970	21,316
Diluted (in dollars per share)	19,143	21,466

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Cash Flows From Operating Activities:
Net income	$ 21,509	$ 20,910
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,248	5,713
Stock-based compensation	1,736	1,703
Other non-cash adjustments to net income	161	96
Changes in operating assets and liabilities:
Inventories, net	25,087	31,342
Prepaid expenses and other	5,034	9,592
Accounts payable	(10,222)	(7,123)
Other assets and liabilities	(2,530)	4,637
Net cash provided by operating activities	47,023	66,870
Cash Flows From Investing Activities:
Capital expenditures	(4,095)	(7,796)
Other, net	28	(80)
Net cash used in investing activities	(4,067)	(7,876)
Cash Flows From Financing Activities:
Cash used for stock repurchases	(455)	(21,636)
Net payments on capital lease obligations	(160)	(146)
Proceeds from options exercised and purchase of shares under the employee stock purchase plan	358	387
Other, net	(416)	(701)
Net cash used in financing activities	(673)	(22,096)
Net increase in cash and cash equivalents	42,283	36,898
Cash and cash equivalents, beginning of period	73,544	38,958
Cash and cash equivalents, end of period	$ 115,827	$ 75,856

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	May 05, 2018
Basis of Presentation and Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	1. Basis of Presentation and Accounting Policies The accompanying unaudited condensed consolidated financial statements of Hibbett Sports, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of February 3, 2018, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to "we," "our," "us" and the "Company" refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2018 filed on March 30, 2018. In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of May 5, 2018 and the results of our operations and cash flows for the periods presented. There were no material changes in our significant accounting policies as disclosed in our Annual Report on Form 10-K for the fiscal year ended February 3, 2018 filed with the Securities and Exchange Commission on March 30, 2018, except as set forth below: Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers Retail Store Sales Digital Channel Sales Layaways Customer Orders Hibbett Rewards Program Gift Cards All deferred revenue is short-term in nature and is included in accounts payable on our unaudited condensed consolidated balance sheet. The liability for return sales is estimated at each reporting period based on historical return patterns and is recognized at the transaction price. The liability is included in accounts payable on our unaudited condensed consolidated balance sheet. We also recognize a return asset and a corresponding adjustment to cost of goods sold for our right to recover the merchandise returned by the customer. This right to recover asset is included in net inventory on our unaudited condensed consolidated balance sheet at the former carrying value of the merchandise less any expected recovery costs which was $0.2 million at May 5, 2018. Thirteen Weeks Ended May 5, 2018 April 29, 2017 Footwear $ 158,587 $ 157,570 Apparel 64,364 63,876 Equipment 51,756 54,242 Total $ 274,707 $ 275,688

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	May 05, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Standards that were adopted In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard related to revenue recognition. Under ASU 2014-09, Revenue from Contracts with Customers In preparation for implementation of the standard, we identified the revenue streams that would be affected. We then designed and implemented processes and internal controls to appropriately recognize and present the associated financial information. Based on these efforts, we determined that the adoption of ASU 2014-09 changes the recognition and presentation of: · The stand-alone benefit received by customers through the Hibbett Rewards customer loyalty program recorded as a separate performance obligation, · Gift card breakage income recognized in net sales in proportion to the customer redemption pattern, and · The liability for net sales returns recognized on a gross basis including a right to recover asset measured at the former carrying value of the inventory less any expected recovery costs. We applied ASU 2014-09 only to contracts that were not completed prior to Fiscal 2019. The cumulative effect of initially applying ASU 2014-09 was a $0.6 million decrease to the opening balance of retained earnings as of February 4, 2018. We expect the adoption to be immaterial to our financial position, results of operations and cash flows on an ongoing basis. The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated balance sheet as of May 5, 2018 was (in thousands): As Reported ASU 2014-09 Effect (1) Excluding ASU 2014-09 Effect Inventories, net $ 229,109 $ (242 ) $ 229,351 Other current assets $ 18,840 $ 20 $ 18,820 Accounts payable $ 83,406 $ 81 $ 83,325 Other accrued expenses $ 10,254 $ (140 ) $ 10,394 (1) Does not include the cumulative effect of initially adopting ASU 2014-09 to our consolidated balance sheet as adjusted as of February 4, 2018. As Reported ASU 2014-09 Effect Excluding ASU 2014-09 Effect Net sales $ 274,707 $ (178 ) $ 274,885 Cost of goods sold $ 177,934 $ 22 $ 177,912 Gross margin $ 96,773 $ (200 ) $ 96,973 Store operating, selling and administrative expenses $ 61,904 $ (36 ) $ 61,940 Income before provision for income taxes $ 28,564 $ (164 ) $ 28,728 Provision for income taxes $ 7,055 $ (41 ) $ 7,096 Net income $ 21,509 $ (123 ) $ 21,632 Diluted earnings per share $ 1.12 $ (0.01 ) $ 1.13 Standards that are not yet adopted In February 2016, the FASB issued ASU 2016-02 – Leases While we continue to assess the effect of adoption of ASU 2016-02 and the available practical expedients, we anticipate its implementation will result in recognition of approximately $155.0 million to $185.0 million in net ROU assets and approximately $180.0 million to $210.0 million in lease liabilities. We do not expect a significant change in our leasing strategy between now and adoption. We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations. As of May 5, 2018, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	May 05, 2018
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments We utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: Level I Level II Level III The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of May 5, 2018 and February 3, 2018 (in thousands): May 5, 2018 February 3, 2018 Level I Level II Level III Level I Level II Level III Short-term investments $ 463 $ - $ - $ 463 $ - $ - Long-term investments 2,421 - - 2,418 - - Total investments $ 2,884 $ - $ - $ 2,881 $ - $ -

Debt

Debt	3 Months Ended
	May 05, 2018
Debt Disclosure [Abstract]
Debt	4. Debt At May 5, 2018, we had two unsecured credit facilities; one which allows for borrowings up to $30.0 million with an interest rate agreed upon between the lender and us at the time a loan is made and one which allows for borrowings up to $30.0 million with an interest rate at one month LIBOR plus 2.0%. Both facilities expire in April 2019. Under the provisions of both facilities, we do not pay commitment fees nor are we subject to covenant requirements. At May 5, 2018, a total of $60.0 million was available to us from these facilities. At February 3, 2018, we had two unsecured credit facilities, which were renewable in March and April 2018, respectively. The March facility allowed for borrowings up to $30.0 million with an interest rate agreed upon between the lender and us at the time a loan is made. The April facility allowed for borrowings up to $30.0 million at a rate of one month LIBOR plus 2.5%. Under the provisions of both facilities, we did not pay commitment fees nor were we subject to covenant requirements. We did not incur any borrowings against our credit facilities during the thirteen-week period ended May 5, 2018. There were seven days during the 53 weeks ended February 3, 2018, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $4.1 million and $4.9 million, respectively, and an average interest rate of 2.78%.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	May 05, 2018
Stock-Based Compensation [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation The compensation costs that have been charged against income for the thirteen weeks ended May 5, 2018 and April 29, 2017 were as follows (in thousands): Thirteen Weeks Ended May 5, 2018 April 29, 2017 Stock-based compensation expense by type: Stock options $ 160 $ 173 Restricted stock unit awards, including performance-based 1,524 1,491 Employee stock purchases 29 33 Director deferred compensation 23 6 Total stock-based compensation expense 1,736 1,703 Income tax benefit recognized 393 614 Stock-based compensation expense, net of income tax $ 1,343 $ 1,089 In the thirteen weeks ended May 5, 2018 and April 29, 2017, we granted the following equity awards: Thirteen Weeks Ended May 5, 2018 April 29, 2017 Stock options 19,994 20,372 Restricted stock unit awards 169,572 108,429 Performance-based restricted stock unit awards 44,700 54,900 Deferred stock units 979 201 At May 5, 2018, the total compensation costs related to nonvested restricted stock unit awards not yet recognized was $8.5 million and the weighted-average period over which such awards are expected to be recognized was 3.2 years. The total compensation costs related to nonvested stock options to be recognized was $25,000 and the period over which the award is expected to be recognized was 0.4 years at May 5, 2018. Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 4,435 and 3,361 shares of our common stock were awarded during the thirteen weeks ended May 5, 2018 and April 29, 2017, respectively, as part of the annual equity award to directors in the first quarter. The weighted-average grant date fair value of stock options granted during the thirteen weeks ended May 5, 2018 and April 29, 2017 was $7.15 and $8.47 per share, respectively. Our employee purchases of common stock, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: Thirteen Weeks Ended May 5, 2018 April 29, 2017 Shares purchased 6,554 5,464 Average price per share $ 17.34 $ 25.08 Weighted average fair value at grant date $ 4.53 $ 5.60

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 05, 2018
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended May 5, 2018 April 29, 2017 Weighted-average shares used in basic computations 18,970 21,316 Dilutive equity awards 173 150 Weighted-average shares used in diluted computations 19,143 21,466 For the thirteen weeks ended May 5, 2018, we excluded 225,534 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. For the thirteen weeks ended April 29, 2017, we excluded 203,757 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. We excluded 94,800 nonvested stock awards granted to certain employees from the computation of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by May 5, 2018. Assuming the performance-criteria had been achieved as of May 5, 2018, the incremental dilutive impact would have been 51,795 shares.

Stock Repurchase Activity

Stock Repurchase Activity	3 Months Ended
	May 05, 2018
Stock Repurchase Activity [Abstract]
Stock Repurchase Activity	7. Stock Repurchase Activity In November 2015, the Board of Directors (Board) authorized a Stock Repurchase Program (Program) of $300.0 million to repurchase our common stock through February 2, 2019. The Program replaced an existing program and authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization. During the thirteen weeks ended May 5, 2018, we repurchased 40,299 shares of our common stock at a cost of $0.9 million, including 18,765 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.4 million. During the thirteen weeks ended April 29, 2017, we repurchased 748,134 shares of our common stock at a cost of $22.3 million, including 23,690 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.7 million. As of May 5, 2018, we had approximately $203.6 million remaining under the Program for stock repurchases.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 05, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Lease Commitments. We have entered into capital leases for certain property. At May 5, 2018, total capital lease obligations were $2.8 million, of which $0.6 million was included in short-term capital lease obligations and $2.2 million was included in other liabilities on our unaudited condensed consolidated balance sheet. At February 3, 2018, total capital lease obligations were $3.2 million, of which $0.7 million was included in short-term capital lease obligations and $2.5 million was included in other liabilities on our unaudited condensed consolidated balance sheet. During the thirteen weeks ended May 5, 2018, we opened seven stores and closed 18 stores, thus decreasing our lease commitments by a net of 11 retail stores. The stores we opened have initial lease termination dates between May 2023 and May 2028. Annual Bonuses and Equity Incentive Awards. Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance. At May 5, 2018 and February 3, 2018, there was $1.2 million and $1.9 million, respectively, of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets. In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our "named executive officers" as determined in accordance with Item 402(a) of Regulation S-K. The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time. These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, Legal Proceedings and Other Contingencies. If we believe that a loss is both probable and estimable for a particular matter, the loss is accrued in accordance with the requirements of ASC Topic 450, Contingencies

Income Taxes

Income Taxes	3 Months Ended
	May 05, 2018
Income Taxes [Abstract]
Income Taxes	9. Income Taxes Our effective tax rate is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income for the full year and record a quarterly income tax provision (benefit) in accordance with the anticipated annual effective rate and adjust for discrete items. We update the estimates of the taxable income throughout the year as new information becomes available, including year-to-date financial results. This process often results in a change to our expected effective tax rate for the year. When this occurs, we adjust the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. At May 5, 2018, we had a liability of $1.3 million associated with unrecognized tax benefits. We file income tax returns in the U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2015 or by most state taxing jurisdictions for years prior to Fiscal 2014.

Basis of Presentation and Acc15

Basis of Presentation and Accounting Policies (Tables)	3 Months Ended
	May 05, 2018
Basis of Presentation and Accounting Policies [Abstract]
Disaggregation of revenue by major product categories	Revenues disaggregated by major product categories are as follows (in thousands): Thirteen Weeks Ended May 5, 2018 April 29, 2017 Footwear $ 158,587 $ 157,570 Apparel 64,364 63,876 Equipment 51,756 54,242 Total $ 274,707 $ 275,688

Recent Accounting Pronounceme16

Recent Accounting Pronouncements (Tables)	3 Months Ended
	May 05, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated balance sheet as of May 5, 2018 was (in thousands): As Reported ASU 2014-09 Effect (1) Excluding ASU 2014-09 Effect Inventories, net $ 229,109 $ (242 ) $ 229,351 Other current assets $ 18,840 $ 20 $ 18,820 Accounts payable $ 83,406 $ 81 $ 83,325 Other accrued expenses $ 10,254 $ (140 ) $ 10,394 (1) Does not include the cumulative effect of initially adopting ASU 2014-09 to our consolidated balance sheet as adjusted as of February 4, 2018. As Reported ASU 2014-09 Effect Excluding ASU 2014-09 Effect Net sales $ 274,707 $ (178 ) $ 274,885 Cost of goods sold $ 177,934 $ 22 $ 177,912 Gross margin $ 96,773 $ (200 ) $ 96,973 Store operating, selling and administrative expenses $ 61,904 $ (36 ) $ 61,940 Income before provision for income taxes $ 28,564 $ (164 ) $ 28,728 Provision for income taxes $ 7,055 $ (41 ) $ 7,096 Net income $ 21,509 $ (123 ) $ 21,632 Diluted earnings per share $ 1.12 $ (0.01 ) $ 1.13

Fair Value of Financial Instr17

Fair Value of Financial Instruments (Tables)	3 Months Ended
	May 05, 2018
Fair Value of Financial Instruments [Abstract]
Financial assets measured at fair value on a recurring basis	The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of May 5, 2018 and February 3, 2018 (in thousands): May 5, 2018 February 3, 2018 Level I Level II Level III Level I Level II Level III Short-term investments $ 463 $ - $ - $ 463 $ - $ - Long-term investments 2,421 - - 2,418 - - Total investments $ 2,884 $ - $ - $ 2,881 $ - $ -

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	May 05, 2018
Stock-Based Compensation [Abstract]
Stock-based compensation expense by type	The compensation costs that have been charged against income for the thirteen weeks ended May 5, 2018 and April 29, 2017 were as follows (in thousands): Thirteen Weeks Ended May 5, 2018 April 29, 2017 Stock-based compensation expense by type: Stock options $ 160 $ 173 Restricted stock unit awards, including performance-based 1,524 1,491 Employee stock purchases 29 33 Director deferred compensation 23 6 Total stock-based compensation expense 1,736 1,703 Income tax benefit recognized 393 614 Stock-based compensation expense, net of income tax $ 1,343 $ 1,089
Equity awards granted during the period	In the thirteen weeks ended May 5, 2018 and April 29, 2017, we granted the following equity awards: Thirteen Weeks Ended May 5, 2018 April 29, 2017 Stock options 19,994 20,372 Restricted stock unit awards 169,572 108,429 Performance-based restricted stock unit awards 44,700 54,900 Deferred stock units 979 201
Employee Stock Purchases during the period	Our employee purchases of common stock, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: Thirteen Weeks Ended May 5, 2018 April 29, 2017 Shares purchased 6,554 5,464 Average price per share $ 17.34 $ 25.08 Weighted average fair value at grant date $ 4.53 $ 5.60

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 05, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding	The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended May 5, 2018 April 29, 2017 Weighted-average shares used in basic computations 18,970 21,316 Dilutive equity awards 173 150 Weighted-average shares used in diluted computations 19,143 21,466

Basis of Presentation and Acc20

Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Disaggregation of revenue by major product categories [Line Items]
Net sales	$ 274,707	$ 275,688
Deferred Revenue Arrangement [Line Items]
Revenue Recognition, Sales Returns, Reserve for Sales Returns	$ 200
Days Allowed For Entire Purchase Price For Merchandise Placed On Layaway	within 30 days
Footwear [Member]
Disaggregation of revenue by major product categories [Line Items]
Net sales	$ 158,587	157,570
Apparel [Member]
Disaggregation of revenue by major product categories [Line Items]
Net sales	64,364	63,876
Sports Equipment [Member]
Disaggregation of revenue by major product categories [Line Items]
Net sales	51,756	$ 54,242
Hibbett Rewards Program [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	1,500
Gift Cards [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 5,200

Recent Accounting Pronounceme21

Recent Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Inventories, net	$ 229,109		$ 253,201
Other current assets	18,840		20,029
Accounts payable	83,406		93,435
Other accrued expenses	10,254		5,136
Net sales	274,707	$ 275,688
Cost of goods sold	177,934	177,470
Gross margin	96,773	98,218
Store operating, selling and administrative expenses	61,904	58,337
Income before provision for income taxes	28,564	34,102
Provision for income taxes	7,055	13,192
Net income	$ 21,509	$ 20,910
Diluted earnings per share (in dollars per share)	$ 1.12	$ 0.97
Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ (600)
ASU 2014-09 Effect [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Inventories, net	$ (242)
Other current assets	20
Accounts payable	81
Other accrued expenses	(140)
Net sales	(178)
Cost of goods sold	22
Gross margin	(200)
Store operating, selling and administrative expenses	(36)
Income before provision for income taxes	(164)
Provision for income taxes	(41)
Net income	$ (123)
Diluted earnings per share (in dollars per share)	$ (0.01)
Excluding ASU 2014-09 Effect [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Inventories, net	$ 229,351
Other current assets	18,820
Accounts payable	83,325
Other accrued expenses	10,394
Net sales	274,885
Cost of goods sold	177,912
Gross margin	96,973
Store operating, selling and administrative expenses	61,940
Income before provision for income taxes	28,728
Provision for income taxes	7,096
Net income	$ 21,632
Diluted earnings per share (in dollars per share)	$ 1.13

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	May 05, 2018	Feb. 03, 2018
Level I [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 463	$ 463
Long-term investments	2,421	2,418
Total investments	2,884	2,881
Level II [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Total investments	0	0
Level III [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Total investments	$ 0	$ 0

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended	12 Months Ended
	May 05, 2018USD ($)CreditFacility	Feb. 03, 2018USD ($)CreditFacility
Line of Credit Facility [Line Items]
Number of unsecured credit facilities | CreditFacility	2	2
Available borrowings under credit facilities	$ 60	$ 60
Days borrowings incurred against facilities	0 days	7 days
Average borrowings outstanding	$ 0	$ 4.1
Maximum borrowings outstanding	$ 0	$ 4.9
Average interest rate on outstanding borrowings	0.00%	2.78%
BOA Renewal of Line of Credit [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility		Mar. 31, 2018
Maximum borrowing capacity under renewed facility		$ 30
Line of Credit Facility, Interest Rate Description		an interest rate agreed upon between the lender and us at the time a loan is made
Regions LOC [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility	Apr. 30, 2019	Apr. 30, 2018
Maximum borrowing capacity under renewed facility	$ 30	$ 30
Line of Credit Facility, Interest Rate Description	one month LIBOR plus 2.0%	one month LIBOR plus 2.5%
Description of variable interest rate basis	one month LIBOR	one month LIBOR
Basis spread on variable interest rate (in hundredths)	2.00%	2.50%
Debt outstanding at period end	$ 0
Bank of America LOC [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility	Apr. 30, 2019
Maximum borrowing capacity under renewed facility	$ 30
Line of Credit Facility, Interest Rate Description	an interest rate agreed upon between the lender and us at the time a loan is made
Debt outstanding at period end	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Stock-based compensation expense by type [Abstract]
Stock options	$ 160,000	$ 173,000
Restricted stock unit awards, including performance-based	1,524,000	1,491,000
Employee stock purchases	29,000	33,000
Director deferred compensation	23,000	6,000
Total stock-based compensation expense	1,736,000	1,703,000
Income tax benefit recognized	393,000	614,000
Stock-based compensation expense, net of income tax	$ 1,343,000	$ 1,089,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock purchased during the period under the employee stock purchase plan (in shares)	6,554	5,464
Shares Awarded (in shares)	4,435	3,361
Weighted-average grant date fair value of stock options granted (in dollars per share)	$ 7.15	$ 8.47
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share)	4.53	5.60
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share)	$ 17.34	$ 25.08
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	19,994	20,372
Total compensation costs related to nonvested awards not yet recognized	$ 25,000
Weighted-average period over which nonvested awards are expected to be recognized (in years)	4 months 24 days
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	169,572	108,429
Total compensation costs related to nonvested awards not yet recognized	$ 8,500,000
Weighted-average period over which nonvested awards are expected to be recognized (in years)	3 years 2 months 12 days
Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	44,700	54,900
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	979	201

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Earnings Per Share [Abstract]
Weighted-average shares used in basic computations (in shares)	18,970,000	21,316,000
Dilutive equity awards (in shares)	173,000	150,000
Weighted-average shares used in diluted computations (in shares)	19,143,000	21,466,000
Nonvested Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	94,800
Incremental dilutive impact if performance criteria had been achieved (in shares)	51,795
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	225,534	203,757

Stock Repurchase Activity (Deta

Stock Repurchase Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 19, 2015	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
Equity, Class of Treasury Stock [Line Items]
Amount authorized under stock repurchase program	$ 300,000	$ 300,000
Stock Repurchase Program Expiration Date	Feb. 2, 2019
Shares of common stock repurchased during the period (in shares)		40,299	748,134
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares)		18,765	23,690
Value of common stock repurchased during current period		$ 900	$ 22,300
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards		$ 400	$ 700
Shares of common stock repurchased to date (in shares)		19,950,590		19,910,291
Value of common stock repurchased to date		$ 594,101		$ 593,230
Value of shares of common stock remaining available for repurchase under the program		$ 203,600

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	May 05, 2018USD ($)Lease	Feb. 03, 2018USD ($)
Commitments and Contingencies [Abstract]
Capital lease obligation	$ 2,800	$ 3,200
Capital lease obligations	641	663
Capital lease obligation included in long-term liabilities	$ 2,200	2,500
Stores opened | Lease	7
Stores closed | Lease	18
Decrease in retail store lease commitments | Lease	11
Annual Bonuses and Equity Incentive Awards [Abstract]
Annual bonus related expenses included in accrued payroll expenses	$ 1,200	$ 1,900
Minimum [Member]
Other Commitments
Initial Lease Termination Dates	May 2,023
Maximum [Member]
Other Commitments
Initial Lease Termination Dates	May 2,028

Income Taxes (Details)

Income Taxes (Details) $ in Millions	May 05, 2018USD ($)
Reconciliation of unrecognized tax benefit [Roll Forward]
Unrecognized tax benefits that would affect effective income tax rate	$ 1.3