HIBB - Earnings call transcript Q1 2021

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Operator

Greetings and welcome to the Hibbett Sports First Quarter 2021 Earnings Conference Call.

During this presentation, all participants are in a listen-only mode. Afterwards, we’ll conduct a question-and-answer session. [Operator Instructions].

As a reminder, today’s conference is being recorded on Tuesday, May 26, 2020. turn and over Investor to Director Jason pleasure Finance of Relations. my the to conference Freuchtel, It's Please go ahead, sir.

Jason Freuchtel

quarter results Good morning. the the which operating review May X, Sports Hibbett year XXXX. first ended for on Thank you Company's for financial joining of XXXX, fiscal to and

the statements, management's response forward-looking not Before historical based I that facts, in to reflect to Safe conference are future Securities this which including are remind of Company's like begin, during risks. XXXX These call respect in your on statements. questions, we everyone and events those and would to Private uncertainties of current views reliance with comments which and financial are performance, to are Litigation the Harbor made Reform Act the subject on provisions

be in statements. the from Company's may future It that forward-looking the discussed results those and should differ noted anticipated materially

this been We Report information. differences Some the filings to news of to in Commission. and Securities contribute the with issued for sources those such you the or other factors the could and in described Form cause XX-K, morning, Exchange Company's refer have that release more on Annual

archived the information would days. of as XXXX. call that a this period out Lastly, are of the policy to XX to time-sensitive conference believed replay of the of of Because this information, understandings management's during is based Hibbett this remarks like I today's it point date, XX, call on and webcast accurate conference May of limit to nature Sports

Vice Operations. turn now Senior Vice President Longo. Officer; Chief on Knighten, Merchant; Executive and are Bob Mike over The Jared President the Volke, I'd Chief of and Chief Financial this to Vice Ben Longo, President to and and Senior call like call participants Briskin, Senior Mike President Officer;

Michael E. Longo

good and Jason morning everyone. you, Thank

is that I'd healthcare communities. can the by significantly and in people of give to to them assist we know we're or with or time, we we challenging very whether by their to thanks store, At of high we thoughts who center in and our our employees, this came the affected Before or service centers, problems, like crisis on economic them. people given physical We acknowledging situation. are the want many maintain to store environment. what the the in effect start this are support and impact delivered together, COVID-XX what level the our that through distribution team customer The are worked same believe good doing results very the our whether begin,

Because in work our have of in Our XXX have were the centered open expect. happy and of the well time as the safety, efforts we quarter our very to stores serve stores the of the quarter as With to focus the over sales, turn to customer platform. stores the on during our quarter XXXX regard digital At who day. around open results on every same customers safety and and stores delivers we store who public. end of at results increasing to in And a focus employee and had for safety, the as and return regard our our associates owners With we public are our stores, five we inventory today, open This on sharp XX% time. safety. doors key the to cash. fully the happy to have are customers to shop areas

mid-March experiencing to we prior in the and sales, were to accelerating regard stores comps both online. with Now

business. increased more digital product our in the stores. pivoted from growth this sales of time, digital for our business to continue believe were as same the our we us allocating These to With support rewarded At the operate to continued a though. emergence In our by maintain same with fulfill QX. the a ability decision we XXX% critical efforts allowed of our the dramatically, emphasizing we fell and the strong. great to stores employment marketing virus of At sales was in a allowed And time, We QX local people. to that authorities. be that the by e-commerce sales state and number reaction,

was employees help reopened people time benefits We've had we In took connection guaranteed us service it maintain other helped actions them financially to delivering and through allowed helped our inventory. to and with their issues stores we our staffing and things. their up it important, with amongst us payment our when hours, this steps Additionally, contact them. our trademark showed to And to appreciation of with our Combining paid off, medical service store people for business that customers. turn and additional no product to stores by continue our showing our customers. manage these digital our with to

release, earnings XX%. for comp the comps negative total quarter brick mortar the a was As XX%. and a were negative The you in sales the saw

I However, flow closely actions and and for at were be the quarter in maintaining sales And year, a the inventory, the of management our in though this also off. vendor was early quarter, detail business was digital of continues our merchant open our cash the earlier. moment. our those a last will versus with stores our to Jared XXX% down inventory positive, focus partners. finally, total result turned on of regard portion team outline strong of only actually that some greater by is intense and a working paid comps inventory at up even the of QX end said to the position in those time. With as And

played perspective crisis the a other he cash out. you by will the mentioned, the Chief welcome And unique if the before used bio new Financial of Officer. to everyone give detail Bob, compared the yourself to you the on team, job little has to I'll the of this the on so quarter middle of some cash And results, pretty His year. first you be quick approximately Bob a more Volke. all is end million we how During followed $XX Bob in give as day in and was a begin. on our about

Robert J. Volke

Mike Thanks, good and morning everyone.

in impressed a President where new Sports and Hibbett where Farm the firm of Indiana most here Hibbett equity excited this the After and company recently graduating a I've with level accounting the Appleton, Arthur Wisconsin, interesting, I the Andersen bit in Nashville, I'm manufacturing, been within organization. Tractor Fortune COVID-XX was XXX background. management Milwaukee, of even to industries. years the various I pandemic the Tennessee Supply, roles leadership a accounting and Corporate year I of at Fleet my the publishing Financial the retailer and spent backed from by been by including weeks in at private over has six here's certainly degree, XX in plus last team, positions XX rose organization XX Controller University years about of responded member the to future Officer. period responsibility then accounting of an more a little and the on increasing sector, management Chief Wisconsin. at but I've the have retail first As My Vice Interim joined way public in then held I challenges technology, presented the Controller

first to attention our results. turn we'll quarter the Now,

than the will more Also, an the as reported combined a Gear comp we Gear City As business extension one results Gear sales business treat in the City of reminder, be Hibbett for is now on our City figures owned as a included we consolidated and basis. have year.

sales declined the the For operate our XX% quarter, days year's to total first and of first compared overall XX.X% the to the last sales available quarter. quarter during of declined despite increase fact XX.X% that for net XXX.X X.X% population only about comp store million,

sales closure negative with seen period. sales and this had strong the locations acceleration during degrees experienced has comp stores results our May. of during the While reopening we've end toward very continued coincides we April retail quarter, the comparable during an varying and of the impact acceleration first This sales significant on to into that a of April of our March our

to also our We and fulfill where municipalities. continued allowed by e-commerce landlords orders local

growth of just sales year. a quarter. of during first the we XXX.X% E-commerce e-commerce compared XX% sales represented had As net sales result, over total to last

primarily quarter. market in the The the GAAP closures. Our basis compared the year, was increased points prior during larger to inventory as aged margin XXX our the to store or representation of sales a impacted COVID-XX declined attributable approximately million margin gross of due by the gross increase cost reserve related percentage inventory e-commerce margin $X.X also to lower of a lower

gross charge, first quarter. XXX Excluding year’s the points decreased prior basis approximately this from adjusted non-GAAP margin

non-cash the XX.X the These This items quarter. net basis X.X goodwill offset $XX SG&A due in of trade triggered and million in were XXXX expenses mid-April. to based significant business Gear impairment time. at of primarily in the liability XX.X% by the Gear million. of first plus are of value second partially a financial to these points name sales goodwill the on of adjustments amount by made I year were increase in of in that the point City uncertainty the projections reduction was City represented related acquisition. the two out in and to clear amount earn be million These that market decrease want performance adjustments impairments

of subject agreement. periods, earn to out for to Although on future trade second the are the achievement deal in year defined projections projected liability goodwill EBITDA City the Gear’s as City Gear adjustments of not the dependent name is future and reversal the in purchase

resulted declined store a tax incremental of we year's due the closures of strategic last XX.X%. e-commerce quarter over XXX to customers through company's Hibbett loss, amortization operating Excluding a% adjusted for million plan. XX.X increase last in more which the income income non-GAAP approximately operating SG&A the to rate of expenses points the GAAP of This half items and basis basis during from website as part $XX.X million. our alignment sales approximately mainly $XXX,XXX was The On XX.X% of as the as to Depreciation compares rate year's generated quarter. a compared second fiscal XXXX the year. drove prior increased

non-GAAP diluted adjustments operating of $X.XX. X.X Excluding the was per for loss share earnings the quarter impact of X.X% was items, was per adjusted GAAP income $X.XX, non-GAAP share million all adjusted sales. or the excluding

end million in million fiscal our Let's first of the turn ended to a the versus quarter the cash fiscal million ago. and sheet, XX.X at of XXXX at year end balance with quarter XXX the company $XXX.X the

we facilities Bank financial recent to our position credit As detailed cash borrowed in a as flexibility. March and preserve XX our under in and measure XX-K, million with precautionary increase Bank America Regents unsecured our of

net quarter the secured XX, earlier, April XXXX. maturity of million Regents To Bank that net under have previously that debt a discuss of million. of cash in burn date our breaks We credit positive cash offset during into minute. Mike a will a facility capital with by down XX I new about $XX from continue reiterate discussed million share a to million, the flow made expenditures $XX our was operations outstanding comment has This repurchases X.X and

vendor quarter our cash to and protected payment Our a was either partners, further or during us of options. both by with extended merchandized position terms installment willingness the provide payment non-merchandized,

week, again As of and merchandized our once are we to non-merchandized current substantially owed this vendors. with amounts

we X.X aged cash during inventory, than position quarter. and end XX.X% we declined well XXXX the past first current date this last over a $X.X compares COVID-XX of end to have as forward The quarter period included liquidity repurchase needs. from fiscal receipt, X.X% IT moving the during the of quarter two and XXX,XXX was quarter. XXbXX three million We City on program. to XX.X% our ago. the we operational up share the environment This month our Inventory today, as the strong. the of same and during million Hibbett plan of is focused was difficult year fiscal quarter were able that for a capital expenditures to shares our shares impactful purchased initiatives. one to most increased inventory stores feel of This from at momentum the first months approximately on other under of a new an in public, stores, our Gear under first the six the With purchased pandemic. majority opening quarter to spent XX.X% of as We sales total were at capital our defined approved year's in important with open company rebranding All the hand fourth past the on the manage more prior is our stores,

turn share review future XXXX just through of I'll million have the remaining for management's We a now XXX discretion. for over call over authorization repurchases Jared January merchandising. of at XX, to

Jared S. Briskin

team. for the the our COVID-XX. very our our of was to confident and well apparel as at was saw in first and sneakers, that the vendor were was we having spiffs was momentum results in plan showing positive under focus, initiatives was prior our as Men's Bob apparel a flight We're selling renewed on many effects control results. kid's return contests, to growth strong apparel focus and were the connectivity Seasonal positive category with carryover the in accessories apparel quarter, apparel to and of time. and you team's women's sharpening Thank significant resonating. intense to mid-March welcome funded the assortment growth to driving limited. a combined and [ph] In the In

connectivity our fan merchandize products, business divesting licensed sneaker and in to acceleration. significant investing in strategy Our from change showing was base

results the footwear calendar for was of due the the we genders and excited balance across all and positive area capitalize COVID-XX well. a for key strong exceptionally Footwear us Women's year. to to we pivot were were In the on virus. had mid-March, performing investment to was

on crisis, and phases; normal. recovery, three the Our COVID was to response new based

occurred approach had is incredible The Our model. collaborating collaboration a in hourly. we the our vendor This with phase partnership three to from business us cases us received to partners testament on plan. our partners our in they in trust our support many vendor and that and were daily,

future crisis reflowed book, incoming with partners, We regard the the are book, reduced phase, deliveries, beyond collaboration extended grateful. to future limited terms. order With we and order in the payment our

focus beyond and under this proud exit the below levels for effort intense inventory us during our inventory Our phase crisis their year control. execution levels of teams management merchandize on with allowed to relentless with team time. prior age I'm and

seeing strong were recovery, of With regard trends we're the seeing we to acceleration pre-COVID.

vendor to with second current project. to inventory sales and that on will flow the new able comments. and take plan will I expect collaborate to school with manage buys. of back working Understanding increase forecasts to new future We now our new new that the partners intense on we we're while been the closely current have some the Mike the our difficult season. for regarding robust, and receipts the be normal, capitalize know are business, regard normal we With to Specific free we holidays the will time to turn over call additional quarter scrutiny. to tax normal additional volatility to back to some

Michael E. Longo

few to going other a make results. retailers. up business more with to able of our these produce I'm Jared. you, wrap number what Thank resilient prepared comments makes model points our about different we're A more Sports factors Hibbett why just most than and

with consumer First notably of athletic to current directly high have most fashion all, categories we apparel capitalize demand on that and hooks connects trends, apparel.

at Furthermore, consumers a mean metropolitan areas any that a and largest as means as Our well. factors, built-in store risk as retailer, in store we our know, which, of small the advantages same have and list employees. fewer the us top have we has to to exposure a hardest the hit malls. the been our At locations we're a the base given some time, country, expect factors box in both And me, the those exposure in limited time. limited at which last few excuse we just people less months probably those and provide you the of to

in results. we our digital is producing advantage Another platform that's class have best fantastic

integrates curbside along throughout stayed a we were operationally, we decision in buy every access that community I'd to implement and customers. on our deemed brag connection To allows provide six delivery This moment. executing is in And gave just Ben's open online you, platform as consumers robust, to And ship for same to business across in that emphasis employees the in us Hibbett’s. was we're finally, say we a it by in XX is, that before, place to XXXX one more that the prudent under our seeing the program store, to platform us our bulbous, our and us in remind cases like leadership. of had country. digital That, making fulfilling it and states. with And important the online the advantage no remained of the my team where stores non-stop Within local crisis. with heard with a about now. it orders government. this many nearly day a hours stores to our solution as And believe stores you've clear has As seamlessly important pickup, compares we the decision

to conclusion, for stores, The to the is reopen we and we spot is our take keep when digital efforts up staffed, back are very in continues in year. robust. business of to share. as comp are fully good these inventory equivalent shop cash the consumers the So significantly we in stores, our sales nearly being and end and we're levels And to rewarded excited the are position our a

So ready operator, now are for questions. we

Operator

[Operator Thank you, Instructions]. sir.

line question first proceed. Peter with comes Our of the Benedict Baird. from Please

Peter Benedict

any on May would where go aren’t just we to guys a going but stores Oh XQ give comp on be from just hey months in the for first, and ask color progressed That are running? more I of wondering robust follow. any a color guys, guidance perspective first is how to I'll you'd on forward, maybe kind guess just thanks just how willing you question. kind of detail and then question and to to May the any taking my date, digital certainly give if versus more understanding be

Jared S. Briskin

really the details commentary on obviously Jared. the certainly pretty sales. virus brick nice we Peter latter is times we its a April felt Then of ramp From think Through in which specifics clear. about a we perspective mid-March our negatively started mortar affected word hit lot to were our we've are Good run May, the see a business. and a used Yeah, and on sales a things strong morning, of to as I parts did fast then and few without any Without got giving move around forward direction. significant e-commerce robust. really

we're are through on where We will we are we've to where we do we I for think going we as the but don't is do concern. that capitalize how that last. know this being feel some everything have progressed about quarter great we're pausing things long it, today, possible some to cautious

Peter Benedict

Okay, first guess guess I how how that, thanks guess next you've my growing, customer first many in maybe us you respect be or the XX% you're that your across the to quarter what the Jared. Can been compared you mentioned I question my follow-up e-commerce sales, the how customers would how database, what XXXX? members to XX% knew your measuring with fast of to just of that's were quarter new percentage rewards curious that saw you maybe in remind and database. got, program, I

Jared S. Briskin

-- us at since significant. throughout certainly up an very customers I the been we perspective. customers allowed our introduction XXXX up integration saw up both from The picked to new have e-commerce also the our was and quarter Yeah, increase that stores. pick have we've picking we new new the customers, during think stores Then we've obviously been to of certainly e-commerce,

executed look our an it. e-commerce of us towards at few sale pack think flow we in pick, were all, The did continue we from continue of I to majority which has to the to to perspective. and able opportunity things; We then stores and that allowed and ship. a reduce team first had customers. to our for e-commerce And available made not marketing to inventory some vast attributable looked specifically communicate was the at spend, it

So to new available we've us e-commerce from on and allowed lot it have sell, us capitalize the products perspective a to to of high improvements customers. made demand an more inventory was allowed

Peter Benedict

have represent have it you a rewards for sales how number Okay, you percentage MVP members of that's helpful. guys? many out, you for what maybe Do

Jared S. Briskin

percent in sales is the mid-XXs. Yeah, of the

nice we're So, some seeing growth. definitely

Peter Benedict

alright, thanks guys. Okay,

Michael E. Longo

you. Thank

Operator

Poser on your Continuing the question. question. question your next our for from with with comes Susquehanna. of proceed Sam you Please Thank line

Samuel Poser

Thank about should believe inventory aged sort impacted taking you're will maybe of do think, everybody. morning, Good the I stores One, some reopened, the you understand now a trends are checks? being how just questions. quarter, an there the that of road? SG&A my all you should second all I Number we given amount is little a down together. you the by optimum how that and not may target be longer-term much help current in we And two, for of help? Thanks. sort I ask stimulus have of the list, how guiding, would, would what inventory think but aged then of them

Michael E. Longo

This as for There checks some Sam. first other the and you, the There which the are is impacting semi-permanent. are pent compensation, competitive some include to Mike. stimulus of things permanent of well. are Thank consumers. up etc. unemployment temporary, handle sure be to I'll or will one demand is landscape, some changes of which those some

will dissect your to those numbers. most important. is, as hard which very opening, next result question. then those very which is use giving a instead we're it's is with and being to stores why we're good the terms careful into That's lead of experiencing we actual robust like part which which May said, The so And of of

to ready historically will we that there specific about referred inventory. half think go I an and like? then, we a going was United southern Jared, is that open, is what substantially But change. yet. that just the terribly was handicap of I that think lean States, later change. question we're have the school see back QX earlier what And school reason to Jared no earlier to all stores this And, back not of may in to Northern being now look half I'll just just on timing So because the it the aged the to and one's

Jared S. Briskin

[Multiple Speakers]. ahead Yeah will I I Yeah, go think Sam.

Samuel Poser

things about how you've SG&A that second the the about bills base as now you're and the so quarter but be a SG&A about for that higher SG&A, you back, that the more does of which the in not stores the wages, technical dollars…? really rate more question paying I marketing, like now so asked that everybody's regarding sort sort case the are more weigh open stores, are paying more you was about electric a No, and would of reopened what's automatically in - all now

Michael E. Longo

I answer. reminding for Thank fumbled Sorry, that me. you

words, So a SG&A expect in going normal we In be to huge closer QX of forward. got which should and to I XXX SG&A was QX referred came back revert expect disclosed that's that deleveraging with almost basis would earlier. That it, to be points PTO the such to impacted. going of caveat what to employees we recur. other payments I leverage and and be hours normal will onetime think guaranteed the be. is don't that that won't or we will to In SG&A what from about there that is

I'm some things in the course. increase significantly know wage, increases certainly did seen are some the got store distribution back do as the done will anything comments, sure. additional that I and short to managers more due guaranteeing you've again, bonuses handful to normal. Bob, less that in we've wage But some And to with the normal virus. the to term. things in the stores. need haven't some revert Those we centers back on the for We We did -- competitive a

Robert J. Volke

our periods in had snapshot was guess is is uncertain. a we pointed and remarks business that prepared this of of thing take to my kind was, one time I in Bob. mid-April the things one of that obviously when pretty Sam, were the of Yeah out where

thing if our earn purchase. the ultimately related we the year. run liability, that We to may going that. a back bit quarters business again, because then piece back out stronger, some a well, or two City a of to will have start bit SG&A that's to the as owners may But rate. impact business Gear to But start of little to good would and we've the the seen is expense to bounce into reward our So liability for three more fluctuate obviously which variable our be that get the some little reverse did we business reinstate of want former doing of

So kind think of it's a win-win. I

be business You raising the supports payout. gladly if liability that know, we'll that

Samuel Poser

Before we think do going to mean, what -- inventory see go how about follow-up just leverage second kind quarter need Speakers]? in to need comp I you're leverage to question, in age this the just to there, the optimum what of you SG&A, will that the to you would [Multiple

Michael E. Longo

the Yeah, three it. middle the weeks as quarter we in are in into of

take it we'll as comes. it So

Samuel Poser

is, it lever a know asking not to I'm not leverage? to or a need you No, no, do the today, need I do do run think to just see what you would saying anything, you do asking SG&A you're to mix SG&A run saying what’s fight, You know, a you running you take no, X, there's you need you business what know run -- need to I'm given how expect to could issue I'm a XX, what level? or lever to I'm comp you run five I you on but e-commerce, just mean, to

Michael E. Longo

comp some It very a get would small be to very, leverage.

Robert J. Volke

that business dealing the of Sam, I things cost with incremental a and of have we unique to uncertainty, there's not or been with we think a that that don't are changing we're feel lot that a of still lot lot good as think in fixed. I doing certainly pretty to as things we're like wouldn't costs that. store sanitation, done But the sports in center safety some shape relatively things have past far our and as again, as far we

better with costs. open will be until I we hours. type Thank some We occupancy rate. related now upticks more know on But for exactly a the get will have hurdle There think very some of have normal. start that see to touched is to in run don't think I But rate high those you we Mike, new stores be increases I what right we some a Jared. don't number the honest, to you, agree

Jared S. Briskin

the will I Yes age. optimal chime Sam, on in

last few the reducing years. been consistently we've for obviously, our So age pretty

can that's feel We upper of are We to an in able the things we for get high to that teens. mid end acceptable model like the to operate us.

Samuel Poser

And in a off crisis? it because of was little just thrown the QX bit

Jared S. Briskin

depending Yeah. by buckets or obviously, blows And month older. on of quarter, which move into everything inventory that you six

last was it But inventory keep did a mind little point a inventory that percentage not the in the down. than above was also grow, So year. more

and a So I We're age like it feel close to that's scrutinizing mean, But we haven't everything forecasts. to overall, very with attention now have we under little inventory we going appropriately. are like to regard certainly percentage right paying we the feel raise managed control. bit. very,

Samuel Poser

Thank you very much.

Michael E. Longo

you. Thank

Operator

Thank you your question. for sir

with comes Our question. Perry your next Please the proceed with America. line question Bank of of from Alex

Alex Perry

thanks I Hi, everyone is question and my hope taking for well.

Just you reopened, that closed those some you stores then first the talk commentary robust stores? through for customer the there of seeing in can the with trends seeing are you're like and traffic traffic were positive

Michael E. Longo

and is running trepidation CDC accordance do. of people their just back they're Yes, sense our part traffic employees. are reopened. what doing consumers. safe on are positive the stores common the seeing that part They're site of that with the the and we This the see using the And guidelines. No to in we're again, harks stores fact on both trepidation online in and are Mike. no on that supposed to We

Alex Perry

were is, customers, think you're over helped digital what exactly your parse by then that Great, can of the drive digital recent incremental of and new had initiatives out second quarter helpful. can sales bit investments, corona the that like a one then, you the then initiative what the talk the more and me And how in a XX% the curbside that's really quarter the driving second e-commerce was half there pickup exactly growth my help just doing much you then traffic? about is you through And acquisition? you customer talk new of in to I quote can

Michael E. Longo

Sure.

this So is again Mike.

we prior So to These the in we conversion of digital sales XX% traffic said, what can numbers the QX that's track are XX%. I all customers compared think the occurred, up and is all the XX%, that because year. are are comparison, to those point the of second And up recast of various is the through quarter, half which means. occurred, when XX% relevant inflection new. those is change

And is were plenty wanted so were who and people in to online of Well, shop There certainly some not who to brick why? just landscape able the change. mortar. of that shop

increased some of just like that, traffic majority saw we So the from retail.

have at you increased good traffic. put website, time advertising, gas also competitors regards foot on other to we some digital you If And the saw probably a not. with did same the our

that whatever a And a for in maker. so that's was that business. what we of decided did. difference they We bit reason, the to invest thought And

corona, out, successful. is an our with having that, and facility pointed pleased credit As it very impact. very customer We're you is

up. could I So customers we are of are a XX% to of as involved that go digital new. there lots believe on we said, picked but business of those And has the why factors as lot

share taking and to we're therefore, So that we we like odds that our believe share. keep

Alex Perry

Great, helpful, you. thank really that’s

Operator

your We have from Instructions]. follow-up of the proceed a [Operator Susquehanna. question. you. Poser question with Thank with now Please line Sam

Samuel Poser

you your is there, are maybe current gotten give their how of there? the are credit And are through cash us was launches? of you some major how -- working going status shifting I One, large that registers, know and Hello, concessions guess some a rent so in are you as taking paying rent go three everything separate I brands mean, through are you and on you, far some the allocations or working I've two, three, are versus some product can can I on stores, landlords, more. policies you color talk got of cash, have the sort you have handling and the payments you have a major Number cash, your as the you customer? how forward in out safety with guys about leases Jared, from shifts you of

Michael E. Longo

Ben, why don’t you store. take question the and cash

Benjamin A. Knighten

Yes, cash a Sam heavy Ben quick, Real we this run business. obviously, is Knighten. pretty

out. we obviously consumers paying expect to ability the of take Our and continue cash cash

and We helped have to keep included essentially to introduced our a though, couple pay team both Google. customers members our during safe. of That and less going our -- things, virus touch with Apple the -- obviously

now ability in that implemented have we So stores.

turned a credit transaction to chip a signature. We the with ability on also embedded not require

the So we're try to like risk. to things doing obviously mitigate that

Samuel Poser

you. Thank

Speakers] [Multiple

Jared S. Briskin

anyway. the you to I launches. was movement Ben, mean, I prior know, I of a fluid launch as think, can lot with mean, calendar comment this I on

were again, shifts? been we are it's have not those that some know there But we the we we what shifts. very information. feel we abnormal certainly calendar. launch there'll visibility very confident. to be we see shifts the things as in shifts confident today, our get So do manage again, But we'll the as mean, believe some I Yes. very, the -- plan, in And

Robert J. Volke

take rent. question is this on third Bob, Okay, I'll the

was or during of We where March. force most there there So for shut obviously, our for with of leases. to through Obviously, more this hit provisions mid timing paid our of continue down month are longer we a periods bit majeure to April that the back rent month within the landlords late -- time stores situations hold were April. and the did of the situation little work co-tenancy We of month. either

amicable, May in have P&L $X for open May work obviously So on were as yet am landlords worth of the leaning the this yes, between do the to and have through our the the trying all of with months that million rent work my heavily have we April legal holding a also do very paid, landlords. not rent back with to recorded approximately as some channels a now basis. month been we of been but through we partners I continue expenses. very But to

Samuel Poser

larger the launches, site so or through now are at putting of major follow-up launch that a could saw if support big and the it the one -- do look a up And overloaded end things guys spreading with one if on. than you regarding more Thank rate big just a was I the the you. I lot thing that you can make rather Jared, willing mean, on and allocations the online, e-commerce that I it the have to stores.

are about digital changing much Adidas, more sell? way the they I So there's guess going attention where think based so and on big to Nike given that - are the it's been allocating product to you to

Jared S. Briskin

to -- all we're at Sam think, we're point. normal is all out I what new I this trying figure the think

our that. significant, we You know, a stores how do and around at sufficiently executing detailed have still boxes certainly we're plan

in that the pivot again, in be to plenty still more of opportunity, initially there's did think I collaboration to digital I we vendors. and So our with crisis. think, Certainly,

all can't to keep with have go around that can has collaborative a a we It's think can specifics not to I and we've ensuring launches But we been learn lot had that conversation learn. that safe and people all execute we can do. effort we right or now forward there a appropriately. with regard as

Samuel Poser

the people that not talking do just of do you the about I guess all not I'm to you demand, I a just do your it. out, more will quantity? that change ability the product way to doing that will it business online, that stores if you're if the do the you're meant same shopping I'm able be you'll would foresee way the comfortable sudden think just of online that you managing think XX% become -- saying, gets allocations? change kind of keep

Michael E. Longo

which want this But launch do to wear a see of twofold know to a question. to look, at the comfortable has off, is it we day being think I customer show also customers point. with more obviously it we store our online. obviously to and that's regard can want not online it launch they they that that, could on you the mean, I something

have perspective, digital pairs we remain -- was be pair as significant want. to was pretty the and give try flawless. seen we've what with that we've level that execution we're able felt execution balanced to that from customers, think of flawless. collaborate a And seen significant they launch with seen getting continue with I to at store We've from the we information we can consumers the as and Sam, again to vendors, So mine

So think going look like have what this that's perspective. go to I from point, forward just a to we at learn

Samuel Poser

much. Appreciate you Thank so it.

Jared S. Briskin

Thank you.

Operator

conference Thank turn the you. sir. to Mr. back We'll Longo. now Thank you,

Michael E. Longo

you questions, know attending And valuable conclude very always we And We since today. thank again. time's enjoy further much. and everyone about the we'll thank are speaking to it. your our We you no appreciate there business Well, and meeting.

Operator

thank We for your Thank And please call line. for you and you, conference sir. disconnect everyone. your that the today. much. all conclude day, Thank that And you a great ask does participation have very you

Hibbett (HIBB) 26 May 202021 Q1 Earnings call transcript