Hibbett Sports 2012 Annual Report Download - page 26

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22
Hibbett operates on a 52- or 53-week fiscal year ending on the Saturday nearest to January 31 of each year. The
consolidated statements of operations for Fiscal 2012, Fiscal 2011 and Fiscal 2010 included 52 weeks of operations. Fiscal 2013
will include 53 weeks of operations. We have operated as a public company and have been incorporated under the laws of the
State of Delaware since October 6, 1996.
Comparable store net sales data for the periods presented reflects sales for our traditional format Hibbett Sports and Sports
Additions stores open throughout the period and the corresponding period of the prior fiscal year. If a store remodel, relocation or
expansion results in the store being closed for a significant period of time, its sales are removed from the comparable store base until
it has been open a full 12 months. Our Sports & Co. store is not and has never been included in the comparable store net sales
comparison because we have not opened a superstore since September 1996 and we do not have plans to open additional superstores
in the future.
Executive Summary
Following is a highlight of our financial results over the last three fiscal years:
Fiscal 2012 Fiscal 2011 Fiscal 2010
Net sales (in millions) 732.6$ 665.0$ 593.5$
Operating income, percentage to net sales 12.8% 11.1% 8.8%
Comparable store sales increase 6.8% 9.8% 0.7%
Net income (in millions) 59.1$ 46.4$ 32.5$
Net income, percentage increase 27.3% 42.6% 10.5%
Diluted earnings per share 2.15$ 1.60$ 1.12$
During Fiscal 2012, Hibbett opened 52 new stores and closed 18 underperforming stores, bringing the store base to 832
in 26 states as of January 28, 2012. Inventory on a per store basis at January 28, 2012 increased by 7.0%; however, there was an
improvement in aged merchandise compared to January 29, 2011. Hibbett ended the fiscal year with $55.1 million of available
cash and cash equivalents on the consolidated balance sheet and full availability under its $80.0 million unsecured credit
facilities.
Recent Accounting Pronouncements
See Note 2 of Item 8 of this Annual Report on Form 10-K for the fiscal year ended January 28, 2012, for information
regarding recent accounting pronouncements.
Results of Operations
The following table sets forth the percentage relationship to net sales of certain items included in our consolidated
statements of operations for the periods indicated.
January 28, January 29, January 30,
2012 2011 2010
Net sales 100.0% 100.0% 100.0%
Costs of goods sold, including distribution and store
occupancy costs 64.2 65.3 66.9
Gross profit 35.8 34.7 33.1
Store operating, selling and administrative expenses 21.2 21.5 21.9
Depreciation and amortization 1.8 2.1 2.3
Operating income 12.8 11.1 8.8
Interest income - - -
Interest expense - - -
Interest (expense) income, net - - -
Income before provision for income taxes 12.7 11.1 8.8
Provision for income taxes 4.7 4.1 3.3
Net income 8.1% 7.0% 5.5%
Fiscal Year Ended
Note: Columns may not sum due to rounding.