Hibbett Sports announced results for the fourth quarter ended January 28, 2017.
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Net sales for the 13-week period ended January 28, 2017, increased 0.5% to $246.9 million compared with $245.7 million for the 13-week period ended January 30, 2016.
Comparable store sales decreased 2.2%.
Apparel and equipment both experienced declines in comparable store sales, while footwear continued to show stronger sales with a mid-single digit increase.
Gross profit was 33.0% of net sales for the 13-week period ended January 28, 2017, compared with 34.8% for the 13-week period ended January 30, 2016.
The decrease was mainly due to markdowns taken to reduce inventory, a negative effect of product mix due to higher footwear sales, and de-leverage of logistics and store occupancy expenses associated with lower comparable store sales.
Store operating, selling and administrative expenses were 23.2% of net sales for the 13-week period ended January 28, 2017, compared with 21.8% of net sales for the 13-week period ended January 30, 2016.
The increase was mainly due to de-leverage associated with lower comparable store sales and continued investments in the Company’s omni-channel initiative.
Net income for the 13-week period ended January 28, 2017, was $12.1 million compared with $17.4 million for the 13-week period ended January 30, 2016.
Earnings per diluted share was $0.54 for the 13-week period ended January 28, 2017, compared with $0.76 for the 13-week period ended January 30, 2016.
Fiscal 2017 results
Net sales for the 52-week period ended January 28, 2017, increased 3.2% to $973.0 million compared with $943.1 million for the 52-week period ended January 30, 2016. Comparable store sales increased 0.2%.
Gross profit was 34.8% of net sales for the 52-week period ended January 28, 2017, compared with 35.3% for the 52-week period ended January 30, 2016.
Store operating, selling and administrative expenses were 22.9% of net sales for the 52-week period ended January 28, 2017, compared with 21.6% of net sales for the 52-week period ended January 30, 2016.
Net income for the 52-week period ended January 28, 2017, was $61.1 million compared with $70.5 million for the 52-week period ended January 30, 2016. Earnings per diluted share was $2.72 for the 52-week period ended January 28, 2017, compared with $2.92 for the 52-week period ended January 30, 2016.
For the year, Hibbett opened 65 new stores, expanded 8 high performing stores and closed 31 underperforming stores, bringing the store base to 1,078 in 35 states as of January 28, 2017. ■
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