Hibbett Sports announced results for the fourth quarter and fiscal year ended January 31, 2015. Net sales for Q4 increased 9.9% to $239.3 million compared with $217.8 million for the 13-week period ended February 1, 2014.
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Fourth quarter results: Comparable store sales increased 5.4%.
Gross profit was 35.5% of net sales for the 13-week period ended January 31, 2015, compared with 35.8% for the 13-week period ended February 1, 2014.
Store operating, selling and administrative expenses were 20.4% of net sales for the 13-week period ended January 31, 2015, compared with 21.7% of net sales for the 13-week period ended February 1, 2014.
Net income for the 13-week period ended January 31, 2015, increased 18.1% to $19.9 million compared with $16.9 million for the 13-week period ended February 1, 2014. Earnings per diluted share increased 23.4% to $0.79 for the 13-week period ended January 31, 2015, compared with $0.64 for the 13-week period ended February 1, 2014.
Fiscal 2015 Results
Net sales for the 52-week period ended January 31, 2015, increased 7.2% to $913.5 million compared with $852.0 million for the 52-week period ended February 1, 2014. Comparable store sales increased 2.9%.
Gross profit was 35.8% of net sales for the 52-week period ended January 31, 2015, compared with 36.3% for the 52-week period ended February 1, 2014.
Store operating, selling and administrative expenses were 21.1% of net sales for the 52-week period ended January 31, 2015, compared with 21.3% of net sales for the 52-week period ended February 1, 2014.
Net income for the 52-week period ended January 31, 2015, increased 3.8% to $73.6 million compared with $70.9 million for the 52-week period ended February 1, 2014. Earnings per diluted share increased 6.3% to $2.87 for the 52-week period ended January 31, 2015, compared with $2.70 for the 52-week period ended February 1, 2014.
For the year, Hibbett opened 80 new stores, expanded 9 high performing stores and closed 19 underperforming stores, bringing the store base to 988 in 31 states as of January 31, 2015. ■