HIBB - Hibbett Sports, Inc. - Q2 2014 Earnings Call Transcript

    Company Name:Hibbett Sports, Inc.
    Event Title:Q2 2014 Earnings Call Transcript
    Event Date:23-Aug-2013
    Event Time:10:00 AM ET



    Ladies and gentlemen thank you for standing-by. Welcome to the Hibbett Sports Second Quarter 2014 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode Afterwards we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference is being recorded Friday, August 23rd, 2013.

    I would now like to turn the conference over to Micky Newsome, Executive Chairman of the Board. Please go ahead.

    Michael J. Newsome

    Executive Chairman
    Thank you. Chris and good morning everyone. I am Micky Newsome also with us is our CEO Jeff Rosenthal; our Senior Vice President of Finance and CFO, Scott Bowman; our Senior VP of Merchandise and Marketing Becky Jones; and our Senior VP of Stores Cathy Pryor. We appreciate you are being on the call today and we appreciate your interest in Hibbett sporting goods.

    Before we start, Scott Bowman will cover the Safe Harbor language.

    Scott Bowman

    Chief Financial Officer
    Thank you and good morning.

    In order for us to take advantage of Safe Harbor rules, I would like to remind you that any projections or statements made today reflect our current views with respect to future events and our financial performance. There is no assurance that such events will occur or that any projections will be achieved.

    Our actual results could differ materially from any projections due to various risk factors, which are described in the Company's press release and SEC filings.

    Michael J. Newsome

    Executive Chairman
    Thank you. Next our President and CEO, Jeff Rosenthal will speak with you.

    Jeffry O. Rosenthal

    Chief Executive Officer and President
    Good morning.

    As you know from our press release this morning our second quarter earnings per share were up $0.40 versus $0.30 a year ago, a 33% increase. Overall sales increased 12.6% to 186.2 million compared to 165.4 million a year ago.

    Comparable store sales on a calendar basis were up 0.3% comps by month were May was down 0.4, June was up 1.7 and July was down 0.4. From a real estate perspective, we opened 17 new stores , expanded three high performing stores and closed four underperforming stores, bringing the store base to 892 stores in 31 states. We added two new states Delaware and Pennsylvania.

    For the fiscal year 2014, the company expects to open at least 70 to 75 new stores , expand approximately 18 high performing stores and close 15 to 18 underperforming stores. The new stores continue to perform above pro forma which gives us even more confidence that we can grow even faster in the future.

Single Page View