☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware |
20-8159608
|
|||||||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||||||
Common Stock, $0.01 Par Value Per Share
|
HIBB
|
Nasdaq Global Select Market |
Yes
|
☒
|
No
|
☐
|
Yes
|
☒
|
No
|
☐
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
|||||||||||
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|||||||||||
Emerging growth company
|
☐
|
Yes | ☐ | No | ☒ |
Page
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||||||||||||||
ASSETS |
May 2,
2020 |
February 1,
2020 |
May 4,
2019 |
||||||||||||||
Current Assets:
|
|||||||||||||||||
Cash and cash equivalents
|
$ | 106,205 | $ | 66,078 | $ | 116,963 | |||||||||||
Receivables, net
|
20,003 | 8,477 | 8,284 | ||||||||||||||
Inventories, net
|
241,984 | 288,011 | 248,548 | ||||||||||||||
Other current assets
|
12,302 | 9,946 | 12,995 | ||||||||||||||
Total current assets
|
380,494 | 372,512 | 386,790 | ||||||||||||||
Property and equipment, net
|
97,771 | 100,956 | 107,673 | ||||||||||||||
Operating right-of-use assets
|
219,436 | 229,155 | 224,870 | ||||||||||||||
Finance right-of-use assets, net
|
2,548 | 2,250 | 2,228 | ||||||||||||||
Goodwill
|
— | 19,661 | 19,661 | ||||||||||||||
Tradename intangible asset | 23,500 | 32,400 | 32,400 | ||||||||||||||
Deferred income taxes, net
|
11,429 | 8,996 | 3,216 | ||||||||||||||
Other assets, net
|
3,391 | 3,829 | 3,868 | ||||||||||||||
Total Assets
|
$ | 738,569 | $ | 769,759 | $ | 780,706 | |||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||
Current Liabilities:
|
|||||||||||||||||
Accounts payable
|
$ | 98,149 | $ | 131,662 | $ | 105,834 | |||||||||||
Operating lease liabilities
|
66,791 | 60,649 | 66,268 | ||||||||||||||
Credit facilities
|
50,000 | — | 26,000 | ||||||||||||||
Finance lease obligations | 876 | 886 | 973 | ||||||||||||||
Accrued payroll expenses
|
6,359 | 20,530 | 7,322 | ||||||||||||||
Other accrued expenses
|
21,473 | 19,934 | 15,604 | ||||||||||||||
Total current liabilities
|
243,648 | 233,661 | 222,001 | ||||||||||||||
Operating lease liabilities
|
185,035 | 190,699 | 188,839 | ||||||||||||||
Finance lease obligations | 1,994 | 1,704 | 1,777 | ||||||||||||||
Unrecognized tax benefits
|
954 | 955 | 1,370 | ||||||||||||||
Other liabilities
|
2,371 | 13,757 | 9,537 | ||||||||||||||
Total liabilities
|
434,002 | 440,776 | 423,524 | ||||||||||||||
Stockholders' Investment:
|
|||||||||||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued
|
— | — | — | ||||||||||||||
Common stock, $0.01 par value, 80,000,000 shares authorized, 39,255,293, 39,140,575 and 39,100,509 shares issued at May 2, 2020, February 1, 2020 and May 4, 2019, respectively
|
393 | 391 | 391 | ||||||||||||||
Paid-in capital
|
190,260 | 188,879 | 186,462 | ||||||||||||||
Retained earnings
|
769,315 | 784,942 | 785,454 | ||||||||||||||
Treasury stock, at cost; 22,739,229, 22,280,316 and 20,945,674 shares repurchased at May 2, 2020, February 1, 2020 and May 4, 2019, respectively
|
(655,401) | (645,229) | (615,125) | ||||||||||||||
Total stockholders' investment
|
304,567 | 328,983 | 357,182 | ||||||||||||||
Total Liabilities and Stockholders' Investment
|
$ | 738,569 | $ | 769,759 | $ | 780,706 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Net sales | $ | 269,837 | $ | 343,295 | |||||||||||||||||||||||||
Cost of goods sold | 195,690 | 224,692 | |||||||||||||||||||||||||||
Gross margin | 74,147 | 118,603 | |||||||||||||||||||||||||||
Store operating, selling and administrative expenses | 69,673 | 74,038 | |||||||||||||||||||||||||||
Goodwill impairment | 19,661 | — | |||||||||||||||||||||||||||
Depreciation and amortization | 6,870 | 7,223 | |||||||||||||||||||||||||||
Operating (loss) income | (22,057) | 37,342 | |||||||||||||||||||||||||||
Interest income, net | 170 | 46 | |||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (22,227) | 37,296 | |||||||||||||||||||||||||||
(Benefit) provision for income taxes | (6,940) | 9,439 | |||||||||||||||||||||||||||
Net (loss) income | $ | (15,287) | $ | 27,857 | |||||||||||||||||||||||||
Basic (loss) earnings per share | $ | (0.92) | $ | 1.52 | |||||||||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.92) | $ | 1.50 | |||||||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 16,546 | 18,308 | |||||||||||||||||||||||||||
Diluted | 16,546 | 18,535 |
13-Weeks Ended | |||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||
Cash Flows From Operating Activities:
|
|||||||||||||||||
Net (loss) income | $ | (15,287) | $ | 27,857 | |||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization
|
6,870 | 7,223 | |||||||||||||||
Stock-based compensation
|
1,217 | 507 | |||||||||||||||
Impairment charges | 32,648 | — | |||||||||||||||
Contingent earnout valuation | (10,980) | 600 | |||||||||||||||
Other non-cash adjustments to net income
|
(2,914) | 3,622 | |||||||||||||||
Changes in operating assets and liabilities:
|
|||||||||||||||||
Inventories, net
|
46,027 | 30,783 | |||||||||||||||
Receivables, net | (11,866) | 2,131 | |||||||||||||||
Accounts payable
|
(33,513) | (1,481) | |||||||||||||||
Other assets and liabilities
|
(8,320) | 816 | |||||||||||||||
Net cash provided by operating activities | 3,882 | 72,058 | |||||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Capital expenditures
|
(4,059) | (2,469) | |||||||||||||||
Other, net
|
612 | (54) | |||||||||||||||
Net cash used in investing activities | (3,447) | (2,523) | |||||||||||||||
Cash Flows From Financing Activities:
|
|||||||||||||||||
Proceeds under credit facilities | 115,918 | — | |||||||||||||||
Repayments under credit facilities | (65,918) | (9,000) | |||||||||||||||
Cash used for stock repurchases
|
(9,748) | (4,799) | |||||||||||||||
Net payments on finance lease obligations | (301) | (242) | |||||||||||||||
Proceeds from options exercised and purchase of shares under the employee stock purchase plan
|
165 | 203 | |||||||||||||||
Other, net
|
(424) | (490) | |||||||||||||||
Net cash provided by (used in) financing activities | 39,692 | (14,328) | |||||||||||||||
Net increase in cash and cash equivalents | 40,127 | 55,207 | |||||||||||||||
Cash and cash equivalents, beginning of period
|
66,078 | 61,756 | |||||||||||||||
Cash and cash equivalents, end of period
|
$ | 106,205 | $ | 116,963 |
13-Weeks Ended May 2, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock
|
Treasury Stock
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Number of
Shares
|
Amount
|
Total
Stockholders'
Investment
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - February 1, 2020
|
39,141 | $ | 391 | $ | 188,879 | $ | 784,942 | 22,280 | $ | (645,229) | $ | 328,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (15,287) | — | — | (15,287) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 114 | 2 | 164 | — | — | — | 166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for adoption of accounting standard(1)
|
— | — | — | (340) | — | — | (340) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 428 | (9,748) | (9,748) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | 31 | (424) | (424) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,217 | — | — | — | 1,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - May 2, 2020 | 39,255 | $ | 393 | $ | 190,260 | $ | 769,315 | 22,739 | $ | (655,401) | $ | 304,567 |
13-Weeks Ended May 4, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock
|
Treasury Stock
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Number of
Shares
|
Amount
|
Total
Stockholders'
Investment
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - February 2, 2019 | 38,983 | $ | 390 | $ | 185,752 | $ | 759,677 | 20,686 | $ | (609,770) | $ | 336,049 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 27,857 | — | — | 27,857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 118 | 1 | 203 | — | — | — | 204 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for adoption of accounting standard(2)
|
— | — | — | (2,080) | — | — | (2,080) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | — | — | — | — | 230 | (4,799) | (4,799) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | — | — | — | — | 29 | (556) | (556) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 507 | — | — | — | 507 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - May 4, 2019 | 39,101 | $ | 391 | $ | 186,462 | $ | 785,454 | 20,945 | $ | (615,125) | $ | 357,182 |
May 2,
2020 |
February 1,
2020 |
May 4,
2019 |
|||||||||||||||
Land | $ | 7,277 | $ | 7,277 | $ | 7,277 | |||||||||||
Buildings | 21,635 | 21,635 | 21,311 | ||||||||||||||
Equipment | 96,606 | 95,100 | 96,003 | ||||||||||||||
Furniture and fixtures | 36,931 | 37,048 | 37,225 | ||||||||||||||
Leasehold improvements | 103,642 | 102,528 | 101,540 | ||||||||||||||
Construction in progress | 603 | 1,660 | 1,485 | ||||||||||||||
Total property and equipment | 266,694 | 265,248 | 264,841 | ||||||||||||||
Less: accumulated depreciation and amortization | 168,923 | 164,292 | 157,168 | ||||||||||||||
Total property and equipment, net | $ | 97,771 | $ | 100,956 | $ | 107,673 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Footwear | $ | 166,242 | $ | 215,075 | |||||||||||||||||||||||||
Apparel | 79,407 | 79,557 | |||||||||||||||||||||||||||
Equipment | 24,188 | 48,663 | |||||||||||||||||||||||||||
Total | $ | 269,837 | $ | 343,295 |
(in thousands) | ||||||||||||||
Goodwill balance at February 1, 2020 | $ | 19,661 | ||||||||||||
Impairment losses | (19,661) | |||||||||||||
Goodwill balance at May 2, 2020 | $ | — |
(in thousands) | ||||||||||||||
Tradename intangible asset balance at February 1, 2020 | $ | 32,400 | ||||||||||||
Impairment losses | (8,900) | |||||||||||||
Tradename intangible asset balance at May 2, 2020 | $ | 23,500 |
13-weeks ended | ||||||||||||||||||||||||||||||||
May 2, 2020 | May 4, 2019 | |||||||||||||||||||||||||||||||
Operating lease cost | $ | 17,139 | $ | 17,138 | ||||||||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||||||||
Amortization of assets | 235 | 237 | ||||||||||||||||||||||||||||||
Interest on lease liabilities | 48 | 65 | ||||||||||||||||||||||||||||||
Variable lease cost | (1,208) | 385 | ||||||||||||||||||||||||||||||
$ | 16,214 | $ | 17,825 |
May 2,
2020 |
February 1,
2020 |
May 4,
2019 |
|||||||||||||||
Weighted average remaining lease term (in years): | |||||||||||||||||
Operating leases | 5 | 5 | 5 | ||||||||||||||
Finance leases | 4 | 4 | 4 | ||||||||||||||
Weighted average discount rate: | |||||||||||||||||
Operating leases | 3.9 | % | 4.1 | % | 4.2 | % | |||||||||||
Finance leases | 7.6 | % | 8.8 | % | 11.6 | % |
13-weeks ended | |||||||||||||||||
May 2, 2020 | May 4, 2019 | ||||||||||||||||
Operating cash flows from operating leases | $ | 19,724 | $ | 17,269 | |||||||||||||
Operating cash flows from finance leases | $ | 48 | $ | 65 | |||||||||||||
Financing cash flows from finance leases | $ | 301 | $ | 242 | |||||||||||||
ROU assets obtained in exchange for lease liabilities, net | |||||||||||||||||
Operating leases | $ | 9,524 | $ | 10,142 | |||||||||||||
Finance leases | $ | 533 | $ | — |
Operating | Finance | Total | |||||||||||||||
Remainder of Fiscal 2021 | $ | 57,757 | $ | 840 | $ | 58,597 | |||||||||||
Fiscal 2022 | 65,452 | 740 | 66,192 | ||||||||||||||
Fiscal 2023 | 50,045 | 707 | 50,752 | ||||||||||||||
Fiscal 2024 | 35,575 | 597 | 36,172 | ||||||||||||||
Fiscal 2025 | 25,043 | 178 | 25,221 | ||||||||||||||
Thereafter | 43,039 | 169 | 43,208 | ||||||||||||||
Total minimum lease payments | 276,911 | 3,231 | 280,142 | ||||||||||||||
Less amount representing interest | 25,085 | 361 | 25,446 | ||||||||||||||
$ | 251,826 | $ | 2,870 | $ | 254,696 |
May 2, 2020 | February 1, 2020 | May 4, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level I
|
Level II
|
Level III
|
Level I
|
Level II
|
Level III
|
Level I | Level II | Level III | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | $ | 468 | $ | — | $ | — | $ | 554 | $ | — | $ | — | $ | 199 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term investments
|
1,844 | — | — | 2,208 | — | — | 2,499 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term contingent earnout | — | — | 10,000 | — | — | 9,958 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term contingent earnout
|
— | — | 77 | — | — | 11,099 | — | — | 6,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 2,312 | $ | — | $ | 10,077 | $ | 2,762 | $ | — | $ | 21,057 | $ | 2,698 | $ | — | $ | 6,600 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Stock-based compensation expense by type: | |||||||||||||||||||||||||||||
Stock options
|
$ | 90 | $ | 92 | |||||||||||||||||||||||||
Restricted stock units | 1,060 | 363 | |||||||||||||||||||||||||||
Employee stock purchases
|
44 | 29 | |||||||||||||||||||||||||||
Director deferred compensation | 23 | 23 | |||||||||||||||||||||||||||
Total stock-based compensation expense | 1,217 | 507 | |||||||||||||||||||||||||||
Income tax benefit recognized | 391 | 113 | |||||||||||||||||||||||||||
Stock-based compensation expense, net of income tax | $ | 826 | $ | 394 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Stock options
|
27,000 | 16,798 | |||||||||||||||||||||||||||
Restricted stock unit awards
|
334,485 | 191,021 | |||||||||||||||||||||||||||
Performance-based restricted stock unit awards
|
— | 34,300 | |||||||||||||||||||||||||||
Deferred stock units
|
2,143 | 1,027 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Shares purchased | 17,758 | 9,925 | |||||||||||||||||||||||||||
Average price per share | $ | 9.29 | $ | 12.16 | |||||||||||||||||||||||||
Weighted average fair value at grant date | $ | 4.21 | $ | 3.14 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Weighted-average shares used in basic computations | 16,546 | 18,308 | |||||||||||||||||||||||||||
Dilutive equity awards
|
— | 227 | |||||||||||||||||||||||||||
Weighted-average shares used in diluted computations | 16,546 | 18,535 |
13-Weeks Ended | |||||||||||||||||||||||||||||
May 2,
2020 |
May 4,
2019 |
||||||||||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||||||||||
Net sales (decrease) increase | (21.4 | %) | 25.0 | % | |||||||||||||||||||||||||
Comparable sales (decrease) increase | (19.5 | %) | 5.1 | % | |||||||||||||||||||||||||
Gross margin (as a % to net sales) | 27.5 | % | 34.5 | % | |||||||||||||||||||||||||
Store operating, selling and administrative expenses (as a % to net sales) | 25.8 | % | 21.6 | % | |||||||||||||||||||||||||
Goodwill impairment | 7.3 | % | — | % | |||||||||||||||||||||||||
Depreciation and amortization (as a % to net sales) | 2.5 | % | 2.1 | % | |||||||||||||||||||||||||
(Benefit) provision for income taxes (as a % to net sales) | (2.6 | %) | 2.7 | % | |||||||||||||||||||||||||
Net (loss) income (as a % to net sales) | (5.7 | %) | 8.1 | % | |||||||||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.92) | $ | 1.50 | |||||||||||||||||||||||||
Weighted-average dilutive shares (in thousands) | 16,546 | 18,535 | |||||||||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||||||||||
Ending cash and cash equivalents (in thousands) | $ | 106,205 | $ | 116,963 | |||||||||||||||||||||||||
Average inventory per store | $ | 224,475 | $ | 217,262 | |||||||||||||||||||||||||
Store Information | |||||||||||||||||||||||||||||
Beginning of period | 1,081 | 1,163 | |||||||||||||||||||||||||||
New stores opened | 3 | 3 | |||||||||||||||||||||||||||
Rebranded stores | 2 | 2 | |||||||||||||||||||||||||||
Stores closed | (8) | (24) | |||||||||||||||||||||||||||
End of period | 1,078 | 1,144 | |||||||||||||||||||||||||||
Estimated square footage at end of period (in thousands) | 6,088 | 6,446 | |||||||||||||||||||||||||||
Share Repurchase Information | |||||||||||||||||||||||||||||
Shares purchased under our Program | 428,018 | 230,000 | |||||||||||||||||||||||||||
Cost (in thousands) | $ | 9,748 | $ | 4,799 | |||||||||||||||||||||||||
Settlement of net share equity awards | 30,895 | 29,432 | |||||||||||||||||||||||||||
Cost (in thousands) | $ | 424 | $ | 556 |
13-Weeks Ended May 2, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluded Amounts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP Basis (As Reported) |
Acquisition Costs(1)
|
COVID-19(2)
|
Non-GAAP Basis (As Adjusted) | % of Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 195,690 | $ | — | $ | 5,089 | $ | 190,601 | 70.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | $ | 74,147 | $ | — | $ | 5,089 | $ | 79,236 | 29.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 69,673 | $ | 654 | $ | 4,433 | $ | 64,586 | 23.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment | $ | 19,661 | $ | — | $ | 19,661 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | $ | (22,057) | $ | 654 | $ | 29,183 | $ | 7,780 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | $ | (22,227) | $ | 654 | $ | 29,183 | $ | 7,610 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(Benefit) provision for income taxes | $ | (6,940) | $ | 204 | $ | 9,112 | $ | 2,376 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15,287) | $ | 450 | $ | 20,072 | $ | 5,235 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted (loss) earnings per share(3)
|
$ | (0.92) | $ | 0.03 | $ | 1.21 | $ | 0.31 |
1) Excluded acquisition amounts during the 13-week period ended May 2, 2020, related to the acquisition of City Gear, LLC consist primarily of accounting and professional fees. | ||
2) Excluded amounts during the 13-week period ended May 2, 2020, related to COVID-19 consist primarily of non-cash LCM reserve charges in cost of goods sold and impairment (goodwill, tradename and other assets) costs, change in valuation of contingent earnout and paid-not-worked salaries net of related tax credits. | ||
3)Weighted average diluted shares outstanding were not adjusted for dilutive options and restricted stock in the calculation of GAAP loss per share. |
13-Weeks Ended May 4, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluded Amounts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP Basis (As Reported) |
Acquisition Costs(1)
|
Strategic Realignment
(2)
|
Non-GAAP Basis (As Adjusted) | % of Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 224,692 | $ | 956 | $ | — | $ | 223,736 | 65.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | $ | 118,603 | $ | 956 | $ | — | $ | 119,559 | 34.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 74,038 | $ | 734 | $ | 900 | $ | 72,404 | 21.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 37,342 | $ | 1,690 | $ | 900 | $ | 39,932 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | $ | 37,296 | $ | 1,690 | $ | 900 | $ | 39,886 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | $ | 9,439 | $ | 428 | $ | 228 | $ | 10,095 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 27,857 | $ | 1,262 | $ | 672 | $ | 29,791 | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.50 | $ | 0.07 | $ | 0.04 | $ | 1.61 |
1) Excluded acquisition costs represent costs incurred during the 13-week period ended May 4, 2019, related to the acquisition of City Gear, LLC and consists of amortization of inventory step-up, contingent earnout valuation update and legal, accounting and professional fees. | ||
2) Excluded strategic realignment amounts during the 13-week period ended May 4, 2019, related to our accelerated store closure plan and consists of impairment costs net of reductions in lease liabilities related to accelerated store closures. |
13-Weeks Ended | |||||||||||||||||
May 2, 2020 | May 4, 2019 | ||||||||||||||||
Net cash provided by operating activities | $ | 3,882 | $ | 72,058 | |||||||||||||
Net cash used in investing activities | (3,447) | (2,523) | |||||||||||||||
Net cash provided by (used in) financing activities | 39,692 | (14,328) | |||||||||||||||
Net increase in cash and cash equivalents | $ | 40,127 | $ | 55,207 |
Period
|
Total Number
of Shares
Purchased
|
Average
Price Paid per Share |
Total Number of
Shares Purchased
as Part of Publicly
Announced
Programs(1)
|
Approximate Dollar
Value of Shares that
may yet be Purchased
Under the Programs (in
thousands)
|
||||||||||||||||||||||
February 2, 2020 to February 29, 2020 | 373,423 | $ | 23.24 | 373,423 | $ | 144,385 | ||||||||||||||||||||
March 1, 2020 to April 4, 2020 | 85,490 | $ | 17.46 | 54,595 | $ | 143,316 | ||||||||||||||||||||
April 5, 2020 to May 2, 2020 | — | $ | — | — | $ | 143,316 | ||||||||||||||||||||
Total
|
458,913 | $ | 22.17 | 428,018 | $ | 143,316 |
Exhibit No.
|
Description
|
|||||||
Certificate of Incorporation and By-Laws
|
||||||||
Certificate of Incorporation of the Registrant; incorporated herein by reference to Exhibit 3.1 of the Registrant’s Form 8-K filed with the Securities and Exchange Commission on May 31, 2012.
|
||||||||
Bylaws of the Registrant, as amended; incorporated herein by reference to Exhibit 3.1 of the Registrant’s Form 8-K filed with the Securities and Exchange Commission on June 1, 2020. | ||||||||
Form of Stock Certificate
|
||||||||
Form of Stock Certificate; incorporated herein by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 26, 2007.
|
||||||||
Material Agreements
|
||||||||
† |
Separation Agreement and Release, between Hibbett Sports, Inc. and Cathy Pryor, effective April 1, 2020; incorporated herein by reference to Exhibit 10.26 of the Registrant’s Form 10-K filed with the Securities and Exchange Commission on April 16, 2020.
|
|||||||
Second Amended and Restated Note with Regions Bank; incorporated herein by reference to Exhibit 10.27 of the Registrant's Form 10-K filed with the Securities and Exchange Commission on April 16, 2020. | ||||||||
† | Hibbett Sports, Inc. Amended and Restated 2015 Equity Incentive Plan; incorporated herein by reference to Exhibit 99.1 of the Registrant’s Registration Statement on Form S-8 (File No .333-238767) filed with the Securities and Exchange Commission on May 29, 2020. | |||||||
*
|
Note Modification Agreement with Regions Bank (filed herewith). | |||||||
Certifications
|
||||||||
*
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
|
|||||||
*
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
|
|||||||
*
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||||||
Interactive Data Files
|
||||||||
The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2020, formatted in XBRL (eXtensible Business Reporting Language) and submitted electronically herewith: (i) the Unaudited Condensed Consolidated Balance Sheets at May 2, 2020, February 1, 2020 and May 4, 2019; (ii) the Unaudited Condensed Consolidated Statements of Operations for the 13-weeks ended May 2, 2020 and May 4, 2019; (iii) the Unaudited Condensed Consolidated Statements of Cash Flows for the 13-weeks ended May 2, 2020 and May 4, 2019; (iv) the Unaudited Condensed Consolidated Statements of Stockholders Investment for the 13-weeks ended May 2, 2020 and May 4, 2019; and (v) the Notes to Unaudited Condensed Consolidated Financial Statements.
|
||||||||
101.INS
|
*
|
XBRL Instance Document
|
||||||
101.SCH
|
*
|
XBRL Taxonomy Extension Schema Document
|
||||||
101.CAL
|
*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
||||||
101.DEF
|
*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
||||||
101.LAB
|
*
|
XBRL Taxonomy Extension Label Linkbase Document
|
||||||
101.PRE
|
*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
||||||
*
|
Filed Within
|
|||||||
† | Management Contract or Compensatory Plan or Arrangement |
HIBBETT SPORTS, INC. | ||||||||||||||
Date: | June 8, 2020 | By: | /s/ Robert Volke | |||||||||||
Robert Volke | ||||||||||||||
Senior Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
Date: June 8, 2020
|
/s/ Michael E. Longo | ||||
Michael E. Longo | |||||
Chief Executive Officer and President
|
|||||
(Principal Executive Officer)
|
Date: June 8, 2020
|
/s/ Robert Volke | ||||
Robert Volke | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: June 8, 2020
|
/s/ Michael E. Longo | ||||
Michael E. Longo | |||||
Chief Executive Officer and President
|
|||||
(Principal Executive Officer)
|
Date: June 8, 2020
|
/s/ Robert Volke | ||||
Robert Volke | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |