Hibbett Sports tools Discusses Q4 2013 Results
Along with gentlemen,
Cheap Oakley Sunglasses Free Shipping, Many thanks for standing by, And welcome to the Hibbett Sports Fourth Quarter 2013 business call. [ Education] Once again, This office meeting is being recorded, Friday, March 15, 2013. And I would now like to turn the discussion over to Mr. Mickey Newsome, Exec Chairman. Please proceed, Mister.Say thanks, User. With us also is our CEO and leader, Rob Rosenthal; Our Senior VP of financing options and CFO, Scott Bowman; Our Senior VP of collectibles and Marketing, Becky Jones; And our Senior VP of Store locations, Cathy Pryor. We appreciate all of you all being on our simple. We appreciate your interest in Hibbett sports.Before we begin, Scott Bowman will give you the Safe Harbor language.Thanks for your time, And good breakfast. In order for us to enjoy Safe Harbor rules,
Cheap Fake Oakley Sunglasses, I would like to remind you that any projections or statements made today reflect our current views regarding future events and our financial performance. There is not a assurance that such events will occur or that any projections will be achieved. Our actual results could differ materially from any predictions due to various risk factors, Which are described in the business's press release and SEC filings.Appreciate it, Scott. Now our us web design manager and CEO, Rob Rosenthal, Will call you.Good daily. As you know from our website article this morning, Our fourth quarter revenues per share were up $0.73 or $0.59 a last year, A 24% enhance. Overall sales went up 14% to $217.4 million with regards to $190.7 million a last year. Very similar store sales increased 4.9%. Sales for the year higher 11.8% so that you can $818.7 million unlike $732.6 million a last year. Earnings per share better 26.5% towards $2.72 equated with $2.15 a last year. Our fiscal 2013 outcome was accomplished by excellent assortments, Great consumer support, Outstanding support from our submitter team, Home office support team causing all of our suppliers.Comps by month are listed below: The fall of, We had been up 5.1%; December ended up up 8.2% on the top of 7.2% a last year; Economy is shown was down 3.7%. We lost revenue withduring the last 2 weeks due to the tax refunds being delayed. It spoiled our quarter comps by 1%.From a industry perspective,
Oakley Sunglasses Sale, We opened 27 new malls, Expanded 4 high achieving stores and closed 2 underappearing stores, Bringing their grocer base to 873 stores in 29 states as of February 2. Our strategy is constantly on the work very well, And there is no reason that Hibbett cannot be nationwide later on. There are lots of small isolated markets to go into. For monetary year 2014, A lot more claims expects to open 65 to 70 new stores, Expand no more than 18 high performing stores and close 15 to 20 underperforming stores.We are up low single digits through last night, March 14. Stated, Withduring the last 4 weeks, We've been running mid single digits. There was clearly many factors that are still in effect since it's tax refunds shifts, Payroll taxes and the early Easter that will impact our run rate for all of those other quarter.Our guidance for fiscal 2014 is in the stove of $2.85 that will help $3.05, And a rise in comparable store sales in the low to mid single digit range. Takes into account the reduction of $0.07 due to 53rd week in fiscal 2013. With our technique to go to small markets, Our investments in technology and a new the daily monetary service center and in our people, We will carry on growing at a faster rate and continue to lead the industry in profitability.Regards, Barry. And then,
Juliet Oakley Sunglasses, Our Senior VP of items and Marketing will speak with you, Becky Jones.Good daily. We completed our year with solid show in the fourth quarter. Well-known activewear, Spares and footwear were strong performers and drove our top line results. Fleece drove makes all activewear categories with Under Armour being the clear winner. We saw good routines in the North Face, Nike and adidas fleece in addition to. Our fashion men's business seemed to be a bright spot for the quarter with Jordan apparel, Adidas genuine ones and Levi's business on a strong trend.The accessory customers are healthy across the board with all categories enjoying good strong growth. Headwear, Socks and sunglasses discovered big increases, And top performance suppliers were Nike, Under shield and
Oakley. Licensed cures were driven by NBA and headwear. The NFL business was soft for our markets across the overall, And the Hibbett license group did a phenomenal job preparing and executing product assortments for Alabama's 15th national title. Our ability to have products in local markets soon after the win reinforces our small market strategy, And the coordination between merchandising and operations enables us to exploit this opportunity once again.Clogs business grew double digits. Hockey footwear had a terrific quarter. Jordan product is on the go. Under Armour men's and youth normal daily functioning basketball was very good as well. We also saw positive momentum in way product. Youth sneakers had a great quarter in Jordan, Driving instructor[ph] Authentic classics and Nike Air Max 90s. The running sorts were basically flat to last year as a whole. As the running commercial moderates, The team has adjusted appropriately with footwear inventories in good shape to keep growing and thrive. Top functioning categories in equipment business was basketball and football. Both classes saw double digit increases.Checking out 2014, Economic 2014, We continues to focus on premium assortments and utilize systems to allocate product appropriately. Our aged inventory's in great shape and we're prepared to make the most of warm weather business.Thanks, Becky. Next, Our Senior VP of Finance and our CFO will call you, Scott Bowman.Let me begin by stating that the fourth quarter figures mentioned in this morning's press release are based on a 14 week period when compared to usual 13 week period, And the annual figures depend on a 53 week year. The 53rd week added no more than $12 million in revenue and $0.07 in diluted gain per share to our quarterly and annual results. Any mention of the comp sales will be for the 13 week or 52 week period ended January 26. All references to total sales will be for the complete 14 week or 53 week period ended February 2,
Womens Oakley Sunglasses Uk, 2013.The fourth quarter total sales inflated $27 million to $217.4 million, Improve of 14% over the prior year. Comp sales events were up 4.9%. Gross profit rate matured 35 basis points in the quarter. Product margin lessened 7 basis points, Mainly due to markdowns involved with indices and merchandise. Storage facility and store occupancy leveraged by 42 basis points.SG reduced 56 basis points as a percent of sales in the quarter due to leverage in store labor, Amazing advantages and debit card fees. Depreciation and amortization decreased 16 basis points as a percent of sales in the quarter due to lower costs for leasehold betterments for our new stores.The tax rate for the quarter was 37.3%, Which was higher than last year due to cut of job tax credits. Sprinting income of $30.9 million increased 23% over yr after and was 14.2% of sales in opposition to 13.1% yr after, Improve of 108 basis points. Diluted returns per share came in at $0.73 per share in contrast to $0.59 yr after, A 24% enlarger. Contain specialties such as approximately $0.07 in diluted income per share for the 53rd week.For the total year, I would also like one a few highlights. Total sales negotiation were up 11.8% while comp store sales amplified 6.9%. The 2 year get comp was 13.7%. Gross return was up 69 basis points, While SG expenses fallen 50 basis points as a percent of sales. Operating income increased 140 basis give some thought to 14.2%, And earnings per diluted share expanded 27%. From a balance sheet mindset, An additional ended the quarter with $76.9 million in cash opposed to $55.1 million yr after, With out any bank debt. Inventory increased 13.5% over yr after and were 8.2% increased on a per store basis.We expended $22.9 million in CapEx regarding that year, Including issues $7.6 million for our new corporate office and marketing center. Also regarding that quarter, Vehicle bought back 204,000 shares for an overall total of $11 million.Thanks for your time, Scott., We're now ready for thoughts.[ Publications] And our first question is due to the line of Sean Naughton with Piper Jaffray.First, Upon comp for Q4, Do you mind breaking it down by business and ticket? And then as a comply with the margin, You guys have done an excellent job of improving gross margins over recent years. Is there any how can we think about that line item in terms of your guidance for 2014?Certainly. First, The ticket connections. It's a pretty similar story to what we've seen withduring the last several quarters. The ticket part of our comp was actual driver. We did have some improvement in trades, But we to be able to see a larger ticket increase. And after which on the gross margin, Kind of like we've said over past few quarters, We see the margin improvement annually a little bit slimmer. You've seen some pretty dramatic increases over last 2 to 3 years, And we see that constricting a bit. On the information margin side, We've made some huge breakthroughs in aged inventory and shrinkage and assortments, RTVs and etc, And there's still some likelihood there, But it is actually has narrowed. After which on the occupancy side, As we get comps in the 3% range or over, We'll begin playing around by see leverage on that piece of it.
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