Hibbett(HIBB) - 2024 Q4 - Annual Results

Net Sales Performance - Net sales for the 14-weeks ended February 3, 2024, increased 1.8% to $466.6 million compared with $458.3 million for the 13-weeks ended January 28, 2023[12] - Net sales for the 53-weeks ended February 3, 2024, increased 1.2% to $1.73 billion compared with $1.71 billion for the 52-weeks ended January 28, 2023[14] - Comparable sales for the 53-week Fiscal 2024 decreased by 3.1%, with net sales increasing by 1.2%[33] E-commerce Performance - E-commerce represented 18.9% of total net sales for the 14-weeks ended February 3, 2024, compared to 17.4% in the 13-weeks ended January 28, 2023[2] - E-commerce comparable sales are projected to increase in the mid to high-single digit range[28] Net Income and Earnings Per Share - Net income for the 14-weeks ended February 3, 2024, was $30.9 million, or $2.55 per diluted share, compared to $38.4 million, or $2.91 per diluted share for the 13-weeks ended January 28, 2023[3] - Net income for the 53-weeks ended February 3, 2024, was $103.2 million, or $8.17 per diluted share, compared to $128.1 million, or $9.62 per diluted share for the 52-weeks ended January 28, 2023[17] - Diluted earnings per share are anticipated to be in the range of $8.00 to $8.75[28] Gross Margin - Gross margin was 34.5% of net sales for the 14-weeks ended February 3, 2024, compared with 35.2% of net sales for the 13-weeks ended January 28, 2023[6] - Gross margin was 33.8% of net sales for the 53-weeks ended February 3, 2024, compared with 35.2% of net sales for the 52-weeks ended January 28, 2023[15] - Gross margin is anticipated to be in the range of 34.2% to 34.5%, reflecting a 40 to 70 basis points improvement compared to Fiscal 2024[28] Inventory - Inventory as of February 3, 2024, was $344.3 million, an 18.2% decrease compared to the prior year fourth quarter[7] Capital Expenditures - Capital expenditures during the 53-weeks ended February 3, 2024, were $57.9 million compared to $62.8 million in the 52-weeks ended January 28, 2023[19] - Capital expenditures are expected to be between $65 to $75 million, primarily focused on store development initiatives[28] Fiscal 2025 Expectations - Total sales for Fiscal 2025 are expected to be flat to up approximately 2.0% compared to Fiscal 2024 results[28] - Comparable sales for Fiscal 2025 are anticipated to be flat to down in the low-single digit range, with brick and mortar comp sales expected to be flat to negative low-single digits[28] - Net new store growth is expected to be approximately 45 to 50 units, with ~80% from Hibbett and ~20% from City Gear[28] - SG&A as a percent of net sales is expected to increase by 90 to 120 basis points, reaching 23.9% to 24.2%[28] - Operating profit is projected to be in the range of 7.0% to 7.4%, a decline of 50 to 90 basis points compared to Fiscal 2024[28] Impact of Extra Week in Fiscal 2024 - The extra week in Fiscal 2024 increased fourth quarter and full year net income by an estimated $2.6 to $2.8 million, translating to an approximate diluted EPS range of $0.21 to $0.23 for the fourth quarter and $0.21 to $0.22 for the full year[20]