SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 20, 2004
Hibbett Sporting Goods, Inc.
(Exact Name Of Registrant As Specified In Its Charter)
Commission file number: 000-20969
Delaware 63-1074067
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(State of (I.R.S. Employer
Incorportation) Indentification No.)
451 Industrial Lane
Birmingham, Alabama 35211
(Address of Principal Executive Offices)
(205) 942-4292
(Registrant's telephone number, including area code)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
( c )
Exhibits.
This exhibit is furnished pursuant to Item 9 and shall not be deemed to be
"filed".
Exhibit No. Description
99.1 Earnings Release Dated July 20, 2004
Item 9. Regulation FD Disclosure
Hibbett Sporting Goods, Inc. issued a press release on July 20, 2004. A
copy of the press release is attached hereto as Exhibit 99.1.
The information in this Report, including Exhibit 99.1 attached hereto, is
furnished solely pursuant to Item 9 of this Form 8-K. Consequently, it is not
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that section. It may only be
incorporated by reference in another filing under the Exchange Act or Securities
Act of 1933 if such subsequent filing specifically references this Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HIBBETT SPORTING GOODS, INC.
By /s/ Gary A. Smith
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Gary A. Smith
Vice President and Chief Financial Officer
July 20, 2004
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EXHIBIT INDEX
Exhibit
99.1 Press Release dated July 20, 2004
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EXHIBIT 99.1
[Hibbett Sporting Goods, Inc. Letterhead]
Contact: Gary Smith
Chief Financial Officer
(205) 942-4292
HIBBETT SPORTING GOODS REVISES SECOND QUARTER EXPECTATIONS
BIRMINGHAM, Ala. (July 20, 2004) - Hibbett Sporting Goods, Inc.
(NASDAQ/NM:HIBB) today announced that it has revised its sales and earnings
expectations for the second fiscal quarter ending July 31, 2004. The Company now
expects to report a comparable store sales increase of 2% to 3% for the second
quarter and earnings per share in the range of $0.13 to $0.15 per diluted share
compared with previous expectations of comparable store sales increases of 5% to
6% and earnings per share in the range of $0.18 to $0.20 per diluted share. The
Company plans to provide updated guidance for fiscal 2004, as well as its
guidance for the third quarter, when it reports complete results for the second
quarter on August 19, 2004.
Commenting on the announcement, Mickey Newsome, President and Chief
Executive Officer, stated, "Although we started off the quarter with sales above
our expectations, for the last few weeks we have experienced a slowdown in two
areas - licensed apparel and fitness equipment. Sales in footwear and team
equipment, however, have continued to post strong results. As we discussed when
we reported first quarter earnings in May, we had planned for licensed apparel,
particularly pro-licensed apparel, to soften starting in the third quarter.
Unfortunately, the momentum in this category, including college-licensed
apparel, has slowed down more dramatically and sooner than anticipated.
Additionally, our comparable-store sales were impacted by rainy weather in June.
We have responded with more aggressive markdowns in both licensed apparel and
fitness equipment. Together with the shift in sales away from apparel to
footwear, these markdowns are expected to result in lower overall margins for
the quarter."
Hibbett Sporting Goods, Inc. is a rapidly growing operator of full-line
sporting goods stores in small to mid-sized markets, predominantly in the
Southeast, Mid-Atlantic and Midwest. The Company's primary store format is
Hibbett Sports, a 5,000-square-foot store located in enclosed malls and dominant
strip centers.
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in
this press release are "forward looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward looking statements
address future events, developments or results and typically use words such as
believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or
estimate. For example, our forward looking statements include statements
regarding merchandise performance and future earnings and comparable store
sales. Such statements are subject to risks and uncertainties that could cause
actual results to differ materially, including economic conditions, industry
trends, merchandise trends, vendor relationships, customer demand, and
competition. For a complete description of these factors, as well as others
which could affect our business, you should carefully review the "Risk Factors,"
"Business," and "MD&A" sections in our Annual Report on Form 10-K filed on April
15, 2004, our Quarterly Report on Form 10-Q filed June 9, 2004, and our most
recent prospectus supplement filed May 2, 2003. In light of these risks and
uncertainties, the future events, developments or results described by our
forward looking statements in this document could turn out to be materially and
adversely different from those we discuss or imply. We are not obligated to
release publicly any revisions to any forward looking statements contained in
this press release to reflect events or circumstances occurring after the date
of this report and you should not expect us to do so.
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