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Hibbett, Inc.(HIBB), a leading sporting goods retailer, has announced its financial results for the first quarter of 2023. The company reported a net income of $35.9 million and achieved revenue of over $455 million during the quarter. These results reflect the company's strong performance and continued growth in its market.**
HIBBETT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share information)
The unaudited condensed consolidated balance sheets of Hibbett, Inc. and its subsidiaries reveal the following financial information:
- Current assets: The company's current assets, including cash and cash equivalents, receivables, net, inventories, net, and other current assets, totaled $491.1 million as of April 29, 2023.
- Property and equipment: Hibbett, Inc. had property and equipment, net of $175.3 million.
- Operating and finance right-of-use assets: The company held operating right-of-use assets and finance right-of-use assets, net of $263 million and $1.9 million, respectively.
- Tradename intangible asset: Hibbett, Inc. reported a tradename intangible asset of $23.5 million.
- Other assets: The company had other assets, net of $7.8 million.
The total assets for Hibbett, Inc. amounted to $965.3 million as of April 29, 2023.
HIBBETT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share information)
The unaudited condensed consolidated statements of operations for Hibbett, Inc. indicate the following financial data for the 13-week period ended April 29, 2023:
- Net sales: The company achieved net sales of $455.5 million, demonstrating strong customer demand and market presence.
- Gross margin: Hibbett, Inc. maintained a gross margin of 33.7%.
- Operating income: The company reported an operating income of $45.9 million, reflecting its effective cost management and operational efficiency.
- Net income: Hibbett, Inc. recorded a net income of $35.9 million, representing its profitability during the first quarter of 2023.
- Earnings per share: The basic earnings per share were $2.80, while the diluted earnings per share stood at $2.74.
These financial results highlight Hibbett, Inc.'s ability to generate consistent revenue and deliver strong profitability.
Unaudited Condensed Consolidated Statements of Cash Flows
HIBBETT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
The unaudited condensed consolidated statements of cash flows for Hibbett, Inc. provide the following insights into its cash activities for the 13-week period ended April 29, 2023:
- Operating activities: The company reported a net cash outflow of $26.8 million from its operating activities. This outflow can be attributed to various factors such as depreciation and amortization, stock-based compensation, changes in operating assets and liabilities, and other non-cash adjustments.
- Investing activities: Hibbett, Inc. invested $14.2 million in capital expenditures and incurred other minor expenses, resulting in a net cash outflow of $14.2 million from its investing activities.
- Financing activities: The company received $214.1 million in proceeds under credit facilities and made repayments of $146.8 million. Additionally, Hibbett, Inc. repurchased $10.2 million worth of treasury stock and paid dividends to stockholders. The company also made payments towards finance lease obligations and received proceeds from options exercised and shares purchased under the employee stock purchase plan. Overall, the company generated a net cash inflow of $51.9 million from its financing activities.
These cash flow activities demonstrate Hibbett, Inc.'s strategic investments, prudent financial management, and commitment to rewarding its shareholders.
Hibbett, Inc. has achieved impressive financial results for the first quarter of 2023. With a net income of $35.9 million and revenue surpassing $455 million, the company continues to exhibit strength in its market position and financial performance. Hibbett, Inc. remains focused on delivering value to its customers and shareholders while maintaining its position as a leading sporting goods retailer.