☒ | ANNUAL 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.) |
Common Stock, $0.01 Par Value Per Share | NASDAQ Global Select Market | |
Title of Class | Name of each exchange on which registered |
Securities registered pursuant to section 12(g) of the Act: | NONE |
Yes | No | ☐ |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | ||||||
Yes | ☐ | No |
Yes | No | ☐ |
Yes | No | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
Yes | ☐ | No |
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Item 16. | 74 | |
75 |
Year | Related Fiscal Year End | Weeks in Fiscal Period | |||
2020 or Fiscal 2020 | February 1, 2020 | 52 | |||
2019 or Fiscal 2019 | February 2, 2019 | 52 | |||
2018 or Fiscal 2018 | February 3, 2018 | 53 | |||
2017 or Fiscal 2017 | January 28, 2017 | 52 | |||
· | our plans, expectations and estimates concerning the integration of City Gear, LLC (City Gear) and related costs; |
· | our ability to retain key personnel at Hibbett and City Gear; |
· | our anticipated net sales, |
· | our business strategy, omni-channel platform, logistics structure, target market presence and |
· | our store growth, including our plans to add, expand, relocate or close stores, our |
· | our expectations regarding the growth of our online business and the role of technology |
· | our policy of leasing rather than owning stores and our ability to renew or replace store leases satisfactorily; |
· | the cost of regulatory compliance, including the costs and possible outcomes of pending legal actions and other contingencies; |
· | our cash needs, including our ability to fund our future capital expenditures, working capital requirements and repurchases of Company common stock under our repurchase program; |
· | our analysis of our risk factors and their possible effect on financial results; |
· | our ability and plans to renew our |
· | our expectations regarding our capital expenditures and dividend policy; |
· | our seasonal sales patterns and assumptions concerning customer buying behavior; |
· | our expectations regarding competition; |
· | our estimates and assumptions as they relate to the fair value of assets acquired and liabilities assumed in the purchase of City Gear, preferable tax and financial accounting methods, accruals, inventory valuations, long-lived assets, store |
· | our expectations concerning future stock-based award types and the exercise of outstanding stock options; |
· | the possible effect of inflation, market decline and other economic changes on our costs and profitability; |
· | our assessment of the materiality and impact on our business of recent accounting pronouncements adopted by the Financial Accounting Standards Board; |
· | the possible effects of uncertainty within the capital markets, on the commercial credit environment and on levels of consumer confidence; |
· | our analyses of trends as related to marketing, sales and earnings performance; |
· | our |
· | the future reliability of, and cost associated with, our sources of supply, particularly imported goods; |
· | our relationships with vendors and the loss of key vendor support; |
· | our plans, expectations and abilities relating to cybersecurity; and |
· | our ability to mitigate the risk of possible business interruptions. |
Fiscal 2018 | Fiscal 2017 | Fiscal 2016 | ||||||||||
Footwear | 55% | 52% | 49% | |||||||||
Apparel | 28% | 29% | 29% | |||||||||
Equipment | 17% | 19% | 22% | |||||||||
100% | 100% | 100% |
· | maintaining close relationships with vendors and other retailers; |
· | studying other retailers for best practices in merchandising; |
· | attending various trade shows, both in our industry and outside as well as reviewing industry trade publications; |
· | actively participating in industry associations such as the National Sporting Goods Association (NSGA); |
· | visiting competitor store locations; |
· | monitoring industry data sources and periodicals; |
· | monitoring product selection at competing stores and online; and |
· | communicating with our regional vice presidents, district managers and store managers. |
· | Hibbett Sports, Registration No. 2717584 |
· | Sports Additions, Registration No. 1767761 |
· | Hibbett, Registration No. 3275037 |
· | City G.E.A.R, Registration No. 4398655 |
· | City G.E.A.R., Registration No. 4413864 |
· | CITY GEAR, Registration No. 4675462 |
· | City GEAR, Registration No. 5008316 |
· | DEVEROES, Registration No. 3479737 |
· | GRINDHOUSE, Registration No. 5107399 |
· | GRINDHOUSE DENIM, Registration No. 5107398 |
· | we are unable to identify and respond to emerging trends, including shifts in the popularity of certain products; |
· | we miscalculate either the market for the merchandise in our stores or our |
· | consumer demand unexpectedly shifts away from athletic footwear or our more profitable apparel lines. |
· | materially damage our reputation and negatively affect customer satisfaction and loyalty; |
· | expose us to negative publicity, individual claims or consumer class actions, administrative, civil or criminal investigations or actions; and |
· | cause us to incur substantial costs, including but not limited to, costs associated with remediation for stolen assets or information, litigation costs, lost revenues resulting from unauthorized use of proprietary information or the failure to retain or attract customers following an attack, and increased cyber protection costs. |
· | changing patterns of customer behavior from physical store locations to online shopping in the context of an evolving omni-channel retail environment; |
· | the appropriate number of stores in our portfolio; |
· | the formats, sizes and interior layouts of our stores; |
· | the locations of our stores, including the demographics and economic data of each store; |
· | the local competition in and around our stores; |
· | the primary lease term of each store and occupancy cost of each store relative to market rents; and |
· | distribution considerations for each store location. |
· | having to close stores and abandon the related assets while retaining the financial commitments of the leases; |
· | incurring costs to remodel or transform our stores; |
· | having stores or distribution channels that no longer meet the needs of our business; and |
· | bearing excessive lease or occupancy expenses. |
· | increases in the cost of purchasing or shipping foreign merchandise resulting from, for example: |
· | import tariffs, taxes or other governmental actions affecting trade, including the United States imposing antidumping or countervailing duty orders, safeguards, remedies or compensation and retaliation due to illegal foreign trade practices; |
· | foreign government regulations; |
· | rising commodity prices; |
· | increased costs of oceanic shipping; |
· | changes in currency exchange rates or policies and local economic conditions; and |
· | trade restrictions, including import quotas or loss of |
· | disruptions in the flow of imported goods because of factors such as: |
· | raw material shortages, work stoppages, labor availability and political unrest; |
· | problems with oceanic shipping, including blockages or labor union strikes at U.S. or foreign ports; and |
· | economic crises and international disputes. |
· | shifts in consumer tastes and fashion trends; |
· | calendar shifts of holiday or seasonal periods; |
· | the timing of income tax refunds to customers; |
· | increases in personal income taxes paid by our customers; |
· | calendar shifts or cancellations of sales tax-free holidays in certain states; |
· | the success or failure of college and professional sports teams within our core regions; |
· | changes in or lack of tenants in the shopping centers in which we are located; |
· | pricing, promotions or other actions taken by us or our existing or possible new competitors; and |
· | unseasonable weather conditions or natural disasters. |
· | limit our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions or other general corporate purposes; |
· | require a substantial portion of our cash flows to be dedicated to debt service payments, instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisition or other general corporate purposes; |
· | limit our ability to refinance our indebtedness on terms acceptable to us or at all; |
· | place us at a competitive disadvantage to competitors carrying less debt or limit our ability to withstand competitive pressure; and |
· | make us more vulnerable to economic downturns and interest rate increases. |
· | actual or anticipated variations in quarterly operating results; |
· | changes in financial estimates by investment analysts and our inability to meet or exceed those estimates; |
· | additions or departures of key personnel; |
· | market rumors or announcements by us or by our competitors of significant acquisitions, divestitures or joint ventures, strategic partnerships, large capital commitments or other strategic initiatives; |
· | changes in retail sales data that indicate consumers may spend less on discretionary purchases; and |
· | sales of our common stock by key personnel or large institutional holders. |
· | classify our Board of Directors into three classes, each of which serves for different three-year periods; |
· | provide that a director may be removed by stockholders only for cause by a vote of the holders of not less than two-thirds of our shares entitled to vote; |
· | provide that all vacancies on our Board of Directors, including any vacancies resulting from an increase in the number of directors, may be filled by a majority of the remaining directors, even if the number is less than a quorum; |
· | provide that special meetings of the common stockholders may only be called by the Board of Directors, the Chairman of the Board of Directors or upon the demand of the holders of a majority of the total voting power of all outstanding securities of the Company entitled to vote at any such special meeting; and |
· | call for a vote of the holders of not less than two-thirds of the shares entitled to vote in order to amend the foregoing provisions and certain other provisions of our certificate of incorporation and bylaws. |
· | The California Consumer Privacy Act (CCPA) and other emerging privacy laws; |
· | The Telephone Consumer Protection Act (TCPA) provisions that regulate telemarketing, auto-dialed and pre-recorded calls as well as text messages and unsolicited faxes; |
· | Labor and employment laws that govern employment matters such as minimum wage, exempt employment status, overtime, family leave mandates and workplace safety |
· | Securities and exchange laws and |
· | New or changing laws relating to cybersecurity, privacy, cashless payments and consumer credit, protection and fraud; |
· | New or changing laws and regulations concerning product safety or truth in advertising; |
· | The Americans with Disabilities Act and similar state laws that give civil rights protections to individuals with disabilities in the context of employment, public accommodations and other areas; |
· | New or changing federal and state immigration laws and regulations; |
· | The Patient Protection and Affordable Care Act provisions; |
· | New or changing environmental regulations, including measures related to climate change and greenhouse gas emissions; and |
· | New or changing laws relating to state and local taxation and licensing, including sales and use tax laws, withholding taxes and property taxes.; |
Alabama | 93 | Kentucky | 56 | Oklahoma | 40 | 105 | Kentucky | 58 | Oklahoma | 40 | |||||||||||
Arkansas | 42 | Louisiana | 67 | Pennsylvania | 6 | ||||||||||||||||
Arizona | 9 | Louisiana | 61 | Pennsylvania | 9 | 8 | Maryland | 5 | South Carolina | 41 | |||||||||||
Arkansas | 42 | Maryland | 5 | South Carolina | 42 | ||||||||||||||||
California | 6 | Minnesota | 2 | South Dakota | 4 | 12 | Minnesota | 1 | South Dakota | 3 | |||||||||||
Colorado | 6 | Mississippi | 66 | Tennessee | 67 | 6 | Mississippi | 74 | Tennessee | 78 | |||||||||||
Delaware | 1 | Missouri | 33 | Texas | 109 | 1 | Missouri | 39 | Texas | 123 | |||||||||||
Florida | 65 | Nebraska | 10 | Utah | 4 | 64 | Nebraska | 9 | Utah | 4 | |||||||||||
Georgia | 103 | New Jersey | 3 | Virginia | 22 | 122 | New Jersey | 3 | Virginia | 22 | |||||||||||
Illinois | 30 | New Mexico | 15 | West Virginia | 9 | 30 | New Mexico | 15 | West Virginia | 10 | |||||||||||
Indiana | 22 | New York | 3 | Wisconsin | 8 | 26 | New York | 4 | Wisconsin | 4 | |||||||||||
Iowa | 18 | North Carolina | 61 | Wyoming | 2 | 17 | North Carolina | 60 | Wyoming | 2 | |||||||||||
Kansas | 24 | Ohio | 29 | TOTAL | 1,079 | 26 | Ohio | 36 | TOTAL | 1,163 |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Fiscal 2018: | High | Low | ||||||
First Quarter ended April 29, 2017 | $ | 33.70 | $ | 25.90 | ||||
Second Quarter ended July 29, 2017 | $ | 25.70 | $ | 15.25 | ||||
Third Quarter ended October 28, 2017 | $ | 15.60 | $ | 13.40 | ||||
Fourth Quarter ended February 3, 2018 | $ | 24.95 | $ | 12.80 | ||||
Fiscal 2017: | High | Low | ||||||
First Quarter ended April 30, 2016 | $ | 36.37 | $ | 32.07 | ||||
Second Quarter ended July 30, 2016 | $ | 36.67 | $ | 34.92 | ||||
Third Quarter ended October 29, 2016 | $ | 41.63 | $ | 33.64 | ||||
Fourth Quarter ended January 28, 2017 | $ | 45.80 | $ | 32.70 | ||||
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Hibbett Sports, Inc., the NASDAQ Composite Index
and the NASDAQ Retail Trade Index
1/13 | 1/14 | 1/15 | 1/16 | 1/17 | 1/18 | |
Hibbett Sports, Inc. | 100.00 | 113.96 | 89.33 | 61.07 | 62.67 | 42.92 |
NASDAQ Composite | 100.00 | 133.35 | 152.66 | 153.70 | 187.33 | 249.85 |
NASDAQ Retail Trade | 100.00 | 127.83 | 143.03 | 175.90 | 212.73 | 315.35 |
*$100 invested on 1/31/14 in stock or index, including reinvestment of dividends. | |
Fiscal year ending January 31. |
1/14 | 1/15 | 1/16 | 1/17 | 1/18 | 1/19 | |
Hibbett Sports, Inc. | 100.00 | 78.39 | 53.59 | 54.99 | 37.66 | 27.23 |
NASDAQ Composite | 100.00 | 114.30 | 115.10 | 141.84 | 189.26 | 187.97 |
NASDAQ Retail Trade | 100.00 | 112.78 | 142.83 | 174.47 | 261.97 | 289.77 |
Period | Total Number of Shares Purchased | Average Price per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares that may yet be Purchased Under the Programs (in thousands) | ||||||||||||
October 29, 2017 to November 25, 2017 | 452,633 | $ | 13.36 | 452,633 | $ | 207,368 | ||||||||||
November 26, 2017 to December 30, 2017 | 124,263 | $ | 20.43 | 124,200 | $ | 204,830 | ||||||||||
December 31, 2017 to February 3, 2018 | 34,700 | $ | 21.28 | 34,700 | $ | 204,092 | ||||||||||
Total | 611,596 | $ | 15.25 | 611,533 | $ | 204,092 |
Period | Total Number of Shares Purchased | Average Price per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares that may yet be Purchased Under the Programs (in thousands) | ||||||||||||
November 4, 2018 to December 1, 2018 | 3,900 | $ | 16.87 | 3,900 | $ | 188,000 | ||||||||||
December 2, 2018 to January 5, 2019 | - | - | $ | 188,000 | ||||||||||||
January 6, 2019 to February 2, 2019 | - | - | $ | 188,000 | ||||||||||||
Total | 3,900 | $ | 16.87 | 3,900 | $ | 188,000 | ||||||||||
(In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | January 31, 2015 | February 1, 2014 | Fiscal Year Ended | |||||||||||||||||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | January 30, 2016 (52 weeks) | January 31, 2015 (52 weeks) | |||||||||||||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 968,219 | $ | 972,960 | $ | 943,104 | $ | 913,486 | $ | 851,965 | $ | 1,008,682 | $ | 968,219 | $ | 972,960 | $ | 943,104 | $ | 913,486 | ||||||||||||||||||||
Cost of goods sold | 655,502 | 634,364 | 610,389 | 586,702 | 542,700 | 679,947 | 655,502 | 634,364 | 610,389 | 586,702 | ||||||||||||||||||||||||||||||
Gross margin | 312,717 | 338,596 | 332,715 | 326,784 | 309,265 | 328,735 | 312,717 | 338,596 | 332,715 | 326,784 | ||||||||||||||||||||||||||||||
Store operating, selling and administrative expenses | 231,832 | 222,785 | 203,673 | 192,648 | 181,527 | 264,142 | 231,832 | 222,785 | 203,673 | 192,648 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 24,207 | 19,047 | 17,038 | 15,990 | 13,847 | 27,052 | 24,207 | 19,047 | 17,038 | 15,990 | ||||||||||||||||||||||||||||||
Operating income | 56,678 | 96,764 | 112,004 | 118,146 | 113,891 | 37,541 | 56,678 | 96,764 | 112,004 | 118,146 | ||||||||||||||||||||||||||||||
Interest expense, net | 231 | 268 | 292 | 293 | 188 | |||||||||||||||||||||||||||||||||||
Interest (income) expense, net | (17 | ) | 231 | 268 | 292 | 293 | ||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 56,447 | 96,496 | 111,712 | 117,853 | 113,703 | 37,558 | 56,447 | 96,496 | 111,712 | 117,853 | ||||||||||||||||||||||||||||||
Provision for income taxes | 21,417 | 35,421 | 41,184 | 44,269 | 42,826 | 9,137 | 21,417 | 35,421 | 41,184 | 44,269 | ||||||||||||||||||||||||||||||
��Net income | $ | 35,030 | $ | 61,075 | $ | 70,528 | $ | 73,584 | $ | 70,877 | ||||||||||||||||||||||||||||||
Net income | $ | 28,421 | $ | 35,030 | $ | 61,075 | $ | 70,528 | $ | 73,584 | ||||||||||||||||||||||||||||||
Basic earnings per share | $ | 1.72 | $ | 2.75 | $ | 2.95 | $ | 2.90 | $ | 2.74 | $ | 1.52 | $ | 1.72 | $ | 2.75 | $ | 2.95 | $ | 2.90 | ||||||||||||||||||||
Diluted earnings per share | $ | 1.71 | $ | 2.72 | $ | 2.92 | $ | 2.87 | $ | 2.70 | $ | 1.51 | $ | 1.71 | $ | 2.72 | $ | 2.92 | $ | 2.87 | ||||||||||||||||||||
Basic weighted average shares outstanding | 20,347 | 22,240 | 23,947 | 25,369 | 25,870 | 18,644 | 20,347 | 22,240 | 23,947 | 25,369 | ||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 20,450 | 22,427 | 24,129 | 25,620 | 26,266 | 18,826 | 20,450 | 22,427 | 24,129 | 25,620 |
(In thousands, except Other Data amd Selected Store Data) | ||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | January 31, 2015 | February 1, 2014 | ||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||
Other Data: | ||||||||||||||||||||
Net sales (decrease) increase | -0.5 | % | 3.2 | % | 3.2 | % | 7.2 | % | 4.1 | % | ||||||||||
Comparable store sales | -3.8 | % | 0.2 | % | -0.4 | % | 2.9 | % | 1.8 | % | ||||||||||
Gross margin (as a % to net sales) | 32.3 | % | 34.8 | % | 35.3 | % | 35.8 | % | 36.3 | % | ||||||||||
Store operating, selling and administrative expenses (as a % to net sales) | 23.9 | % | 22.9 | % | 21.6 | % | 21.1 | % | 21.3 | % | ||||||||||
Depreciation and amortization (as a % to net sales) | 2.5 | % | 2.0 | % | 1.8 | % | 1.8 | % | 1.6 | % | ||||||||||
Provision for income taxes (as a % to net sales) | 2.2 | % | 3.6 | % | 4.4 | % | 4.8 | % | 5.0 | % | ||||||||||
Net income (as a % to net sales) | 3.6 | % | 6.3 | % | 7.5 | % | 8.1 | % | 8.3 | % | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 73,544 | $ | 38,958 | $ | 32,274 | $ | 88,397 | $ | 66,227 | ||||||||||
Average inventory per store | $ | 235 | $ | 260 | $ | 271 | $ | 243 | $ | 244 | ||||||||||
Working capital | $ | 231,207 | $ | 242,192 | $ | 225,178 | $ | 253,373 | $ | 232,235 | ||||||||||
Total assets | $ | 461,846 | $ | 458,854 | $ | 442,372 | $ | 452,397 | $ | 416,345 | ||||||||||
Long-term capital lease obligations | $ | 2,522 | $ | 2,857 | $ | 3,149 | $ | 3,029 | $ | 2,889 | ||||||||||
Stockholders' investment | $ | 319,596 | $ | 334,040 | $ | 310,846 | $ | 324,781 | $ | 304,023 | ||||||||||
Treasury shares repurchased | 2,843 | 1,236 | 2,236 | 1,206 | 366 | |||||||||||||||
Cost of treasury shares purchased | $ | 54,506 | $ | 43,058 | $ | 91,332 | $ | 60,971 | $ | 20,095 | ||||||||||
Selected Store Data: | ||||||||||||||||||||
Stores open at beginning of period | 1,078 | 1,044 | 988 | 927 | 873 | |||||||||||||||
New stores opened | 44 | 65 | 71 | 80 | 72 | |||||||||||||||
Stores closed | (43 | ) | (31 | ) | (15 | ) | (19 | ) | (18 | ) | ||||||||||
Stores open at end of period | 1,079 | 1,078 | 1,044 | 988 | 927 | |||||||||||||||
Stores expanded during the period | 11 | 8 | 16 | 9 | 14 | |||||||||||||||
Estimated square footage at end of period | 6,140 | 6,141 | 5,974 | 5,649 | 5,331 |
Fiscal Year Ended | ||||||||||||||||||||
February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | January 30, 2016 (52 weeks) | January 31, 2015 (52 weeks) | ||||||||||||||||
Other Data: | ||||||||||||||||||||
Net sales increase (decrease) | 4.2 | % | -0.5 | % | 3.2 | % | 3.2 | % | 7.2 | % | ||||||||||
Comparable store sales | 2.2 | % | -3.8 | % | 0.2 | % | -0.4 | % | 2.9 | % | ||||||||||
Gross margin (as a % to net sales) | 32.6 | % | 32.3 | % | 34.8 | % | 35.3 | % | 35.8 | % | ||||||||||
Store operating, selling and administrative expenses (as a % to net sales) | 26.2 | % | 23.9 | % | 22.9 | % | 21.6 | % | 21.1 | % | ||||||||||
Depreciation and amortization (as a % to net sales) | 2.7 | % | 2.5 | % | 2.0 | % | 1.8 | % | 1.8 | % | ||||||||||
Provision for income taxes (as a % to net sales) | 0.9 | % | 2.2 | % | 3.6 | % | 4.4 | % | 4.8 | % | ||||||||||
Net income (as a % to net sales) | 2.8 | % | 3.6 | % | 6.3 | % | 7.5 | % | 8.1 | % | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 61,756 | $ | 73,544 | $ | 38,958 | $ | 32,274 | $ | 88,397 | ||||||||||
Average inventory per store | $ | 241 | $ | 235 | $ | 260 | $ | 271 | $ | 243 | ||||||||||
Working capital | $ | 194,583 | $ | 231,207 | $ | 242,192 | $ | 225,178 | $ | 253,373 | ||||||||||
Total assets | $ | 546,065 | $ | 461,846 | $ | 458,854 | $ | 442,372 | $ | 452,397 | ||||||||||
Long-term capital lease obligations | $ | 1,994 | $ | 2,522 | $ | 2,857 | $ | 3,149 | $ | 3,029 | ||||||||||
Stockholders’ investment | $ | 336,049 | $ | 319,596 | $ | 334,040 | $ | 310,846 | $ | 324,781 | ||||||||||
Treasury shares repurchased | 776 | 2,843 | 1,236 | 2,236 | 1,206 | |||||||||||||||
Cost of treasury shares purchased | $ | 16,540 | $ | 54,506 | $ | 43,058 | $ | 91,332 | $ | 60,971 | ||||||||||
Selected Store Data: | ||||||||||||||||||||
Stores open at beginning of period | 1,079 | 1,078 | 1,044 | 988 | 927 | |||||||||||||||
Stores acquired | 136 | - | - | - | - | |||||||||||||||
New stores opened | 32 | 44 | 65 | 71 | 80 | |||||||||||||||
Stores closed | (84 | ) | (43 | ) | (31 | ) | (15 | ) | (19 | ) | ||||||||||
Stores open at end of period | 1,163 | 1,079 | 1,078 | 1,044 | 988 | |||||||||||||||
Stores expanded during the period | 7 | 11 | 8 | 16 | 9 | |||||||||||||||
Estimated square footage (in thousands) | 6,542 | 6,140 | 6,141 | 5,974 | 5,649 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
· | The acquisition of City Gear; |
· | The launch of our new mobile app as well as Buy Online, Pick Up in Store (BOPIS) and Reserve in Store (ROPIS); |
· | The expansion of our credit facilities to facilitate the purchase of City Gear; and |
· | The continuation of our Stock Repurchase Program through January 2022. |
Fiscal 2018 | Fiscal 2017 | Fiscal 2016 | ||||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | Fiscal 2019 (52 weeks) | Fiscal 2018 (53 weeks) | Fiscal 2017 (52 weeks) | |||||||||||||||||||
Net sales (in millions) | $ | 968.2 | $ | 973.0 | $ | 943.1 | $ | 1,008.7 | $ | 968.2 | $ | 973.0 | ||||||||||||
Operating income, percentage to net sales | 5.9 | % | 10.0 | % | 11.9 | % | 3.7 | % | 5.9 | % | 10.0 | % | ||||||||||||
Comparable store sales | -3.8 | % | 0.2 | % | -0.4 | % | 2.2 | % | -3.8 | % | 0.2 | % | ||||||||||||
Net income (in millions) | $ | 35.0 | $ | 61.1 | $ | 70.5 | $ | 28.4 | $ | 35.0 | $ | 61.1 | ||||||||||||
Net income, percentage (decrease) increase | -42.6 | % | -13.4 | % | -4.2 | % | ||||||||||||||||||
Net income, percentage decrease | -18.9 | % | -42.6 | % | -13.4 | % | ||||||||||||||||||
Diluted earnings per share | $ | 1.71 | $ | 2.72 | $ | 2.92 | $ | 1.51 | $ | 1.71 | $ | 2.72 |
Fiscal 2018 | Fiscal 2018 | |||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||||||||
Comparable store sales increase (originally reported) | -4.9% | -11.7% | -1.3% | 1.6% | -3.8% | -4.9 | % | -11.7 | % | -1.3 | % | 1.6 | % | -3.8 | % | |||||||||||||||||||||||||
Comparable store sales increase (adjusted for week shift) | -4.8% | -11.0% | 0.3% | 1.0% | -3.6% | -4.8 | % | -11.0 | % | 0.3 | % | 1.0 | % | -3.6 | % | |||||||||||||||||||||||||
Impact of week shift | 0.1% | 0.7% | 1.6% | -0.6% | 0.2% | 0.1 | % | 0.7 | % | 1.6 | % | -0.6 | % | 0.2 | % | |||||||||||||||||||||||||
Fiscal 2018 | ||||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||||||||
Net sales (originally reported) | $ | 275.7 | $ | 188.0 | $ | 237.8 | $ | 266.7 | $ | 968.2 | ||||||||||||||||||||||||||||||
Net sales (adjusted for week shift) | $ | 275.2 | $ | 206.0 | $ | 220.6 | $ | 265.8 | $ | 967.6 | ||||||||||||||||||||||||||||||
Impact of week shift | $ | (0.5) | $ | 18.0 | $ | (17.2) | $ | (0.9) | $ | (0.6) |
Fiscal 2018 | ||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||
Net sales (originally reported) | $ | 275.7 | $ | 188.0 | $ | 237.8 | $ | 266.7 | $ | 968.2 | ||||||||||
Net sales (adjusted for week shift) | $ | 275.2 | $ | 206.0 | $ | 220.6 | $ | 265.8 | $ | 967.6 | ||||||||||
Impact of week shift | $ | (0.5 | ) | $ | 18.0 | $ | (17.2 | ) | $ | (0.9 | ) | $ | (0.6 | ) |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Cost of goods sold | 67.7 | 65.2 | 64.7 | 67.4 | 67.7 | 65.2 | ||||||||||||||||||
Gross margin | 32.3 | 34.8 | 35.3 | 32.6 | 32.3 | 34.8 | ||||||||||||||||||
Store operating, selling and administrative expenses | 23.9 | 22.9 | 21.6 | 26.2 | 23.9 | 22.9 | ||||||||||||||||||
Depreciation and amortization | 2.5 | 2.0 | 1.8 | 2.7 | 2.5 | 2.0 | ||||||||||||||||||
Operating income | 5.9 | 10.0 | 11.9 | 3.7 | 5.9 | 10.0 | ||||||||||||||||||
Interest (expense) income, net | - | - | - | |||||||||||||||||||||
Interest income (expense), net | - | - | - | |||||||||||||||||||||
Income before provision for income taxes | 5.8 | 9.9 | 11.9 | 3.7 | 5.8 | 9.9 | ||||||||||||||||||
Provision for income taxes | 2.2 | 3.6 | 4.4 | 0.9 | 2.2 | 3.6 | ||||||||||||||||||
Net income | 3.6 | % | 6.3 | % | 7.5 | % | 2.8 | % | 3.6 | % | 6.3 | % |
· | We acquired 136 City Gear stores, opened 32 Hibbett Sports or City Gear stores while closing 84 underperforming Hibbett Sports stores for a net addition of 84 stores in Fiscal 2019. We expanded 7 high performing stores. |
· | Comparable store net sales for Fiscal 2019 increased 2.2% compared to Fiscal 2018. Stores not in the comparable store net sales calculation accounted for $97.1 million of net sales of which $49.1 million was attributable to the acquisition of City Gear. |
· | Merchandise gross margin increased 15 basis points as a percentage of net sales due to promotional markdowns resulting from lower levels of aged inventory, and an approximate $0.9 million non-recurring charge from last year related to our Team Division. This was partially offset by a higher percentage of e-commerce sales and a non-recurring charge of approximately $1.9 million to amortize an inventory step-up value related to the City Gear acquisition. |
· | Wholesale and logistics expense was relatively flat increasing two basis points as a percentage of net sales. |
· | Store occupancy expense decreased 16 basis points as a percentage of net sales mainly due to the closure of 84 lower volume stores and growth in e-commerce sales. |
· | Total salary and benefit costs increased 70 basis points as a percentage of net sales due to increased wages for store associates, increases in incentive compensation and health care costs, and severance costs related to a workforce reduction. |
· | Expenses associated with our omni-channel initiative increased 98 basis points as a percentage of net sales due to increased operational and marketing costs to support increased sales, and the development and rollout of new functionality such as BOPIS, ROPIS and a new mobile app. |
· | Overall expenses increased 43 basis points due to non-recurring costs associated with the City Gear acquisition and increased 30 basis points due to a $3.1 million non-recurring gain last year from the sale of our Team Division. |
· | We expect overall store operating, selling and administrative expenses to increase slightly as a percentage of net sales in Fiscal 2020 mainly due to non-recurring costs related to the integration of City Gear. |
Fifty-Two Weeks Ended February 2, 2019 | ||||||||||||||||
Non-Recurring Costs | ||||||||||||||||
GAAP Basis (As Reported) | Acquisition Costs | Severance Costs | Non-GAAP Basis February 2, 2019 | |||||||||||||
Net sales | $ | 1,008,682 | $ | - | $ | - | $ | 1,008,682 | ||||||||
Cost of goods sold | 679,947 | 1,911 | - | 678,036 | ||||||||||||
Gross margin | 328,735 | 1,911 | - | 330,646 | ||||||||||||
Store operating, selling and administrative expenses | 264,142 | 4,299 | 289 | 259,554 | ||||||||||||
Depreciation and amortization | 27,052 | - | - | 27,052 | ||||||||||||
Operating income | 37,541 | 6,210 | 289 | 44,040 | ||||||||||||
Interest income, net | (17 | ) | - | - | (17 | ) | ||||||||||
Income before provision for income taxes | 37,558 | 6,210 | 289 | 44,057 | ||||||||||||
Provision for income taxes | 9,137 | (1,511 | ) | (70 | ) | 10,718 | ||||||||||
Net income | $ | 28,421 | $ | 4,699 | $ | 219 | $ | 33,339 | ||||||||
Basic earnings per share | $ | 1.52 | $ | 0.25 | $ | 0.01 | $ | 1.79 | ||||||||
Diluted earnings per share | $ | 1.51 | $ | 0.25 | $ | 0.01 | $ | 1.77 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 18,644 | 18,644 | 18,644 | 18,644 | ||||||||||||
Diluted | 18,826 | 18,826 | 18,826 | 18,826 |
· | We opened 44 Hibbett Sports stores while closing 43 underperforming Hibbett Sports stores for net addition of 1 store in Fiscal 2018. We expanded 11 high performing stores. |
· | Comparable store net sales for Fiscal 2018 decreased 3.8% compared to Fiscal 2017. Stores not in the comparable store net sales calculation accounted for $53.4 million of net sales. |
· | Merchandise gross margin decreased 258 basis points as a percentage of net sales due to promotional markdowns, the introduction of e-commerce sales and a one-time charge of approximately $0.9 million to establish a reserve against the inventory of our Team business. |
· | Wholesale and logistics expense increased eight basis points as a percentage of net sales due to increased data processing costs associated with our omni-channel initiative and increased transportation costs. |
· | Store occupancy expense decreased 17 basis points as a percentage of net sales mainly due to savings realized in utility costs resulting from cost savings initiatives. |
· | Total salary and benefit costs increased 67 basis points as a percentage of net sales due to de-leverage associated with lower comparable store sales and hiring to support our e-commerce business. |
· | Expenses associated with our omni-channel initiative increased 82 basis points as a percentage of net sales due to the launch of our e-commerce business and on-going operational and marketing costs to support the e-commerce business. |
· | Overall expenses decreased 32 basis points due to a $3.1 million one-time gain resulting from the sale of the |
· | Credit card fees decreased 21 basis points mainly due to the implementation of EMV chip technology in our stores. |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Net cash provided by operating activities | $ | 111,926 | $ | 78,675 | $ | 58,479 | $ | 73,417 | $ | 111,926 | $ | 78,675 | ||||||||||||
Net cash used in investing activities | (22,900 | ) | (29,409 | ) | (24,677 | ) | (103,871 | ) | (22,900 | ) | (29,409 | ) | ||||||||||||
Net cash used in financing activities | (54,440 | ) | (42,582 | ) | (89,925 | ) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 34,586 | $ | 6,684 | $ | (56,123 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 18,666 | (54,440 | ) | (42,582 | ) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (11,788 | ) | $ | 34,586 | $ | 6,684 |
· | Net income provided cash of $28.4 million, $35.0 million |
· | Ending inventory per store increased 2.6% at February 2, 2019 and declined 9.9% |
· | The change in accounts payable used cash of $9.9 million in Fiscal 2019, provided cash of $16.4 million in Fiscal 2018 and used cash of $11.4 million in Fiscal |
· | Non-cash charges included depreciation and amortization expense of $27.1 million, $24.2 million |
· | The opening of new stores, the remodeling, relocation or expansion of selected existing stores; |
· | Information system infrastructure, projects, upgrades and security (including City Gear integration); and |
· | Other departmental needs. |
Payment due by period | Payment due by period | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | Total | ||||||||||||||||||||||||||||||
Long-term debt obligations | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Credit facilities | 35,000 | - | - | - | 35,000 | |||||||||||||||||||||||||||||||||||
Capital lease obligations (1) | 663 | 1,240 | 724 | 558 | 3,185 | 1,017 | 1,148 | 634 | 212 | 3,011 | ||||||||||||||||||||||||||||||
Interest on capital lease obligations (1) | 227 | 325 | 173 | 38 | 763 | 242 | 244 | 90 | 5 | 581 | ||||||||||||||||||||||||||||||
Operating lease obligations (1) | 59,596 | 92,561 | 51,665 | 36,124 | 239,946 | 68,002 | 105,349 | 56,437 | 40,181 | 269,969 | ||||||||||||||||||||||||||||||
Purchase obligations (2) | 7,877 | 2,641 | 283 | - | 10,801 | 8,920 | 7,337 | 3,041 | - | 19,298 | ||||||||||||||||||||||||||||||
Other liabilities (3) | 524 | - | - | 2,516 | 3,040 | 242 | 9,200 | - | 2,540 | 11,982 | ||||||||||||||||||||||||||||||
Total | $ | 68,887 | $ | 96,767 | $ | 52,845 | $ | 39,236 | $ | 257,735 | $ | 113,423 | $ | 123,278 | $ | 60,202 | $ | 42,938 | $ | 339,841 |
(2) | Purchase obligations include all material legally binding contracts such as software license commitments and service contracts. The table above also includes a stand-by letter of credit in conjunction with our self-insured |
(3) | Other liabilities include amounts accrued for various deferred compensation |
ASSETS | February 3, 2018 | January 28, 2017 | February 2, 2019 | February 3, 2018 | ||||||||||||
Current Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 73,544 | $ | 38,958 | $ | 61,756 | $ | 73,544 | ||||||||
Receivables, net | 6,599 | 8,902 | 9,470 | 6,599 | ||||||||||||
Inventories, net | 253,201 | 280,701 | 280,287 | 253,201 | ||||||||||||
Prepaid expenses and other | 13,430 | 9,703 | 16,343 | 13,430 | ||||||||||||
Total current assets | 346,774 | 338,264 | 367,856 | 346,774 | ||||||||||||
Property and Equipment: | ||||||||||||||||
Land and buildings | 28,588 | 28,396 | ||||||||||||||
Buildings under capital lease | 3,652 | 3,652 | ||||||||||||||
Equipment | 93,163 | 84,332 | ||||||||||||||
Equipment under capital lease | 1,702 | 1,407 | ||||||||||||||
Furniture and fixtures | 34,892 | 35,170 | ||||||||||||||
Leasehold improvements | 91,218 | 87,159 | ||||||||||||||
Construction in progress | 4,795 | 7,300 | ||||||||||||||
Property and equipment, net | 115,394 | 109,698 | ||||||||||||||
258,010 | 247,416 | |||||||||||||||
Less accumulated depreciation and amortization | 148,312 | 135,782 | ||||||||||||||
Net property and equipment | 109,698 | 111,634 | ||||||||||||||
Goodwill | 23,133 | - | ||||||||||||||
Trade name intangible asset | 32,400 | - | ||||||||||||||
Deferred income taxes, net | 2,176 | 5,285 | 2,278 | 2,176 | ||||||||||||
Other assets, net | 3,198 | 3,671 | 5,004 | 3,198 | ||||||||||||
Total Assets | $ | 461,846 | $ | 458,854 | $ | 546,065 | $ | 461,846 | ||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts payable | $ | 93,435 | $ | 77,046 | $ | 107,315 | $ | 93,435 | ||||||||
Credit facilities | 35,000 | - | ||||||||||||||
Capital lease obligations | 663 | 595 | 1,017 | 663 | ||||||||||||
Accrued payroll expenses | 10,424 | 8,268 | 13,929 | 10,424 | ||||||||||||
Deferred rent | 5,909 | 5,050 | 5,838 | 5,909 | ||||||||||||
Other accrued expenses | 5,136 | 5,113 | 10,174 | 5,136 | ||||||||||||
Total current liabilities | 115,567 | 96,072 | 173,273 | 115,567 | ||||||||||||
Capital lease obligations | 2,522 | 2,857 | 1,994 | 2,522 | ||||||||||||
Deferred rent | 20,291 | 21,664 | 19,522 | 20,291 | ||||||||||||
Unrecognized tax benefits | 1,294 | 1,401 | 1,401 | 1,294 | ||||||||||||
Other liabilities | 2,576 | 2,820 | 13,826 | 2,576 | ||||||||||||
Total liabilities | 142,250 | 124,814 | 210,016 | 142,250 | ||||||||||||
Stockholders' Investment: | ||||||||||||||||
Stockholders’ Investment: | ||||||||||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued | - | - | - | - | ||||||||||||
Common stock, $.01 par value, 80,000,000 shares authorized, 38,862,929 and 38,739,079 shares issued at February 3, 2018 and January 28, 2017, respectively | 389 | 387 | ||||||||||||||
Common stock, $.01 par value, 80,000,000 shares authorized, 38,983,232 and 38,862,929 shares issued at February 2, 2019 and February 3, 2018, respectively | 390 | 389 | ||||||||||||||
Paid-in capital | 180,536 | 174,719 | 185,752 | 180,536 | ||||||||||||
Retained earnings | 731,901 | 697,658 | 759,677 | 731,901 | ||||||||||||
Treasury stock, at cost, 19,910,291 and 17,067,482 shares repurchased at February 3, 2018 and January 28, 2017, respectively | (593,230 | ) | (538,724 | ) | ||||||||||||
Total stockholders' investment | 319,596 | 334,040 | ||||||||||||||
Total Liabilities and Stockholders' Investment | $ | 461,846 | $ | 458,854 | ||||||||||||
Treasury stock, at cost, 20,686,242 and 19,910,291 shares repurchased at February 2, 2019 and February 3, 2018, respectively | (609,770 | ) | (593,230 | ) | ||||||||||||
Total stockholders’ investment | 336,049 | 319,596 | ||||||||||||||
Total Liabilities and Stockholders’ Investment | $ | 546,065 | $ | 461,846 |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Net sales | $ | 968,219 | $ | 972,960 | $ | 943,104 | $ | 1,008,682 | $ | 968,219 | $ | 972,960 | ||||||||||||
Cost of goods sold | 655,502 | 634,364 | 610,389 | 679,947 | 655,502 | 634,364 | ||||||||||||||||||
Gross profit | 312,717 | 338,596 | 332,715 | |||||||||||||||||||||
Gross margin | 328,735 | 312,717 | 338,596 | |||||||||||||||||||||
Store operating, selling and administrative expenses | 231,832 | 222,785 | 203,673 | 264,142 | 231,832 | 222,785 | ||||||||||||||||||
Depreciation and amortization | 24,207 | 19,047 | 17,038 | 27,052 | 24,207 | 19,047 | ||||||||||||||||||
Operating income | 56,678 | 96,764 | 112,004 | 37,541 | 56,678 | 96,764 | ||||||||||||||||||
Interest income | 39 | 24 | 31 | 731 | 39 | 24 | ||||||||||||||||||
Interest expense | (270 | ) | (292 | ) | (323 | ) | (714 | ) | (270 | ) | (292 | ) | ||||||||||||
Interest expense, net | (231 | ) | (268 | ) | (292 | ) | ||||||||||||||||||
Interest income (expense), net | 17 | (231 | ) | (268 | ) | |||||||||||||||||||
Income before provision for income taxes | 56,447 | 96,496 | 111,712 | 37,558 | 56,447 | 96,496 | ||||||||||||||||||
Provision for income taxes | 21,417 | 35,421 | 41,184 | 9,137 | 21,417 | 35,421 | ||||||||||||||||||
Net income | $ | 35,030 | $ | 61,075 | $ | 70,528 | $ | 28,421 | $ | 35,030 | $ | 61,075 | ||||||||||||
Basic earnings per share | $ | 1.72 | $ | 2.75 | $ | 2.95 | $ | 1.52 | $ | 1.72 | $ | 2.75 | ||||||||||||
Diluted earnings per share | $ | 1.71 | $ | 2.72 | $ | 2.92 | $ | 1.51 | $ | 1.71 | $ | 2.72 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic | 20,347 | 22,240 | 23,947 | 18,644 | 20,347 | 22,240 | ||||||||||||||||||
Diluted | 20,450 | 22,427 | 24,129 | 18,826 | 20,450 | 22,427 |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, (52 weeks)2019 | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||||||
Net income | $ | 35,030 | $ | 61,075 | $ | 70,528 | $ | 28,421 | $ | 35,030 | $ | 61,075 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 24,207 | 19,047 | 17,038 | 27,052 | 24,207 | 19,047 | ||||||||||||||||||
Amortization of inventory step-up | 1,911 | - | - | |||||||||||||||||||||
Deferred income taxes and unrecognized income tax benefit, net | 3,488 | 1,418 | 1,285 | 244 | 3,488 | 1,418 | ||||||||||||||||||
Excess tax benefit from stock option exercises | - | (99 | ) | (900 | ) | |||||||||||||||||||
Loss (gain) on disposal and write-down of assets, net | 597 | 238 | (156 | ) | ||||||||||||||||||||
Loss on disposal and write-down of assets, net | 940 | 597 | 238 | |||||||||||||||||||||
Stock-based compensation | 3,880 | 4,592 | 5,198 | 4,316 | 3,880 | 4,592 | ||||||||||||||||||
Other non-cash adjustments | (104 | ) | - | (99 | ) | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Receivables, net | 2,303 | (1,826 | ) | 501 | 1,422 | 2,303 | (1,826 | ) | ||||||||||||||||
Inventories, net | 27,500 | 2,398 | (42,691 | ) | 16,804 | 27,500 | 2,398 | |||||||||||||||||
Prepaid expenses and other | (3,074 | ) | (1,712 | ) | 2,186 | (501 | ) | (3,074 | ) | (1,712 | ) | |||||||||||||
Other assets | 185 | 351 | (443 | ) | (162 | ) | 185 | 351 | ||||||||||||||||
Accounts payable | 16,389 | (11,410 | ) | 4,017 | (9,927 | ) | 16,389 | (11,410 | ) | |||||||||||||||
Deferred rent | �� | (514 | ) | 3,623 | 3,228 | (839 | ) | (514 | ) | 3,623 | ||||||||||||||
Accrued expenses and other | 1,935 | 980 | (1,312 | ) | 3,840 | 1,935 | 980 | |||||||||||||||||
Net cash provided by operating activities | 111,926 | 78,675 | 58,479 | 73,417 | 111,926 | 78,675 | ||||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||||||
Capital expenditures | (23,081 | ) | (29,733 | ) | (25,147 | ) | (17,696 | ) | (23,081 | ) | (29,733 | ) | ||||||||||||
Acquisition of City Gear | (86,837 | ) | - | - | ||||||||||||||||||||
Proceeds from sale of property and equipment | 288 | 154 | 298 | 330 | 288 | 154 | ||||||||||||||||||
Other | (107 | ) | 170 | 172 | 332 | (107 | ) | 170 | ||||||||||||||||
Net cash used in investing activities | (22,900 | ) | (29,409 | ) | (24,677 | ) | (103,871 | ) | (22,900 | ) | (29,409 | ) | ||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||||||
Cash used for stock repurchases | (53,794 | ) | (42,115 | ) | (89,212 | ) | (16,124 | ) | (53,794 | ) | (42,115 | ) | ||||||||||||
Net payments on capital lease obligations | (601 | ) | (485 | ) | (346 | ) | ||||||||||||||||||
Borrowings under credit facilities, net | 35,000 | - | - | |||||||||||||||||||||
Payments on capital lease obligations | (695 | ) | (601 | ) | (485 | ) | ||||||||||||||||||
Excess tax benefit from stock option exercises | - | 99 | 900 | - | - | 99 | ||||||||||||||||||
Cash used to settle net share equity awards | (712 | ) | (943 | ) | (2,120 | ) | (416 | ) | (712 | ) | (943 | ) | ||||||||||||
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 667 | 862 | 853 | 901 | 667 | 862 | ||||||||||||||||||
Net cash used in financing activities | (54,440 | ) | (42,582 | ) | (89,925 | ) | ||||||||||||||||||
Net cash provided by (used in) financing activities | 18,666 | (54,440 | ) | (42,582 | ) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 34,586 | 6,684 | (56,123 | ) | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (11,788 | ) | 34,586 | 6,684 | ||||||||||||||||||||
Cash and cash equivalents, beginning of year | 38,958 | 32,274 | 88,397 | 73,544 | 38,958 | 32,274 | ||||||||||||||||||
Cash and cash equivalents, end of year | $ | 73,544 | $ | 38,958 | $ | 32,274 | $ | 61,756 | $ | 73,544 | $ | 38,958 | ||||||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||||||
Interest | $ | 261 | $ | 285 | $ | 308 | $ | 723 | $ | 261 | $ | 285 | ||||||||||||
Income taxes, net of refunds | $ | 15,104 | $ | 35,057 | $ | 42,500 | $ | 8,261 | $ | 15,104 | $ | 35,057 | ||||||||||||
Supplemental Schedule of Non-Cash Financing Activities: | ||||||||||||||||||||||||
Supplemental Schedule of Non-Cash Activities: | ||||||||||||||||||||||||
Property and equipment additions under capital leases | $ | 352 | $ | 342 | $ | 508 | $ | 773 | $ | 352 | $ | 342 |
Common Stock | Treasury Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Paid-In Capital | Retained Earnings | Number of Shares | Amount | Total Stockholders' Investment | Number of Shares | Amount | Paid-In Capital | Retained Earnings | Number of Shares | Amount | Total Stockholders’ Investment | |||||||||||||||||||||||||||||||||||||||||||
Balance-January 31, 2015 | 38,466 | $ | 385 | $ | 162,675 | $ | 566,055 | 13,596 | $ | (404,334 | ) | $ | 324,781 | |||||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | 70,528 | - | - | 70,528 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 162 | 1 | 1,753 | - | - | - | 1,754 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to income tax benefit from exercises of employee stock options | - | - | (83 | ) | - | - | - | (83 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | - | - | - | - | 2,193 | (89,212 | ) | (89,212 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | - | - | - | - | 43 | (2,120 | ) | (2,120 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | 5,198 | - | - | - | 5,198 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance-January 30, 2016 | 38,628 | 386 | 169,543 | 636,583 | 15,832 | (495,666 | ) | 310,846 | 38,628 | $ | 386 | $ | 169,543 | $ | 636,583 | 15,832 | $ | (495,666 | ) | $ | 310,846 | |||||||||||||||||||||||||||||||||||
Net income | - | - | - | 61,075 | - | - | 61,075 | - | - | - | 61,075 | - | - | 61,075 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 111 | 1 | 960 | - | - | - | 961 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company’s equity plans | 111 | 1 | 960 | - | - | - | 961 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to income tax benefit from exercises of employee stock options | - | - | (376 | ) | - | - | - | (376 | ) | - | - | (376 | ) | - | - | - | (376 | ) | ||||||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | - | - | - | - | 1,209 | (42,115 | ) | (42,115 | ) | - | - | - | - | 1,209 | (42,115 | ) | (42,115 | ) | ||||||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | - | - | - | - | 26 | (943 | ) | (943 | ) | - | - | - | - | 26 | (943 | ) | (943 | ) | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | 4,592 | - | - | - | 4,592 | - | - | 4,592 | - | - | - | 4,592 | ||||||||||||||||||||||||||||||||||||||||||
Balance-January 28, 2017 | 38,739 | 387 | 174,719 | 697,658 | 17,067 | (538,724 | ) | 334,040 | 38,739 | 387 | 174,719 | 697,658 | 17,067 | (538,724 | ) | 334,040 | ||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | 35,030 | - | - | 35,030 | - | - | - | 35,030 | - | - | 35,030 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company's equity plans | 124 | 2 | 665 | - | - | - | 667 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company’s equity plans | 124 | 2 | 665 | - | - | - | 667 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for adoption of accounting standard | - | - | 1,272 | (787 | ) | - | - | 485 | - | - | 1,272 | (787 | ) | - | - | 485 | ||||||||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | - | - | - | - | 2,818 | (53,794 | ) | (53,794 | ) | - | - | - | - | 2,818 | (53,794 | ) | (53,794 | ) | ||||||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | - | - | - | - | 25 | (712 | ) | (712 | ) | - | - | - | - | 25 | (712 | ) | (712 | ) | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | 3,880 | - | - | - | 3,880 | - | - | 3,880 | - | - | - | 3,880 | ||||||||||||||||||||||||||||||||||||||||||
Balance-February 3, 2018 | 38,863 | $ | 389 | $ | 180,536 | $ | 731,901 | 19,910 | $ | (593,230 | ) | $ | 319,596 | 38,863 | 389 | 180,536 | 731,901 | 19,910 | (593,230 | ) | 319,596 | |||||||||||||||||||||||||||||||||||
Net income | - | - | - | 28,421 | - | - | 28,421 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the Company’s equity plans | 120 | 1 | 900 | - | - | - | 901 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for adoption of accounting standard | - | - | - | (645 | ) | - | - | (645 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of shares under the stock repurchase program | - | - | - | - | 757 | (16,124 | ) | (16,124 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of net share equity awards | - | - | - | - | 19 | (416 | ) | (416 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | 4,316 | - | - | - | 4,316 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance-February 2, 2019 | 38,983 | $ | 390 | $ | 185,752 | $ | 759,677 | 20,686 | $ | (609,770 | ) | $ | 336,049 |
affect the reported amount of assets and liabilities, revenues and expenses, and the disclosure of intangible assets and intangible and contingent liabilities at the date of the financial statements. We believe our estimates are reasonable; however, the |
Fiscal Year Ended | ||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | ||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | ||||||||||
Gross advertising costs | $ | 13,356 | $ | 10,382 | $ | 9,983 | ||||||
Advertising reimbursements | (3,010 | ) | (3,319 | ) | (2,949 | ) | ||||||
Net advertising costs | $ | 10,346 | $ | 7,063 | $ | 7,034 |
Fiscal Year Ended | ||||||||||||
February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | ||||||||||
Gross marketing costs | $ | 17,608 | $ | 13,356 | $ | 10,382 | ||||||
Marketing reimbursements | (2,850 | ) | (3,010 | ) | (3,319 | ) | ||||||
Net marketing costs | $ | 14,758 | $ | 10,346 | $ | 7,063 |
Account | Balance Sheet Presentation | Balance 2/2/2019 | ||||||
Short-term below-market lease intangible | Current asset | Prepaid expenses and other | $ | 320 | ||||
Long-term below-market lease intangible | Non-current asset | Other assets, net | $ | 1,201 | ||||
Short-term above-market lease intangible | Current liability | Other accrued expenses | $ | 605 | ||||
Long-term above-market lease intangible | Non-current liability | Other liabilities | $ | 1,966 |
February 2, 2019 | February 3, 2018 | |||||||
Land | $ | 7,277 | $ | 7,277 | ||||
Buildings | 21,311 | 21,311 | ||||||
Buildings under capital lease | 3,363 | 3,652 | ||||||
Equipment | 96,402 | 93,163 | ||||||
Equipment under capital lease | 678 | - | ||||||
Automobiles under capital lease | 1,829 | 1,702 | ||||||
Furniture and fixtures | 36,980 | 34,892 | ||||||
Leasehold improvements | 101,572 | 91,218 | ||||||
Construction in progress | 2,080 | 4,795 | ||||||
Total property and equipment | 271,492 | 258,010 | ||||||
Less: accumulated depreciation and amortization | 156,098 | 148,312 | ||||||
Total property and equipment, net | $ | 115,394 | $ | 109,698 |
Buildings | 39 years |
Leasehold improvements | 3 – 10 years |
Furniture and fixtures | 7 years |
Equipment | 3 – 7 years |
Fiscal 2019 (52 weeks) | Fiscal 2018 (53 weeks) | Fiscal 2017 (52 weeks) | ||||||||||
Footwear | $ | 579,766 | $ | 531,552 | $ | 505,939 | ||||||
Apparel | 276,731 | 269,512 | 282,158 | |||||||||
Equipment | 152,185 | 167,155 | 184,862 | |||||||||
$ | 1,008,682 | $ | 968,219 | $ | 972,960 |
Note 2. | Recent Accounting Pronouncements |
· |
· | Gift card breakage income recognized in net sales in proportion to the customer redemption pattern, and |
· |
As Reported | ASU 2014-09 Effect (1) | Excluding ASU 2014-09 Effect | ||||||||||
Inventories, net | $ | 280,287 | $ | (130 | ) | $ | 280,417 | |||||
Prepaid expenses and other | $ | 16,343 | $ | (252 | ) | $ | 16,595 | |||||
Accounts payable | $ | 107,315 | $ | 693 | $ | 106,622 | ||||||
Other accrued expenses | $ | 10,174 | $ | (49 | ) | $ | 10,223 |
As Reported | ASU 2014-09 Effect | Excluding ASU 2014-09 Effect | ||||||||||
Net sales | $ | 1,008,682 | $ | (977 | ) | $ | 1,009,659 | |||||
Cost of goods sold | $ | 679,947 | $ | (110 | ) | $ | 680,057 | |||||
Gross margin | $ | 328,735 | $ | (867 | ) | $ | 329,602 | |||||
Store operating, selling and administrative expenses | $ | 264,142 | $ | (68 | ) | $ | 264,210 | |||||
Income before provision for income taxes | $ | 37,558 | $ | (800 | ) | $ | 38,358 | |||||
Provision for income taxes | $ | 9,137 | $ | (194 | ) | $ | 9,331 | |||||
Net income | $ | 28,421 | $ | (606 | ) | $ | 29,027 | |||||
Diluted earnings per share | $ | 1.51 | $ | (0.03 | ) | $ | 1.54 |
Note 3. | Acquisition |
Assets Acquired: | ||||
Current assets: | ||||
Receivables | 3,168 | |||
Inventories | 44,807 | |||
Prepaid expense, other current and intangible assets | 2,716 | |||
Total current assets | 50,691 | �� | ||
Goodwill | 23,133 | |||
Property and equipment | 16,530 | |||
Long-term intangible assets | 33,601 | |||
Deposits and other assets | 567 | |||
Deferred tax asset | 24 | |||
Total assets | $ | 124,546 | ||
Liabilities Assumed: | ||||
Current liabilities: | ||||
Accounts payable | $ | 23,615 | ||
Other accrued expenses and intangible liabilities | 3,366 | |||
Total current liabilities | 26,981 | |||
Other long-term liabilities and intangible liabilities | 2,613 | |||
Total liabilities | 29,594 | |||
Total purchase price | $ | 94,952 | ||
Cash paid at closing | $ | 86,837 | ||
Fair value of contingent earnout | 9,200 | |||
Net working capital and debt-like items adjustment | (1,085 | ) | ||
$ | 94,952 |
Pro Forma - Unaudited Fiscal Year Ended | ||||||||
(in thousands, except per share data) | February 2, 2019 | February 3, 2018 | ||||||
Net sales | $ | 1,152,628 | $ | 1,158,701 | ||||
Net income | $ | 27,265 | $ | 31,673 | ||||
Basic earnings per share | $ | 1.46 | $ | 1.56 | ||||
Diluted earnings per share | $ | 1.45 | $ | 1.55 |
· | the pro forma impact of amortization of intangible assets; |
· | the depreciation of property and equipment, based on purchase price allocations; |
· | the pro forma impact of additional interest expense relating to the acquisition; |
· | the pro forma impact of acquisition-related costs incurred by the Company directly attributable to the transaction; and |
· | the pro forma tax effect of income taxes on the above adjustments. |
Note 4. | Stock-Based Compensation |
(a) | The 2015 Equity Incentive Plan (EIP) provides that the Board of Directors (Board) may grant equity awards to certain employees of the Company at its discretion. The EIP was adopted effective July 1, 2015 and authorizes grants of equity awards of up to 1,000,000 authorized but unissued shares of common stock. At February |
(b) | The 2015 Employee Stock Purchase Plan (ESPP) allows for qualified employees to participate in the purchase of up to 300,000 shares of our common stock at a price equal to 85% of the lower of the closing price at the beginning or end of each quarterly stock purchase period. The ESPP was adopted effective July 1, 2015. At February |
(c) | The 2015 Director Deferred Compensation Plan (Deferred Plan) allows non-employee directors an election to defer all or a portion of their fees into stock units or stock options. The Deferred Plan was adopted effective July 1, 2015 and authorizes grants up to 150,000 authorized but unissued shares of common stock. At February |
(d) | The 2012 Non-Employee Director Equity Plan (DEP) provides for grants of equity awards to non-employee directors. The DEP was adopted effective May 24, 2012 and authorizes grants of equity awards of up to 500,000 authorized but unissued shares of common stock. At February |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Stock-based compensation expense by type: | ||||||||||||||||||||||||
Stock options | $ | 224 | $ | 384 | $ | 391 | $ | 185 | $ | 224 | $ | 384 | �� | |||||||||||
Restricted stock units | 3,536 | 4,010 | 4,632 | 3,932 | 3,536 | 4,010 | ||||||||||||||||||
Employee stock purchases | 96 | 104 | 105 | 105 | 96 | 104 | ||||||||||||||||||
Director deferred compensation | 24 | 94 | 70 | 94 | 24 | 94 | ||||||||||||||||||
Total stock-based compensation expense | 3,880 | 4,592 | 5,198 | 4,316 | 3,880 | 4,592 | ||||||||||||||||||
Income tax benefit recognized | 1,363 | 1,655 | 1,895 | 958 | 1,363 | 1,655 | ||||||||||||||||||
Stock-based compensation expense, net of income tax | $ | 2,517 | $ | 2,937 | $ | 3,303 | $ | 3,358 | $ | 2,517 | $ | 2,937 |
Quarter Ended | ||||||||||||||||
April 29, 2017 | October 28, 2017 | February 3, 2018 | ||||||||||||||
Grant date | Mar 14 | Sep 16 | Sep 30 | Dec 31 | ||||||||||||
Exercise price | $29.75 | $13.85 | $14.25 | $20.40 | ||||||||||||
Weighted average fair value at date of grant | $8.47 | $4.20 | $4.09 | $6.37 | ||||||||||||
Expected option life (years) | 4.46 | 4.46 | 3.98 | 3.98 | ||||||||||||
Expected volatility | 30.24% | 33.27% | 33.38% | 36.18% | ||||||||||||
Risk-free interest rate | 1.99% | 1.73% | 1.76% | 2.08% | ||||||||||||
Dividend yield | None | None | None | None |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000's) | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000’s) | |||||||||||||||||||||||||
Options outstanding at January 28, 2017 | 263,604 | $ | 37.47 | 5.11 | $ | 963 | ||||||||||||||||||||||||||
Options outstanding at February 3, 2018 | 288,150 | $ | 36.15 | 5.12 | $ | 324 | ||||||||||||||||||||||||||
Granted | 41,549 | 22.08 | 19,994 | 22.55 | ||||||||||||||||||||||||||||
Exercised | (13,763 | ) | 20.44 | (27,625 | ) | 17.46 | ||||||||||||||||||||||||||
Forfeited, cancelled or expired | (3,240 | ) | 26.89 | (1,097 | ) | 20.02 | ||||||||||||||||||||||||||
Options outstanding at February 3, 2018 | 288,150 | $ | 36.15 | 5.12 | $ | 324 | ||||||||||||||||||||||||||
Options outstanding at February 2, 2019 | 279,422 | $ | 37.08 | 4.91 | $ | 55 | ||||||||||||||||||||||||||
Exercisable at February 3, 2018 | 269,573 | $ | 37.72 | 4.81 | $ | 161 | ||||||||||||||||||||||||||
Exercisable at February 2, 2019 | 279,422 | $ | 37.08 | 4.91 | $ | 55 |
RSUs | PSUs | Totals | RSUs | PSUs | Totals | |||||||||||||||||||||||||||||||||||||||||||
Number of Awards | Weighted Average Grant-Date Fair Value | Number of Awards | Weighted Average Grant-Date Fair Value | Number of Awards | Weighted Average Grant-Date Fair Value | Number of Awards | Weighted Average Grant-Date Fair Value | Number of Awards | Weighted Average Grant-Date Fair Value | Number of Awards | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||
Restricted stock unit awards outstanding at January 28, 2017 | 299,368 | $ | 46.68 | 95,475 | $ | 44.71 | 394,843 | $ | 46.20 | |||||||||||||||||||||||||||||||||||||||
Restricted stock unit awards outstanding at February 3, 2018 | 313,611 | $ | 40.10 | 132,370 | $ | 37.55 | 445,981 | $ | 39.34 | |||||||||||||||||||||||||||||||||||||||
Granted | 111,790 | 29.75 | 54,900 | 29.30 | 166,690 | 29.60 | 174,007 | 22.55 | 44,700 | 22.55 | 218,707 | 22.55 | ||||||||||||||||||||||||||||||||||||
PSU adjustment (1) | - | - | (9,380 | ) | 45.30 | (9,380 | ) | 45.30 | - | - | (13,725 | ) | 29.30 | (13,725 | ) | 40.24 | ||||||||||||||||||||||||||||||||
Vested | (72,449 | ) | 50.91 | (8,625 | ) | 54.73 | (81,074 | ) | 51.31 | (60,658 | ) | 51.47 | (5,025 | ) | 54.06 | (65,683 | ) | 51.67 | ||||||||||||||||||||||||||||||
Forfeited, cancelled or expired | (25,098 | ) | 41.27 | - | - | (25,098 | ) | 41.27 | (22,583 | ) | 33.31 | (14,650 | ) | 50.48 | (37,233 | ) | 40.07 | |||||||||||||||||||||||||||||||
Restricted stock unit awards outstanding at February 3, 2018 | 313,611 | $ | 40.10 | 132,370 | $ | 37.55 | 445,981 | $ | 39.34 | |||||||||||||||||||||||||||||||||||||||
Restricted stock unit awards outstanding at February 2, 2019 | 404,377 | $ | 31.22 | 143,670 | $ | 31.78 | 548,047 | $ | 31.37 |
Fiscal Year Ended | Shares Purchased | Average Price Per Share | Shares Purchased | Average Price Per Share | ||||||||||||
February 2, 2019 | 26,077 | $ | 15.96 | |||||||||||||
February 3, 2018 | 23,555 | $ | 16.36 | 23,555 | $ | 16.36 | ||||||||||
January 28, 2017 | 14,890 | $ | 28.48 | 14,890 | $ | 28.48 | ||||||||||
January 30, 2016 | 12,251 | $ | 33.40 |
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | February 2, 2019 | February 3, 2018 | January 28, 2017 | ||||||||||||||||
Weighted average fair value at date of grant | $4.06 | $6.98 | $9.48 | $4.75 | $4.06 | $6.98 | |||||||||||||||
Expected life (years) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||
Expected volatility | 30.2% - 36.2% | 30.1% - 32.0% | 32.0% - 36.2% | 34.8% - 36.1% | 30.2% - 36.2% | 30.1% - 32.0% | |||||||||||||||
Risk-free interest rate | 1.19% - 2.48% | 0.37% - 0.68% | 0.02% - 0.09% | 3.26% - 5.21% | 1.19% - 2.48% | 0.37% - 0.68% | |||||||||||||||
Dividend yield | None | None | None | None | None | None |
Note 5. | Earnings Per Share |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Net income | $ | 35,030 | $ | 61,075 | $ | 70,528 | $ | 28,421 | $ | 35,030 | $ | 61,075 | ||||||||||||
�� | ||||||||||||||||||||||||
Weighted average number of common shares outstanding | 20,347 | 22,240 | 23,947 | 18,644 | 20,347 | 22,240 | ||||||||||||||||||
Dilutive stock options | 5 | 40 | 35 | 3 | 5 | 40 | ||||||||||||||||||
Dilutive restricted stock units | 98 | 147 | 147 | 179 | 98 | 147 | ||||||||||||||||||
Weighted average number of common shares outstanding and dilutive shares | 20,450 | 22,427 | 24,129 | 18,826 | 20,450 | 22,427 | ||||||||||||||||||
Basic earnings per share | $ | 1.72 | $ | 2.75 | $ | 2.95 | $ | 1.52 | $ | 1.72 | $ | 2.75 | ||||||||||||
Diluted earnings per share | $ | 1.71 | $ | 2.72 | $ | 2.92 | $ | 1.51 | $ | 1.71 | $ | 2.72 |
NOTE 6. | DEBT |
NOTE 7. | LEASES |
Capital | Operating | Total | Capital | Operating | Total | |||||||||||||||||||
Fiscal 2019 | $ | 889 | $ | 59,596 | $ | 60,485 | ||||||||||||||||||
Fiscal 2020 | 863 | 51,259 | 52,122 | $ | 1,259 | $ | 68,002 | $ | 69,261 | |||||||||||||||
Fiscal 2021 | 702 | 41,302 | 42,004 | 951 | 58,666 | 59,617 | ||||||||||||||||||
Fiscal 2022 | 460 | 30,558 | 31,018 | 451 | 46,683 | 47,134 | ||||||||||||||||||
Fiscal 2023 | 438 | 21,107 | 21,545 | 408 | 34,011 | 34,419 | ||||||||||||||||||
Fiscal 2024 | 306 | 22,426 | 22,732 | |||||||||||||||||||||
Thereafter | 596 | 36,124 | 36,720 | 217 | 40,181 | 40,398 | ||||||||||||||||||
Total minimum lease payments | 3,948 | 239,946 | 243,894 | 3,592 | 269,969 | 273,561 | ||||||||||||||||||
Less amount representing interest | 763 | - | 763 | 581 | - | 581 | ||||||||||||||||||
Present value of total minimum lease payments | $ | 3,185 | $ | 239,946 | $ | 243,131 | ||||||||||||||||||
$ | 3,011 | $ | 269,969 | $ | 272,980 |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Minimum rentals | $ | 54,337 | $ | 54,910 | $ | 52,538 | $ | 55,755 | $ | 54,337 | $ | 54,910 | ||||||||||||
Contingent rentals | 4,931 | 4,744 | 4,434 | 4,397 | 4,931 | 4,744 | ||||||||||||||||||
$ | 59,268 | $ | 59,654 | $ | 56,972 | $ | 60,152 | $ | 59,268 | $ | 59,654 |
NOTE 9. | RELATED‑PARTY TRANSACTIONS |
NOTE 10. | INCOME TAXES |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Federal: | ||||||||||||||||||||||||
Current | $ | 16,154 | $ | 31,007 | $ | 36,053 | $ | 7,375 | $ | 16,154 | $ | 31,007 | ||||||||||||
Deferred | 3,257 | 1,359 | 1,188 | 339 | 3,257 | 1,359 | ||||||||||||||||||
19,411 | 32,366 | 37,241 | 7,714 | 19,411 | 32,366 | |||||||||||||||||||
State: | ||||||||||||||||||||||||
Current | 1,668 | 3,042 | 3,743 | 1,625 | 1,668 | 3,042 | ||||||||||||||||||
Deferred | 338 | 13 | 200 | (202 | ) | 338 | 13 | |||||||||||||||||
2,006 | 3,055 | 3,943 | 1,423 | 2,006 | 3,055 | |||||||||||||||||||
Provision for income taxes | $ | 21,417 | $ | 35,421 | $ | 41,184 | $ | 9,137 | $ | 21,417 | $ | 35,421 |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | Fiscal Year Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Tax provision computed at the federal statutory rate | 33.72 | % | 35.00 | % | 35.00 | % | 21.00 | % | 33.72 | % | 35.00 | % | ||||||||||||
Effect of state income taxes, net of federal benefits | 2.50 | 2.22 | 2.40 | 2.86 | 2.50 | 2.22 | ||||||||||||||||||
Enactment of the Tax Cuts and Jobs Act | 1.39 | N/A | N/A | - | 1.39 | - | ||||||||||||||||||
Federal income tax credits | (1.36 | ) | (0.32 | ) | (0.45 | ) | ||||||||||||||||||
Equity compensation tax deficiencies | 1.30 | 1.23 | - | |||||||||||||||||||||
Other, net | (0.33 | ) | (0.51 | ) | (0.53 | ) | 0.53 | (0.58 | ) | (0.06 | ) | |||||||||||||
37.94 | % | 36.71 | % | 36.87 | % | 24.33 | % | 37.94 | % | 36.71 | % |
February 3, 2018 | January 28, 2017 | |||||||||||||||
(53 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | |||||||||||||
Deferred rent | $ | 6,971 | $ | 10,298 | $ | 6,333 | $ | 6,971 | ||||||||
Inventories | 3,209 | 4,953 | 3,442 | 3,209 | ||||||||||||
Accruals | 3,616 | 5,709 | 5,080 | 3,616 | ||||||||||||
Stock-based compensation | 3,714 | 4,974 | 3,681 | 3,714 | ||||||||||||
Other | 49 | 150 | 328 | 49 | ||||||||||||
Total deferred tax assets | 17,559 | 26,084 | 18,864 | 17,559 | ||||||||||||
Accumulated depreciation and amortization | (14,395 | ) | (19,735 | ) | (15,089 | ) | (14,395 | ) | ||||||||
Prepaid expenses | (644 | ) | (836 | ) | (1,420 | ) | (644 | ) | ||||||||
Accruals | (224 | ) | - | |||||||||||||
Other | - | (224 | ) | |||||||||||||
State taxes | (120 | ) | (228 | ) | (77 | ) | (120 | ) | ||||||||
Total deferred tax liabilities | (15,383 | ) | (20,799 | ) | (16,586 | ) | (15,383 | ) | ||||||||
Deferred income taxes, net | $ | 2,176 | $ | 5,285 | $ | 2,278 | $ | 2,176 |
Fiscal Year Ended | ||||||||||||||||||||||||
February 3, 2018 | January 28, 2017 | January 30, 2016 | ||||||||||||||||||||||
(53 weeks) | (52 weeks) | (52 weeks) | February 2, 2019 (52 weeks) | February 3, 2018 (53 weeks) | January 28, 2017 (52 weeks) | |||||||||||||||||||
Unrecognized tax benefits - beginning of year | $ | 1,267 | $ | 1,242 | $ | 1,339 | $ | 1,156 | $ | 1,267 | $ | 1,242 | ||||||||||||
Gross increases - tax positions in prior period | 140 | 158 | 90 | 246 | 140 | 158 | ||||||||||||||||||
Gross decreases - tax positions in prior period | (7 | ) | (26 | ) | (39 | ) | (10 | ) | (7 | ) | (26 | ) | ||||||||||||
Gross increases - tax positions in current period | 70 | 121 | 122 | 107 | 70 | 121 | ||||||||||||||||||
Settlements | - | - | - | - | - | - | ||||||||||||||||||
Lapse of statute of limitations | (314 | ) | (228 | ) | (270 | ) | (254 | ) | (314 | ) | (228 | ) | ||||||||||||
Unrecognized tax benefits - end of year | $ | 1,156 | $ | 1,267 | $ | 1,242 | $ | 1,245 | $ | 1,156 | $ | 1,267 |
NOTE 11. | COMMITMENTS AND CONTINGENCIES |
NOTE 12. | QUARTERLY FINANCIAL DATA (UNAUDITED) |
Fiscal Year Ended February 3, 2018 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(13 weeks) | (13 weeks) | (13 weeks) | (14 weeks) | |||||||||||||
Net sales | $ | 275,688 | $ | 187,958 | $ | 237,834 | $ | 266,738 | ||||||||
Gross profit | $ | 98,218 | $ | 54,408 | $ | 76,113 | $ | 83,977 | ||||||||
Operating income | $ | 34,168 | $ | (5,162 | ) | $ | 11,787 | $ | 15,884 | |||||||
Net income | $ | 20,910 | $ | (3,176 | ) | $ | 7,564 | $ | 9,733 | |||||||
Basic earnings per share | $ | 0.98 | $ | (0.15 | ) | $ | 0.37 | $ | 0.51 | |||||||
Diluted earnings per share | $ | 0.97 | $ | (0.15 | ) | $ | 0.37 | $ | 0.51 |
Fiscal Year Ended February 2, 2019 | ||||||||||||||||
First (13 weeks) | Second (13 weeks) | Third (13 weeks) | Fourth (13 weeks) | |||||||||||||
Net sales | $ | 274,707 | $ | 211,123 | $ | 216,888 | $ | 305,964 | ||||||||
Gross margin | $ | 96,773 | $ | 66,351 | $ | 70,512 | $ | 95,099 | ||||||||
Operating income (loss) | $ | 28,621 | $ | (1,885 | ) | $ | 1,842 | $ | 8,963 | |||||||
Net income (loss) | $ | 21,509 | $ | (1,222 | ) | $ | 1,499 | $ | 6,634 | |||||||
Basic earnings (loss) per share | $ | 1.13 | $ | (0.06 | ) | $ | 0.08 | $ | 0.36 | |||||||
Diluted earnings (loss) per share | $ | 1.12 | $ | (0.06 | ) | $ | 0.08 | $ | 0.36 |
Fiscal Year Ended January 28, 2017 | ||||||||||||||||
(each 13 weeks) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net sales | $ | 282,092 | $ | 206,933 | $ | 237,006 | $ | 246,929 | ||||||||
Gross profit | $ | 105,002 | $ | 68,257 | $ | 83,825 | $ | 81,512 | ||||||||
Operating income | $ | 44,342 | $ | 10,118 | $ | 23,173 | $ | 19,132 | ||||||||
Net income | $ | 27,906 | $ | 6,510 | $ | 14,604 | $ | 12,055 | ||||||||
Basic earnings per share | $ | 1.23 | $ | 0.29 | $ | 0.66 | $ | 0.55 | ||||||||
Diluted earnings per share | $ | 1.22 | $ | 0.29 | $ | 0.66 | $ | 0.54 |
Fiscal Year Ended February 3, 2018 | ||||||||||||||||
First (13 weeks) | Second (13 weeks) | Third (13 weeks) | Fourth (14 weeks) | |||||||||||||
Net sales | $ | 275,688 | $ | 187,958 | $ | 237,834 | $ | 266,738 | ||||||||
Gross margin | $ | 98,218 | $ | 54,408 | $ | 76,113 | $ | 83,977 | ||||||||
Operating income (loss) | $ | 34,168 | $ | (5,162 | ) | $ | 11,787 | $ | 15,884 | |||||||
Net income (loss) | $ | 20,910 | $ | (3,176 | ) | $ | 7,564 | $ | 9,733 | |||||||
Basic earnings (loss) per share | $ | 0.98 | $ | (0.15 | ) | $ | 0.37 | $ | 0.51 | |||||||
Diluted earnings (loss) per share | $ | 0.97 | $ | (0.15 | ) | $ | 0.37 | $ | 0.51 |
NOTE 13. | FAIR VALUE MEASUREMENTS |
· | Level I – Quoted prices in active markets for identical assets or liabilities. |
· | Level II – Observable inputs other than quoted prices included in Level I. |
· | Level III – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
February 3, 2018 | January 28, 2017 | February 2, 2019 | February 3, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Level I | Level II | Level III | Level I | Level II | Level III | Level I | Level II | Level III | Level I | Level II | Level III | |||||||||||||||||||||||||||||||||||||
Short-term investments | $ | 463 | $ | - | $ | - | $ | 79 | $ | - | $ | - | $ | 158 | $ | - | $ | - | $ | 463 | $ | - | $ | - | ||||||||||||||||||||||||
Long-term investments | 2,418 | - | - | 2,666 | - | - | 2,377 | - | - | 2,418 | - | - | ||||||||||||||||||||||||||||||||||||
Long-term contingent earnout | - | - | 9,200 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 2,881 | $ | - | $ | - | $ | 2,745 | $ | - | $ | - | $ | 2,535 | $ | - | $ | 9,200 | $ | 2,881 | $ | - | $ | - |
(a) | Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures |
(b) | Management’s Report on Internal Control Over Financial Reporting |
Directors, Executive Officers and Corporate Governance. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
(a) | (b) | (c) | (a) | (b) | (c) | |||||||||||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (2) | Weighted average exercise price of outstanding options | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (3) | Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) | Weighted average exercise price of outstanding options | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (2) | ||||||||||||||||||
Equity compensation plans approved by security holders | 735,648 | $ | 36.18 | 1,407,922 | 837,486 | $ | 37.11 | 1,156,416 | ||||||||||||||||
Equity compensation plans not approved by security holders | - | - | - | - | - | - | ||||||||||||||||||
TOTAL | 735,648 | $ | 36.18 | 1,407,922 | 837,486 | $ | 37.11 | 1,156,416 |
(1) |
Includes |
Includes |
(a) | Documents filed as part of this report: |
Number | Description | Page | |
1. | Financial Statements. | ||
The following Consolidated Financial Statements and Supplementary Data of the Company and Independent Registered Public Accounting | |||
43 | |||
2. | Financial Statement Schedules. | |||
All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are not applicable, and therefore have been omitted. | ||||
3. | Exhibits. | |||
The Exhibits listed below are the exhibits of Hibbett Sports, Inc. and its wholly owned subsidiaries and are filed as part of, or incorporated by reference into, this report. | ||||
Certificates of Incorporation and By-Laws | ||||
3.1 | Certificate of Incorporation of the | |||
3.2 | Bylaws of the Registrant, as amended; incorporated herein by reference to Exhibit 3.2 of the | |||
Form of Stock Certificate | ||||
4.1 | Form of | |||
Material Contracts | ||||
10.1 |
Number | Description | Page | ||
10.2 | ||||
10.3 | ||||
10.4 | ||||
Hibbett Sports, Inc. 2012 Non-Employee Director Equity Plan; incorporated herein by reference | ||||
10.5 | Hibbett Sports, Inc. Non-Employee Director Non-Qualified Option Agreement (Initial Grant, Service Requirement); incorporated herein by reference | |||
10.6 | Hibbett Sports, Inc. Non-Employee Director Restricted Stock Unit Award Agreement (Initial Grant, Service Requirement); incorporated herein by reference | |||
10.7 | Hibbett Sports, Inc. Non-Employee Director Non-Qualified Option Agreement (Annual Grant; Fully Vested); incorporated herein by reference | |||
10.8 | Hibbett Sports, Inc. Non-Employee Director Restricted Stock Unit Award Agreement (Annual Grant; Fully Vested); incorporated herein by reference | |||
10.9 | Amended and Restated Agreement of Lease between Hibbett Sporting Goods, Inc. and AL Florence Realty Holdings 2010, LLC, dated October 3, | |||
10.10 | Change in Control Severance Agreement; incorporated herein by reference | |||
10.11 | Executive Restricted Stock Unit Award Agreement; incorporated herein by reference | |||
10.12 | Hibbett Sports, Inc. 2015 Equity Incentive Plan; incorporated herein by reference | |||
10.13 | Hibbett Sports, Inc. 2016 Executive Officer Cash Bonus Plan; incorporated herein by reference | |||
10.14 | Hibbett Sports, Inc. Executive Voluntary Deferral Plan; incorporated herein by reference | |||
10.15 | Hibbett Sports, Inc. 2015 Employee Stock Purchase Plan; incorporated herein by reference | |||
10.16 | Hibbett Sports, Inc. 2015 Director Deferred Compensation Plan; incorporated herein by reference |
Number | Description | Page | |
10.18 | Standard Restricted Stock Unit Award Agreement; incorporated by reference as Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 7, 2016. | ||
Subsidiaries of the Registrant | |||
21 | List of Company's Subsidiaries: 1) Hibbett Sporting Goods, Inc., a Delaware Corporation 2) Hibbett Team Sales, Inc., an Alabama Corporation 3) Hibbett Digital Management, LLC, an Alabama Limited Liability Company 4) Gift Card Services, LLC., a Virginia Limited Liability Company 5) Hibbett Wholesale, Inc., an Alabama Corporation 6) Hibbett Holdings, LLC, an Alabama Limited Liability Company | ||
Consents of Experts and Counsel | |||
23.1 | Consent of Independent Registered Public Accounting Firm (filed herewith) | 67 | |
Certifications | |||
31.1 | 68 | ||
31.2 | 69 | ||
32.1 | 70 | ||
Interactive Data Files | |||
The following financial information from the Annual Report on Form 10-K for the fiscal year ended February 3, 2018, formatted in XBRL (eXtensible Business Reporting Language) and submitted electronically herewith: (i) the Audited Consolidated Balance Sheets at February 3, 2018 and January 28, 2017; (ii) the Audited Consolidated Statements of Operations for the fiscal years ended February 3, 2018, January 28, 2017 and January 30, 2016; (iii) the Audited Consolidated Statements of Cash Flows for the fiscal years ended February 3, 2018, January 28, 2017 and January 30, 2016; (vi) the Audited Statements of Stockholders' Investment for the fiscal years ended February 3, 2018, January 28, 2017 and January 30, 2016; (v) the Notes to Audited 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 | ||
Number | Description | Page | |
10.17 | Standard Restricted Stock Unit Award Agreement; incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 7, 2016. | ||
10.18 | Executive Restricted Stock Unit Award Agreement; incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 13, 2018. | ||
Subsidiaries of the Registrant | |||
21 | List of Company’s Subsidiaries: 1) Hibbett Sporting Goods, Inc., a Delaware Corporation 2) City Gear, LLC, a Tennessee Limited Liability Company 3) Hibbett Digital Management, LLC, an Alabama Limited Liability Company 4) Gift Card Services, LLC., a Virginia Limited Liability Company 5) Hibbett Wholesale, Inc., an Alabama Corporation 6) Hibbett Holdings, LLC, an Alabama Limited Liability Company | ||
Consents of Experts and Counsel | |||
Consent of Independent Registered Public Accounting Firm (filed herewith) | 76 | ||
Certifications | |||
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer (filed herewith) | 77 | ||
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer (filed herewith) | 78 | ||
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith) | 79 | ||
Interactive Data Files | |||
The following financial information from the Annual Report on Form 10-K for the fiscal year ended February 2, 2019, formatted in XBRL (eXtensible Business Reporting Language) and submitted electronically herewith: (i) the Audited Consolidated Balance Sheets at February 2, 2019 and February 3, 2018; (ii) the Audited Consolidated Statements of Operations for the fiscal years ended February 2, 2019, February 3, 2018 and January 28, 2017; (iii) the Audited Consolidated Statements of Cash Flows for the fiscal years ended February 2, 2019, February 3, 2018 and January 28, 2017; (vi) the Audited Statements of Stockholders’ Investment for the fiscal years ended February 2, 2019, February 3, 2018 and January 28, 2017; (v) the Notes to Audited 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 |
HIBBETT SPORTS, INC. | |||
Date: | By: | /s/ Scott J. Bowman | |
Scott J. Bowman Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Signature | Title | Date | ||
/s/ Jeffry O. Rosenthal | Chief Executive Officer, President and Director (Principal Executive Officer) | April 18, 2019 | ||
Jeffry O. Rosenthal | ||||
/s/ Scott J. Bowman | Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | April 18, 2019 | ||
Scott J. Bowman | ||||
/s/ Michael J. Newsome | Chairman of the Board | April 18, 2019 | ||
Michael J. Newsome | ||||
/s/ Anthony F. Crudele | Lead Director | April 18, 2019 | ||
Anthony F. Crudele | ||||
/s/ Jane F. Aggers | Director | April 18, 2019 | ||
Jane F. Aggers | ||||
/s/ Karen S. Etzkorn | Director | April 18, 2019 | ||
Karen S. Etzkorn | ||||
/s/ Terrance G. Finley | Director | April 18, 2019 | ||
Terrance G. Finley | ||||
/s/ James A. Hilt | Director | April 18, 2019 | ||
James A. Hilt | ||||
/s/ Ralph T. Parks | Director | April 18, 2019 | ||
Ralph T. Parks | ||||
/s/ Alton E. Yother | Director | April 18, 2019 | ||
Alton E. Yother |