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Hibbett Sports, Inc.

“Game Tested. Athlete Approved.”. Hibbett Sports, Inc. Kevin A. Pribil. Module 10. A More Detailed Analysis of Financial Reports. Company overview Deferred Income Taxes Property, Plant & Equipment Net Sales Income Tax Rate Where would more information be useful??? Goodwill

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Hibbett Sports, Inc.

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  1. “Game Tested. Athlete Approved.” Hibbett Sports, Inc. Kevin A. Pribil Module 10 A More Detailed Analysis of Financial Reports

  2. Company overview • Deferred Income Taxes • Property, Plant & Equipment • Net Sales • Income Tax Rate • Where would more information be useful??? • Goodwill • Accrued and other liabilities • Selling, General, & Admin. Expenses • Common Shareholders Equity Agenda

  3. Est. 1945 as Dixie Supply Co. in Alabama • Began in the marine and small aircraft markets but moved into sporting goods by the ‘60s • IPO in October 1996; operated 79 stores at the time • Incorporated in Delaware in 2007 • Immense growth into a now 873 store company • CEO- Jeffry Rosenthal, 55, former executive at Champs • Chairman- Michael Newsome, 74, began at Hibbett over 45 years ago and worked his way up from cashier Company Overview

  4. As a retailer Hibbettoperates typically in 5,000 sq. ft. stores usually influenced by the location of a WalMart • 4 different types of stores • Hibbett Sports: full retail format • Sports Additions: 90% footwear and headgear • Sports & Co.: a 25,000 sq. ft. superstore (1 in operation) • Team: leading customized apparel supplier • CEO and CFO conduct annual evaluation of efficiency of internal controls procedures based on COSO standards • KPMG released audit report on Hibbett’s internal controls Company Operations

  5. Increased competition not only between sporting goods stores but also with departments stores and online merchandisers • Increased store overhead (ex: rock-climbing walls, putting greens) • The fight for exclusive contracts with vendors • Analysts expect a slight decline in revenue of .1% per year through 2018. Industry Drivers Source: www.ibisworld.com

  6. Numbers in Footnotes and B.S. tie together, meaning netting process does not skew presentation Footnote 9: Deferred Income Taxes

  7. Footnote 9: Deferred Income Taxes

  8. Useful in forecasting future Fixed Assets • Construction in Process is related to unopened stores and tech upgrades • At FYE 2013, 2/3 of Construction in Process was related to new HQ and logistics facilities • Tech upgrades accounted for 32% • Unopened stores accounted for 2% Footnote 1: PP&E

  9. “Given the economic characteristics of the store formats, the similar nature of products offered for sale, the type of customers, the methods of distribution and how our Company is managed, our operations constitute only one reportable segment. Revenues from external customers by product category are impractical for us to report.” Footnote 1: Net Sales

  10. A reconciliation of the statutory federal income tax rate to the effective tax rate as a percentage of income before provision for income taxes follows: Footnote 9: Income Taxes

  11. Goodwill – Hibbett not involved in M&A activity therefore no Goodwill has been created • Will not alter allocation between operating/financing activities but can help in forecasting Goodwill

  12. Accrued and other liabilities – not discussed or further explained in the Footnotes to F/S Accrued and other liabilities

  13. SG&A – not discussed or further explained in the Footnotes to F/S • Potentially changes the allocation between operating/financing activities and improves forecasting Selling, General, & Admin. Expenses

  14. Hibbett has neitherpreferred stock nornon-controlling interest • Therefore, reconciliation does not show any deviations that would affect attribution to operating/financing activities Common S/H Equity

  15. Questions…

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