Hibbett Sports, Inc. (NASDAQ:HIBB) Q4 2014 Earnings Conference Call - Final Transcript
Mar 13, 2015 • 10:00 am ET
Ladies and gentlemen, thank you for standing by. Welcome to the Hibbett Sports Fourth Quarter 2015 Conference Call. [Operator Instructions]
I would now like to turn the conference over to Mr. Pat Watson from Corporate Communications. Please go ahead sir.
Patrick J. Watson
Thank you for joining Hibbett Sports to review the company's financial and operating results for the fourth fiscal quarter and the fiscal year ended January 31, 2015.
Before we begin, I would like to remind everyone that management's comments in this conference call that are not based on historical facts are forward-looking statements. Management may make additional forward-looking statements in response to your questions. These statements, which reflect the company's current views with respect to future events and financial performance are made in reliance on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to uncertainties and risk. It should be noted that the company's future results may differ materially from those anticipated and discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences have been described in the news release issued earlier this morning and the company's annual report on Form 10-K and in other filings with the Securities and Exchange Commission. We refer you to these sources for more information.
I'd now like to turn the call over to Jeff Rosenthal, Chief Executive Officer. Please go ahead, Jeff.
Jeffry O. Rosenthal
Thank you and good morning, everyone. Welcome to the Hibbett Sports fourth quarter earnings call. I have with me this morning Scott Bowman; Senior VP and CFO; Jared Briskin, Senior VP of Merchandising; as well as Cathy Pryor, Senior VP of Store Operations.
We were very pleased with our fourth quarter results. We experienced good comps during the holiday period on top of good comps last year and our product assortments resonated well with our customers for January and February. We experienced a shift compared to last year, in terms of weather impacts and tax refunds. The weather impact shifted to February this year and the tax refunds were issued earlier this year, which favored January. Quarter-to-date, we are down mid-single digits due to many factors. There is a shift in tax refunds, court delays and store closings due to weather.
However, we are very excited about the rest of the year. For the year, we opened 80 new stores, expanded nine high performing stores, closed 19 underperforming stores, bringing in the store base to 988 stores in 31 states as of January 31st, 2015. There are still over 400 additional markets in 31 states that we operate today. We are very positive on our store growth as ever. Next year we are anticipating and opening approximately 80 to 85 new stores, expand 10 to 15 stores and close approximately 15 stores to 20 stores. In April, we will open our 1,000 store. We are beginning to benefit from our new wholesale and logistics facility. As we progress throughout this year, we will plan on seeing more