Hibbett Sports, Inc. (NASDAQ:HIBB) Q2 2021 Earnings Conference Call - Final Transcript

Aug 28, 2020 • 10:00 am ET


Hibbett Sports, Inc. (NASDAQ:HIBB) Q2 2021 Earnings Conference Call - Final Transcript


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Greetings and welcome to the Hibbett Sports Second Quarter 2021 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Jason Freuchtel, Director of Finance and Investor Relations. Please go ahead.

Jason Freuchtel

Good morning. Please note that we have prepared a slide deck that we will refer to during our prepared remarks. The slide deck is available on hibbett.com via the Investor Relations link found at the bottom of the homepage. These materials may help you follow along with our discussion this morning.

Before we begin, I would like to remind everyone that some of management's comments during this conference call are forward-looking statements. 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 risks. 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 this morning, the company's annual report on Form 10-K, the most recent quarterly report on Form 10-Q and in other filings with the Securities and Exchange Commission. We refer you to those sources for more information.

Also to the extent non-GAAP financial measures are discussed on this call. You may find a reconciliation to their most directly comparable GAAP measures on our website.

Lastly, I would like to point out that management's remarks during this conference call are based on information and understandings believed accurate as of today's date, August 28, 2020. Because of the time-sensitive nature of this information, it is the policy of Hibbett Sports to limit the archived replay of this conference call webcast to a period of 30 days.

The participants on this call are Mike Longo, President and Chief Executive Officer; Bob Volke, Chief Financial Officer; Jared Briskin, Senior Vice President and Chief Merchant; Bill Quinn, Senior Vice President of Marketing and Digital; and Ben Knighten, Senior Vice President of Operations.

I will now turn the call over to Mike Longo.

Michael E. Longo

Thanks, Jason. Good morning and welcome to the Hibbett Sports Q2 earnings call. If your following along using the slide deck, I'm on the third slide entitled Introduction. This quarter was a remarkable outcome from a financial perspective for the company. From sales to gross margin to profits and cash flow, this was an unprecedented quarter. As you saw in the press release, we reported a nearly 80% sales comp with a brick and mortar comp of 65% and e-commerce of 212%. This resulted in an operating income of $70 million and non-GAAP earnings per share of $2.95. These remarkable results were made possible by the hard work our 10,000 team mates in the stores, the store support center and the distribution center. They put in their time. They made the right decisions in a