Hibbett Sports, Inc. (NASDAQ:HIBB) Q3 2021 Earnings Conference Call - Final Transcript

Nov 20, 2020 • 10:00 am ET


Hibbett Sports, Inc. (NASDAQ:HIBB) Q3 2021 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Hibbett Sports Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Afterwards, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Jason Freuchtel, Director of Finance and Investor Relations. Please go ahead, sir.

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 in 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 and 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 the most directly comparable GAAP measures on our website. Lastly, I would like to point out that management's remarks during the conference call are based on information and understandings believed accurate as of today's date, November 20, 2020. Because of the time-sensitive nature of this information, it is the policy of Hibbett Sports to limit its 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 Q3 earnings call. If you're following along using the slide deck, I'm on the third slide entitled Introduction.

This quarter was a great outcome from a financial perspective for the company. As you saw in the press release, we reported a 21% sales comp; our brick-and-mortar comp was almost 18%; and e-commerce was 50%. This resulted in a non-GAAP operating income of almost $33 million and a non-GAAP earnings per share of $1.45. These results were made possible by the hard work of our 10,000 teammates in the stores, the store support center and the distribution center. As always, they put in the effort and they help lead us through another quarter in a challenging