Exhibit 99.1

Contact:
 
Christine Skold
   
Interim Chief Financial Officer
   
(205) 942-4292

HIBBETT REPORTS SECOND QUARTER RESULTS

Comparable Sales Increase 0.3% in Second Quarter
Third Consecutive Quarter of Comparable Sales Growth
Updates Previous Guidance From Strong First Half Results

BIRMINGHAM, Ala. (August 23, 2019) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic-inspired fashion retailer, today provided financial results for its second quarter ended August 3, 2019, and business updates.

Jeff Rosenthal, President and Chief Executive Officer, stated, “I am pleased with the second quarter results.  We believe our strategic initiatives are taking hold as we recorded our third consecutive quarter of positive comparable sales.  Looking ahead, we expect a solid finish to the back-to-school season as well as momentum from strong product offerings in the back half of the year.  We are encouraged by City Gear’s early performance as they enter the second half with a strong inventory position along with the planned migration to the Hibbett digital platform. Based on the strength of the first half and our confidence in the second half, we have updated our annual guidance.    As we move forward, we will continue to drive the business with our strategic focus on leading with sneakers and connecting toe-to-head concepts with active apparel and accessories.”

Second Quarter Results

Net sales for the 13-week period ended August 3, 2019, increased 19.6% to $252.4 million, including $42.0 million for City Gear, compared with $211.1 million for the 13-week period ended August 4, 2018.  Comparable store sales increased 0.3% and will not include sales from City Gear until the fourth quarter of Fiscal 2020.  E-commerce sales represented 8.6% of total sales for the second quarter.  The increase in net sales was primarily attributable to the addition of City Gear.  Footwear sales continued to drive the business along with positive sales in activewear and accessories connecting to footwear products.

Gross margin was 30.3% of net sales for the 13-week period ended August 3, 2019, compared with 31.4% for the 13-week period ended August 4, 2018.  The 110 basis point decrease was principally due to the closure of 37 stores, which included full inventory liquidation of 32 stores and limited markdown activity which helped drive our clean inventory position.

Store operating, selling and administrative expenses were 31.8% of net sales for the 13-week period ended August 3, 2019, compared with 29.4% of net sales for the 13-week period ended August 4, 2018.  The increase as a percent of net sales included a one-time charge related to the previously announced transition of the Company’s Chief Executive Officer, City Gear acquisition costs of $7.6 million and $0.9 million related to the Company’s accelerated store closure plan.  The acquisition costs included a charge of $7.1 million for an increase in the estimated valuation of two contingent payments based on an update to City Gear’s projected achievement of defined EBITDA thresholds.  Excluding these costs, comparable store operating, selling and administrative expenses improved 170 basis points to 27.7% of net sales for the 13-week period ended August 3, 2019.

-MORE-

The following information was filed by Hibbett Sports Inc (HIBB) on Friday, August 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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