Hibbett Sports, Inc. (NASDAQ:HIBB) Files An 8-K Other EventsItem 8.01. Other Events.
On November 29, 2018, the Board of Directors of Hibbett Sports, Inc. authorized the continuation of the company’s existing 2015 Stock Repurchase Program (Program) until January 29, 2022. Prior to the Board’s authorization, the Program had been scheduled to expire on February 2, 2019. As of November 29, 2018, we had purchased 4,854,316 shares of common stock at a cost of approximately $114.1 million under the Program, leaving approximately $188.0 million remaining for future stock repurchases under the Program’s original authorization of $300.0 million that was approved by the Board on November 19, 2015. The Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management.
In addition to the Program, we also may acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization.
About Hibbett Sports, Inc. (NASDAQ:HIBB)
Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The Company operates approximately 1,040 stores in over 30 states, which consists of approximately 1,020 Hibbett Sports stores and over 20 Sports Additions athletic shoe stores. It sells merchandise of various brands, such as Nike, Under Armour, Reebok, adidas, Easton, The North Face and Yeti. It maintains a single wholesale and logistics facility in Alabaster, Alabama. Hibbett Sports stores offer a merchandising mix of localized apparel, footwear, equipment and accessories. Sports Additions store consists of a merchandising mix of athletic footwear, and caps and a limited assortment of apparel. Hibbett Team Sales, Inc. (Team), a subsidiary of the Company, is a supplier of customized athletic apparel, equipment and footwear to school athletic programs in Alabama and parts of Georgia, Florida and Mississippi.
