to supplement new store openings , we continue to expand high performing stores , increasing the square footage in 8 existing stores in fiscal 2017 for an average increase in square footage of 39 % . in fiscal 2017 , comparable store sales increased 0.2 % , although footwear experienced a mid-single digit comparable store sales gain . for fiscal 2018 , comparable store sales are expected to increase in the low-single digit range . we expect overall gross margin rate to be relatively flat , although merchandise margin is expected to decline as we start to incur freight costs associated with our store-to-home and e-commerce initiatives . logistics and store occupancy expenses are expected to decrease as a percentage of net sales due to leverage gained from comparable store sales . we expect operating , selling and administrative expenses to increase as a percentage of net sales in fiscal 2018. this is primarily due to expenses associated with our e-commerce initiative , including on-going development costs , third party support costs , pre-launch website marketing and additions to our digital team . we also expect to continue to generate sufficient cash to enable us to expand and remodel our store base , to enable capital expenditures including technology upgrade projects and to repurchase our common stock under our stock repurchase program . comparable store net sales data for the periods presented reflects sales for our traditional format hibbett sports and sports additions stores open throughout the period and the corresponding period of the prior fiscal year . if a store remodel , relocation or expansion results in the store being closed for a significant period of time , its sales are removed from the comparable store base until it has been open a full 12 months . when we begin sales through our e-commerce channel , we will recognize these sales as a component of comparable store sales . 26 executive summary following is a highlight of our financial results over the last three fiscal years : replace_table_token_8_th during fiscal 2017 , hibbett opened 65 new stores and closed 31 underperforming stores , bringing the store base to 1,078 in 35 states as of january 28 , 2017. inventory on a per store basis at january 28 , 2017 decreased by 4.0 % compared to the prior fiscal year . hibbett ended fiscal 2017 with $ 39.0 million of available cash and cash equivalents on the consolidated balance sheet and full availability under its $ 80.0 million unsecured credit facilities . recent accounting pronouncements see note 2 of item 8 of this annual report on form 10-k for the fiscal year ended january 28 , 2017 , for information regarding recent accounting pronouncements . results of operations the following table sets forth the percentage relationship to net sales of certain items included in our consolidated statements of operations for the periods indicated . replace_table_token_9_th note : columns may not sum due to rounding . 27 fiscal 2017 compared to fiscal 2016 net sales . net sales increased $ 29.9 million , or 3.2 % , to $ 973.0 million for fiscal 2017 from $ 943.1 million for fiscal 2016. furthermore : · we opened 65 hibbett sports stores while closing 31 underperforming hibbett sports stores for net addition of 34 stores in fiscal 2017. stores not in the comparable store net sales calculation accounted for $ 28.1 million of the increase in net sales . we expanded , remodeled or relocated 10 high performing stores . store openings and closings are reported net of relocations . · comparable store net sales for fiscal 2017 increased 0.2 % compared to fiscal 2016. during fiscal 2017 , 941 stores were included in the comparable store sales comparison . comparable store net sales were driven by gains in footwear , offset by declines in apparel and equipment . significant increases were achieved in basketball and lifestyle footwear , while college apparel , women 's activewear , baseball equipment , football equipment and fitness equipment experienced declines . in fiscal 2017 , we saw an increase in average ticket and a slight decrease in items per transaction . gross profit . cost of goods sold includes the cost of inventory , occupancy costs for stores and occupancy and operating costs for our wholesale and logistics facility . gross profit was $ 338.6 million , or 34.8 % of net sales , in fiscal 2017 , compared with $ 332.7 million , or 35.3 % of net sales , in fiscal 2016. furthermore : · merchandise gross margin decreased as a percentage of net sales due to increased markdowns and promotional activity needed to liquidate seasonal and aged inventory , as well as the negative effect of product mix due to higher footwear sales . · wholesale and logistics expenses remained flat as a percentage of net sales for fiscal 2017. increased data processing costs associated with our omni-channel initiative were offset by a decrease in freight and shipping expenses . · store occupancy expense increased 16 basis points as a percentage of net sales mainly due to de-leverage associated with lower comparable sales . store operating , selling and administrative expenses . store operating , selling and administrative expenses were $ 222.8 million , or 22.9 % of net sales , for fiscal 2017 , compared with $ 203.7 million , or 21.6 % of net sales , for fiscal 2016. furthermore : · total salary and benefit costs increased 75 basis points as a percentage of net sales due to de-leverage associated with lower comparable store sales , the hiring of our e-commerce team and the hiring of it support related to our omni-channel initiative . story_separator_special_tag significant judgment is required in determining our effective tax rate and in evaluating our tax position and changes in estimates could materially impact our results of operations and financial position . we account for uncertain tax positions in accordance with asc subtopic 740-10. the application of income tax law is inherently complex . laws and regulations in this area are voluminous and are often ambiguous . as such , we are required to make many subjective assumptions and judgments regarding our income tax exposures . interpretations of and guidance surrounding income tax laws and regulations change over time . as such , changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations . see `` part ii , item 8 , consolidated financial statements note 9 – income taxes `` for additional detail on our uncertain tax positions . legal proceedings and claims . estimated amounts for claims that are probable and can be reasonably estimated are recorded as liabilities in the consolidated balance sheets . the likelihood of a material change in these estimated accruals is dependent on new claims as they may arise and the favorable or unfavorable outcome of particular litigation . as additional information becomes available , we assess the potential liability related to pending litigation and revise estimates as appropriate . such revisions in estimates of the potential liability could materially impact our results of operations and financial position . see `` risk factors . `` impairment of long-lived assets . we continually evaluate whether events and circumstances have occurred that indicate the remaining balance of long-lived assets may be impaired and not recoverable . our policy is to adjust the remaining useful life of depreciable assets and to recognize any impairment loss on long-lived assets as a charge to current income when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable . impairment is assessed considering the estimated undiscounted cash flows over the asset 's remaining life . if estimated cash flows are insufficient to recover the investment , an impairment loss is recognized based on a comparison of the cost of the asset to fair value less any costs of disposition . evaluation of asset impairment requires significant judgment and estimates . see `` risk factors . `` 34 stock-based compensation . we measure stock-based compensation for all share-based awards granted based on the estimated fair value of those awards at grant date . the cost of restricted stock units and performance-based restricted stock units is determined using the fair value of our common stock on the date of grant . we use the black-scholes valuation model to estimate the fair value at the date of grant for options granted under our equity incentive plans and stock purchase rights associated with the employee stock purchase plan . stock-based compensation is expensed over the service period of the awards . performance-based awards are expensed based on the probability of achievement of the underlying target , which is estimated and adjusted as financial results dictate during the performance period . the black-scholes valuation model requires the input of assumptions and estimates which are regularly evaluated and updated when applicable . these include estimating the length of time vested stock options will be retained before being exercised ( expected term ) , the estimated volatility of our common stock price over the expected term and the risk-free interest rate based on the annual continuously compounded risk-free rate with a term equal to the option 's expected term . in addition , we estimate the number of awards that will ultimately not complete their vesting requirements ( forfeitures ) . changes in these assumptions and estimates can materially affect the estimate of fair value of stock-based compensation and consequently , the related expense recognized on the consolidated statements of operations . our stock option grants have a life of up to ten years and are not transferable . therefore , the actual fair value of a stock option grant may be different from our estimates . we believe that our estimates incorporate all relevant information and represent a reasonable approximation in light of the difficulties involved in valuing non-traded stock options . leases . we lease all our stores and certain equipment , including transportation and office equipment . we evaluate each lease at inception to determine whether the lease will be accounted for as an operating or capital lease . the term of the lease used for this evaluation includes renewal option periods only in instances in which the exercise of the renewal option can be reasonably assured and failure to exercise such option would result in an economic penalty . the majority of our stores are operating leases . many of our operating lease agreements contain rent holidays , rent escalation clauses and or contingent rent provisions . we recognize rent expense on a straight-line basis over the expected lease term , including cancelable option periods where failure to exercise such options would result in an economic penalty . we use a time period for our straight-line rent expense calculation that equals or exceeds the time period used for depreciation on leasehold improvements . in addition , the commencement date of the lease term is the earlier of the date when we become legally obligated for the rent payments or the date when we take possession of the building for initial setup of fixtures and merchandise . we make judgments regarding the probable term for each lease , which can impact the classification and accounting for a lease as capital or operating , the escalations in payments that are taken into consideration when calculating straight-line rent and the term over which landlord allowances received are amortized . these judgments may produce materially different amounts of depreciation , amortization and rent expense than would be reported in a specific period if different assumed lease terms were used

liquidity and capital resources our capital requirements relate primarily to new store openings , stock repurchases , facilities and systems to support company growth and working capital requirements . our working capital requirements are somewhat seasonal in nature and typically reach their peak near the end of the third and the beginning of the fourth quarters of our fiscal year . historically , we have funded our cash requirements primarily through our cash flow from operations and occasionally from borrowings under our revolving credit facilities . due to the low interest rates currently available , we are using excess cash on deposit to offset bank fees versus investing such funds in an equity market or in interest-bearing deposits . our consolidated statements of cash flows are summarized as follows ( in thousands ) : replace_table_token_10_th operating activities . cash flow from operations is seasonal in our business . typically , we use cash flow from operations to increase inventory in advance of peak selling seasons , such as winter holidays , the spring sales period and late summer back-to-school shopping . inventory levels are reduced in connection with higher sales during the peak selling seasons and this inventory reduction , combined with proportionately higher net income , typically produces a positive cash flow . net cash provided by operating activities was $ 78.7 million for fiscal 2017 compared with net cash provided by operating activities of $ 58.5 million and $ 102.4 million in fiscal 2016 and fiscal 2015 , respectively . the increase in net cash provided by operating activities for fiscal 2017 compared to fiscal 2016 and fiscal 2015 was impacted by the following : · net income provided cash of $ 61.1 million , $ 70.5 million and $ 73.6 million during fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our capital requirements relate primarily to new store openings , stock repurchases , facilities and systems to support company growth and working capital requirements . our working capital requirements are somewhat seasonal in nature and typically reach their peak near the end of the third and the beginning of the fourth quarters of our fiscal year . historically , we have funded our cash requirements primarily through our cash flow from operations and occasionally from borrowings under our revolving credit facilities . due to the low interest rates currently available , we are using excess cash on deposit to offset bank fees versus investing such funds in an equity market or in interest-bearing deposits . our consolidated statements of cash flows are summarized as follows ( in thousands ) : replace_table_token_10_th operating activities . cash flow from operations is seasonal in our business . typically , we use cash flow from operations to increase inventory in advance of peak selling seasons , such as winter holidays , the spring sales period and late summer back-to-school shopping . inventory levels are reduced in connection with higher sales during the peak selling seasons and this inventory reduction , combined with proportionately higher net income , typically produces a positive cash flow . net cash provided by operating activities was $ 78.7 million for fiscal 2017 compared with net cash provided by operating activities of $ 58.5 million and $ 102.4 million in fiscal 2016 and fiscal 2015 , respectively . the increase in net cash provided by operating activities for fiscal 2017 compared to fiscal 2016 and fiscal 2015 was impacted by the following : · net income provided cash of $ 61.1 million , $ 70.5 million and $ 73.6 million during fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively .
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 Suspicious Activity Report : to supplement new store openings , we continue to expand high performing stores , increasing the square footage in 8 existing stores in fiscal 2017 for an average increase in square footage of 39 % . in fiscal 2017 , comparable store sales increased 0.2 % , although footwear experienced a mid-single digit comparable store sales gain . for fiscal 2018 , comparable store sales are expected to increase in the low-single digit range . we expect overall gross margin rate to be relatively flat , although merchandise margin is expected to decline as we start to incur freight costs associated with our store-to-home and e-commerce initiatives . logistics and store occupancy expenses are expected to decrease as a percentage of net sales due to leverage gained from comparable store sales . we expect operating , selling and administrative expenses to increase as a percentage of net sales in fiscal 2018. this is primarily due to expenses associated with our e-commerce initiative , including on-going development costs , third party support costs , pre-launch website marketing and additions to our digital team . we also expect to continue to generate sufficient cash to enable us to expand and remodel our store base , to enable capital expenditures including technology upgrade projects and to repurchase our common stock under our stock repurchase program . comparable store net sales data for the periods presented reflects sales for our traditional format hibbett sports and sports additions stores open throughout the period and the corresponding period of the prior fiscal year . if a store remodel , relocation or expansion results in the store being closed for a significant period of time , its sales are removed from the comparable store base until it has been open a full 12 months . when we begin sales through our e-commerce channel , we will recognize these sales as a component of comparable store sales . 26 executive summary following is a highlight of our financial results over the last three fiscal years : replace_table_token_8_th during fiscal 2017 , hibbett opened 65 new stores and closed 31 underperforming stores , bringing the store base to 1,078 in 35 states as of january 28 , 2017. inventory on a per store basis at january 28 , 2017 decreased by 4.0 % compared to the prior fiscal year . hibbett ended fiscal 2017 with $ 39.0 million of available cash and cash equivalents on the consolidated balance sheet and full availability under its $ 80.0 million unsecured credit facilities . recent accounting pronouncements see note 2 of item 8 of this annual report on form 10-k for the fiscal year ended january 28 , 2017 , for information regarding recent accounting pronouncements . results of operations the following table sets forth the percentage relationship to net sales of certain items included in our consolidated statements of operations for the periods indicated . replace_table_token_9_th note : columns may not sum due to rounding . 27 fiscal 2017 compared to fiscal 2016 net sales . net sales increased $ 29.9 million , or 3.2 % , to $ 973.0 million for fiscal 2017 from $ 943.1 million for fiscal 2016. furthermore : · we opened 65 hibbett sports stores while closing 31 underperforming hibbett sports stores for net addition of 34 stores in fiscal 2017. stores not in the comparable store net sales calculation accounted for $ 28.1 million of the increase in net sales . we expanded , remodeled or relocated 10 high performing stores . store openings and closings are reported net of relocations . · comparable store net sales for fiscal 2017 increased 0.2 % compared to fiscal 2016. during fiscal 2017 , 941 stores were included in the comparable store sales comparison . comparable store net sales were driven by gains in footwear , offset by declines in apparel and equipment . significant increases were achieved in basketball and lifestyle footwear , while college apparel , women 's activewear , baseball equipment , football equipment and fitness equipment experienced declines . in fiscal 2017 , we saw an increase in average ticket and a slight decrease in items per transaction . gross profit . cost of goods sold includes the cost of inventory , occupancy costs for stores and occupancy and operating costs for our wholesale and logistics facility . gross profit was $ 338.6 million , or 34.8 % of net sales , in fiscal 2017 , compared with $ 332.7 million , or 35.3 % of net sales , in fiscal 2016. furthermore : · merchandise gross margin decreased as a percentage of net sales due to increased markdowns and promotional activity needed to liquidate seasonal and aged inventory , as well as the negative effect of product mix due to higher footwear sales . · wholesale and logistics expenses remained flat as a percentage of net sales for fiscal 2017. increased data processing costs associated with our omni-channel initiative were offset by a decrease in freight and shipping expenses . · store occupancy expense increased 16 basis points as a percentage of net sales mainly due to de-leverage associated with lower comparable sales . store operating , selling and administrative expenses . store operating , selling and administrative expenses were $ 222.8 million , or 22.9 % of net sales , for fiscal 2017 , compared with $ 203.7 million , or 21.6 % of net sales , for fiscal 2016. furthermore : · total salary and benefit costs increased 75 basis points as a percentage of net sales due to de-leverage associated with lower comparable store sales , the hiring of our e-commerce team and the hiring of it support related to our omni-channel initiative . story_separator_special_tag significant judgment is required in determining our effective tax rate and in evaluating our tax position and changes in estimates could materially impact our results of operations and financial position . we account for uncertain tax positions in accordance with asc subtopic 740-10. the application of income tax law is inherently complex . laws and regulations in this area are voluminous and are often ambiguous . as such , we are required to make many subjective assumptions and judgments regarding our income tax exposures . interpretations of and guidance surrounding income tax laws and regulations change over time . as such , changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations . see `` part ii , item 8 , consolidated financial statements note 9 – income taxes `` for additional detail on our uncertain tax positions . legal proceedings and claims . estimated amounts for claims that are probable and can be reasonably estimated are recorded as liabilities in the consolidated balance sheets . the likelihood of a material change in these estimated accruals is dependent on new claims as they may arise and the favorable or unfavorable outcome of particular litigation . as additional information becomes available , we assess the potential liability related to pending litigation and revise estimates as appropriate . such revisions in estimates of the potential liability could materially impact our results of operations and financial position . see `` risk factors . `` impairment of long-lived assets . we continually evaluate whether events and circumstances have occurred that indicate the remaining balance of long-lived assets may be impaired and not recoverable . our policy is to adjust the remaining useful life of depreciable assets and to recognize any impairment loss on long-lived assets as a charge to current income when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable . impairment is assessed considering the estimated undiscounted cash flows over the asset 's remaining life . if estimated cash flows are insufficient to recover the investment , an impairment loss is recognized based on a comparison of the cost of the asset to fair value less any costs of disposition . evaluation of asset impairment requires significant judgment and estimates . see `` risk factors . `` 34 stock-based compensation . we measure stock-based compensation for all share-based awards granted based on the estimated fair value of those awards at grant date . the cost of restricted stock units and performance-based restricted stock units is determined using the fair value of our common stock on the date of grant . we use the black-scholes valuation model to estimate the fair value at the date of grant for options granted under our equity incentive plans and stock purchase rights associated with the employee stock purchase plan . stock-based compensation is expensed over the service period of the awards . performance-based awards are expensed based on the probability of achievement of the underlying target , which is estimated and adjusted as financial results dictate during the performance period . the black-scholes valuation model requires the input of assumptions and estimates which are regularly evaluated and updated when applicable . these include estimating the length of time vested stock options will be retained before being exercised ( expected term ) , the estimated volatility of our common stock price over the expected term and the risk-free interest rate based on the annual continuously compounded risk-free rate with a term equal to the option 's expected term . in addition , we estimate the number of awards that will ultimately not complete their vesting requirements ( forfeitures ) . changes in these assumptions and estimates can materially affect the estimate of fair value of stock-based compensation and consequently , the related expense recognized on the consolidated statements of operations . our stock option grants have a life of up to ten years and are not transferable . therefore , the actual fair value of a stock option grant may be different from our estimates . we believe that our estimates incorporate all relevant information and represent a reasonable approximation in light of the difficulties involved in valuing non-traded stock options . leases . we lease all our stores and certain equipment , including transportation and office equipment . we evaluate each lease at inception to determine whether the lease will be accounted for as an operating or capital lease . the term of the lease used for this evaluation includes renewal option periods only in instances in which the exercise of the renewal option can be reasonably assured and failure to exercise such option would result in an economic penalty . the majority of our stores are operating leases . many of our operating lease agreements contain rent holidays , rent escalation clauses and or contingent rent provisions . we recognize rent expense on a straight-line basis over the expected lease term , including cancelable option periods where failure to exercise such options would result in an economic penalty . we use a time period for our straight-line rent expense calculation that equals or exceeds the time period used for depreciation on leasehold improvements . in addition , the commencement date of the lease term is the earlier of the date when we become legally obligated for the rent payments or the date when we take possession of the building for initial setup of fixtures and merchandise . we make judgments regarding the probable term for each lease , which can impact the classification and accounting for a lease as capital or operating , the escalations in payments that are taken into consideration when calculating straight-line rent and the term over which landlord allowances received are amortized . these judgments may produce materially different amounts of depreciation , amortization and rent expense than would be reported in a specific period if different assumed lease terms were used

