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Hibbett, Inc. (Symbol: HIBB) is a prominent player in the retail sports goods industry, with its headquarters nestled in Birmingham, Alabama. The company has grown significantly since its humble beginnings as a neighborhood sporting goods store, now boasting over 1,080 stores across 35 states. Despite its expansion, Hibbett, Inc. remains committed to its core philosophy - 'It's all about the customer.'
Hibbett, Inc. operates through three main retail formats: Hibbett Sports, City Gear, and Sports Additions. Hibbett Sports is the primary format, offering a wide range of sporting goods, including apparel, footwear, accessories, and equipment for team sports. City Gear and Sports Additions are smaller-format stores that primarily focus on athletic footwear with a fashion-forward approach.
The company's product lineup is impressive, featuring top brands such as Nike, Under Armour, Adidas, The North Face, Jordan, and Costa. These brands ensure that customers have access to the latest products and exclusive items that are harder to find, helping athletes and sports enthusiasts stay ahead of the competition.
Hibbett, Inc. has not only focused on its product offerings but also on creating an exceptional shopping experience. The knowledgeable staff in their stores are dedicated to helping customers reach their next level of play, whether they are shopping for themselves or an entire team. This personalized customer service ethos is a key differentiator in the competitive retail landscape.
Financially, Hibbett, Inc. has demonstrated robust performance, leveraging its strategic presence in the South, Southwest, Mid-Atlantic, and Midwest regions of the United States. The company's growth is driven by its ability to adapt to market trends and consumer preferences, ensuring that it remains relevant in an ever-evolving market.
In recent developments, Hibbett, Inc. has continued to innovate and expand its product offerings and store formats. The company is constantly exploring new partnerships and collaborations with leading brands to enhance its product range and appeal to a broader audience. This forward-thinking approach positions Hibbett, Inc. as a dynamic and resilient player in the retail sports goods industry.
Stay updated with the latest news and developments from Hibbett, Inc. to keep a pulse on their performance, new product launches, and strategic initiatives. Whether you're an investor, a customer, or a sports enthusiast, Hibbett, Inc. offers a wealth of opportunities and insights.
Hibbett, Inc. (Nasdaq/GS: HIBB) has announced the completion of its acquisition by JD Sports Fashion plc, effective July 25, 2024. As a result, Hibbett will no longer be a stand-alone publicly traded company. Mike Longo will continue as President and CEO, while Jared Briskin will become Chief Operating Officer. The company will maintain its headquarters in Birmingham, Alabama.
Hibbett, with 1,169 stores across 36 states, is known for its athletic-inspired fashion retail. The acquisition is expected to provide significant growth opportunities through strong vendor relationships, an omni-channel platform, and efficient supply chain operations. JD Sports Fashion plc, founded in 1981, is a global omnichannel retailer of sports fashion brands, focusing on athleisure fashion and delivering products from established and new brands.
Hibbett reported its first quarter fiscal 2025 results, with net sales decreasing by 1.8% to $447.2 million and comparable sales down by 5.8%. The diluted EPS was $2.67, down from $2.74 in the prior year. Gross margin improved to 35.8% due to higher product margins.
However, SG&A expenses increased to 23.7% of net sales, largely due to inflation and transaction-related fees. The quarter ended with a net income of $32.5 million. Hibbett also announced a pending acquisition by JD Sports, with shareholders set to receive $87.50 per share. The transaction is expected to close in the second half of 2024.
Hibbett, an athletic-inspired fashion retailer, will release its first-quarter 2025 earnings on June 5, 2024, before market hours. With 1,169 stores across 36 states, Hibbett offers a variety of top brand products, including Nike, Jordan, and adidas. This announcement will not be followed by a conference call or webcast.
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