Athletic brand Hibbett delivers Q1 results and gives JD Sports update

Supplied: Hibbett. (Source: Hibbett)

Athletic-inspired fashion retailer Hibbett has reported its quarter-one results and updates on its JD Sports acquisition.

For the 13 weeks ending May 4, Hibbett’s net sales decreased by 1.8 per cent from the prior year to $447.2 million.

The brand’s brick-and-mortar comparable sales declined 5.8 per cent and its e-commerce sales fell by 5.8 per cent year over year.

“Our sales and diluted earnings per share for the first quarter of fiscal 2025 were in line with our expectations in a very challenging athletic footwear and apparel retail market,” said Mike Longo, Hibbet president and CEO.

“Despite these challenges, we continue to execute our long-term strategy, establishing Hibbett and City Gear stores as preferred shopping destinations for the compelling product assortment we offer to underserved communities across the country.”

In the same reported quarter, Hibbett opened six stores and closed six, leaving the network size unchanged from the prior quarter at 1169 across 36 states.

In April of this year, Hibbett entered into a definitive agreement to be acquired by a subsidiary of JD Sports – Hibbett stockholders will receive $87.50 in cash per share at closing. 

“Our previously announced agreement to be acquired by JD Sports is a true testament to all that our Hibbett and City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners, and our team of dedicated associates across the country. We are excited to begin our new chapter with JD Sports,” added Longo.

JD Sports acquisition of Hibbett is expected to close in the second half of 2024, subject to stockholder approval, regulatory approvals and the satisfaction of all other conditions before closing.

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