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Birmingham, Ala., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Hibbett, in partnership with Nike, unveiled their new philanthropic initiative, First String, with a $50,000 donation to Wenonah High School’s boys and girls basketball programs.
Hibbett and Nike understand that true success goes beyond the court. That’s why the two have partnered together to create First String, a program designed to make a lasting impact on student-athletes in local communities. First String is dedicated to empowering the next generation of student-athletes by providing a financial contribution to high schools' boys and girls basketball teams and awarding scholarship funding for a student from each team. Additionally, First String provides students with career development opportunities such as job shadowing and more.
“We’re excited to launch First String,” said Jared Briskin, Hibbett President and CEO. “First String seeks to foster both athletic, academic and career success and launching First String in our own backyard means a lot. We believe in the power of community to inspire, uplift and create opportunities for young people to succeed both on and off the court. We’re looking forward to seeing the impact First String will have on high school student-athletes and hosting these students in our local offices for career development opportunities,” said Briskin.
Hibbett and Nike launched First String ahead of the inaugural Bama in Boutwell basketball game in Birmingham, Alabama. The Wenonah high school basketball teams participated in a shoot around with Jared Briskin, Hibbett President and Chief Operating Officer, Mayor Randall Woodfin and Samantha Williams, Birmingham Promise Executive Director. Ahead of the shoot around, Hibbett and Nike presented Wenonah with the $50,000 donation and surprised the players with the new Ja basketball shoes.
“Hibbett has been a part of the Birmingham community for 79 years,” said Mayor Randall Woodfin. “To see the impact First String has on a local Birmingham school is empowering and encouraging. We all want to see these players successful on and off the court and First String will help ensure those students succeed. The partnership between First String and Birmingham Promise to help provide students with scholarship funding to continue their post-high school education and help identify possible career opportunities continues to foster the Birmingham community,” said Mayor Woodfin.
To schedule an interview with a representative from Hibbett to discuss First String, please contact Katie Evers, evers@knighteady.com. Click here to view footage from the First String launch and click here to view pictures from the event.
About First String:First String is a philanthropic initiative launched by Hibbett in partnership with Nike aimed at empowering the next generation of student-athletes. Focused on supporting local high school boys and girls basketball programs, the program fosters athletic, academic, and career success, seeking to create opportunities for young people to thrive on and off the court. Each year, First String donates funds to local basketball programs and selects one player from the boys and girls teams to receive scholarship assistance for their post-high school education. Scholarship recipients are also given access to internships and career development opportunities with Hibbett at their Birmingham corporate office, helping them explore passions beyond basketball and gain valuable career-building experience.
About Hibbett, Inc.: Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,169 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of May 4, 2024. Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan and adidas. Consumers can browse styles, find new releases, shop looks and make purchases online or in their nearest store by visiting www.hibbett.com. Follow us @hibbettsports and @citygear on Facebook, Instagram and Twitter.
About JD Sports Fashion:Founded in 1981, the JD Group (“JD”) is a leading global omnichannel retailer of Sports Fashion brands. JD provides customers with the latest athleisure fashion through working with established and new brands to deliver products that our customers most want, across both footwear and apparel. The vision of JD is to inspire the emerging generation of consumers through a connection to the universal culture of sport, music and fashion. JD focuses on four strategic pillars: JD brand first, first priority, first in the world; leveraging complementary concepts to support JD global expansion; moving beyond physical retail by building the right infrastructure and creating a lifestyle ecosystem of relevant products and services; and doing the best for its people, partners and communities. JD is a constituent of the FTSE 100 index and had 3,300 stores worldwide at 4 May 2024.
Attachments
Katie Evers Hibbett evers@knighteady.com
July 25 (Reuters) - Hibbett Inc HIBB.O:
HIBBETT ANNOUNCES COMPLETION OF ACQUISITION BY JD SPORTS FASHION PLC
Source text for Eikon: (Full Story)
Further company coverage: HIBB.O
Hibbett, Inc. HIBB has been capitalizing on its e-commerce front and the expansion of the loyalty program. The company has also benefited from the seamless execution of its business strategies, demonstrating adeptness in navigating a challenging retail landscape. This strategic implementation has been instrumental in driving positive results.
Hibbett has achieved notable success by focusing on increasing its customer base through enhanced e-commerce efforts and selective store expansions. The company is effectively leveraging its omnichannel capabilities, which include home delivery, buy online and pick-up in-store, reserve online and pick-up in-store, buy online and shipping to store same-day delivery, and mobile app services. These initiatives have enabled Hibbett to fulfill online orders efficiently and better serve its customers.
Hibbett has experienced significant growth in its e-commerce sales, which increased by 13.4% in the first quarter of fiscal 2025. During this quarter, the company also saw a notable expansion of 210 basis points (bps) in its gross margin, reaching 35.8%. This improvement was driven by an increased average product margin of approximately 195 bps. Other favorable gross margin drivers included reductions in freight and shipping costs by about 50 bps, logistics expenses by 15 bps, and a 10-bp improvement in shrinkage.
Other Factors Contributing to Growth
Hibbett appears to be well-positioned with its loyalty program, supported by higher member engagement and increased average ticket growth due to rising average unit retail. The company has been enhancing its loyalty program through its partnership with Nike’s loyalty program. This collaboration will further distinguish Hibbett's retail experience, allowing customers to sign up as connected members in-store or online.
The company stands to benefit from its smooth execution of strategies, helping it win market share. It is known for its exceptional customer service, leading omnichannel shopping experience, solid vendor partnerships, and strategic placement in underserved markets. The footwear category, particularly basketball, lifestyle and running styles, has been a major growth contributor.
Hibbett continues to gain from consistent product launches, which is positively received by its loyal customer base. Furthermore, the partnership with Nike, integrating their loyalty programs, provides exclusive experiences and enhances Hibbett’s competitive edge.
Moreover, HIBB’s dedication to comprehensive inventory management was evident in its first-quarter fiscal 2025 results. Management considers the store expansion strategy a key growth catalyst. The company continues to invest in new store openings, remodels, technology improvements and infrastructure.
Unlocking its Value
On Apr 23, 2024, Hibbett entered into a definitive agreement to be acquired by a subsidiary of JD Sports Fashion plc. This transaction is anticipated to deliver immediate, certain, and substantial value for Hibbett's stockholders. Notably, the acquisition aims to maintain Hibbett's brand integrity and ensure continuity in serving its customers and communities, which have always been central to Hibbett's business focus.
The acquisition by JD Sports Fashion plc's subsidiary has had a notable impact on this Zacks Rank #3 (Hold) stock’s performance, with shares rising 23.4% in the past three months. This growth outpaced the industry's increase of 18.3%, reflecting positive investor sentiment and anticipation surrounding the acquisition.
Final Thoughts
Hibbett continues to navigate persistent challenges, including inflation and market volatility. Potential investors should exercise caution given the intense competition from larger sporting goods retailers.
3 Picks You Can’t Miss
We have highlighted three better-ranked stocks, namely, Abercrombie & Fitch Co. ANF, The Gap Inc. GPS and DICK'S Sporting Goods DKS.
Abercrombie & Fitch, a specialty retailer of premium, high-quality casual apparel, currently sports a Zacks Rank #1 (Strong Buy). ANF has a trailing four-quarter average earnings surprise of 210.3%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Abercrombie & Fitch’s current fiscal-year sales and earnings indicates growth of 10.4% and 47.3%, respectively, from the year-ago figures.
Gap, a fashion retailer of apparel and accessories, currently flaunts a Zacks Rank #1. GPS has a trailing four-quarter earnings surprise of 202.7%, on average.
The Zacks Consensus Estimate for Gap’s current financial-year sales and earnings per share suggests a rise of 0.2% and 21.7%, respectively, from the year-earlier levels.
DICK'S Sporting operates as an omni-channel sporting goods retailer. It currently carries a Zacks Rank #2 (Buy). DKS has a trailing four-quarter earnings surprise of 4.7%, on average.
The Zacks Consensus Estimate for DICK’S Sporting’s current fiscal-year sales and earnings implies an improvement of 1.8% and 6.6%, respectively, from the prior-year numbers.
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