JD Sports Fashion completes acquisition of US retailer Hibbett

JD Sports Fashion has today announced the completion of its acquisition of US sports fashion retailer Hibbett, Inc.

Headquartered in Birmingham, Alabama, where it was founded in 1945, as of 4 May 2024, Hibbett has 1,169 stores in 35 states across the US.

Its main retail fascias are Hibbett, selling brands including Nike, Adidas and Jordan across footwear, apparel and accessories, and City Gear.

Confirmation of the acquisition follows receipt of the approval of Hibbett's stockholders at a special meeting of stockholders held on 19 July 2024, and the "satisfaction of all other outstanding conditions".

Régis Schultz, CEO of JD Sports Fashion, said: "The completion of our acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with its experienced management team to deliver on our growth plans in the largest sportswear market in the world.

"Strategically, this acquisition enhances our presence within North America and achieves our objective of strengthening our existing community concepts: Shoe Palace on the West Coast and DTLR on the East Coast. Hibbett's footprint is highly and fully complementary.

"Hibbett also provides an enhanced platform for the mall-led, nationwide growth of the JD brand in North America with its efficient supply chain and strong back office. The completed deal is expected to be earnings accretive from the first full year following acquisition, with expected cost synergies of at least $25 million over the medium term.

"Acquiring Hibbett will strengthen our brand relationships further as we continue to deliver a differentiated and world class omnichannel proposition for customers."

In the 53 weeks ending 3 February 2024, Hibbett reported net sales of $1,729 million, EBITDA of $186 million and PBT of $132 million.