Hibbett Sporting Goods

Hibbett Sporting Goods (Nasdaq: HIBB) is a Birmingham-based publicly-owned chain of sporting goods stores with over 600 locations.

HIbbett was incorporated as Dixie Supply Company in 1945 in Florence by high school coach Rufus Hibbett. At first the company carried a wide range of athletic, marine and aviation equipment. When Hibbett's two sons joined the company in 1952, he changed the name to Hibbett & Sons and reoriented the business to focus on the team sports market. In the mid 1960s they started branching out and changed the name to Hibbett Sporting Goods, Inc.

Hibbett sold the company to the Anderson family of Florence in 1980. The Anderson's decided to target small and mid-sized markets, mainly in the South, avoiding direct competition with major national retailers and keeping operating and distribution costs low. Hibbett's also established a strong mall presence with their prototype 5,000 square foot Hibbett's Sports store, sometimes accompanied with a smaller Sports Additions footwear annex. The chain grew from 34 locations in 1993 to 41 in 1994, 60 in 1995.

The Andersons sold the growing company to the investment firm Saunders Karp & Company in 1995, and opened their first superstore Sports & Co. location in Huntsville that year. The larger format provided space for more "customer participation" such as basketball hoops and putting greens, as well as special appearances by athletes and other publicity events. In October 1996 Saunders Karp & Co. took Hibbett public. The company used the capital to fuel continued aggressive expansion. At the end of 1997 Hibbett Sporting Goods was operating 77 stores with retail sales of over $86 million. At the end of 1998 there were 120 stores in 14 states. 1999 was a record-breaking year for Hibbett, as net sales, profits and openings continued to accelerate.

The chain now has 625 locations in 23 states and annual sales of approximately $500 million. Mickey Newsome, who has been with the company since the 1950s, is Chairman and CEO. Corporate offices and its national distribution center are located at 451 Industrial Lane in the Oxmoor Industrial Park.

On February 11, 2007, the company changed its name to Hibbett Sports, Inc. Hibbetts Sports is now the holding company of Hibbett Sporting Goods, Inc.

References

• "Hibbett sets up new holding company." Breaking Business News, (February 12, 2007) Birmingham News
• "Hibbett's Newsome to be inducted into Sporting Goods Hall of Fame." (November 2, 2006) Birmingham Business Journal.
• Lemieux, Gloria A. (2006) "Hibbett Sporting Goods, Inc." Reference for Business. - accessed November 2, 2006
• Fickes, Michael (February 12, 2001) "Hibbett Grows By Staying Small". Sporting Goods Business, p. 46.
• Milazzo, Don (February 20, 1995) "Hibbett to Relocate HQ and Warehouse to Oxmoor." Birmingham Business Journal

External links

• Hibbett Sports website