Hibbett Sporting Goods

From Bhamwiki
Revision as of 16:43, 16 December 2010 by Lkseitz (talk | contribs) (→‎References: Source for update)
Jump to navigation Jump to search
Hibbett.jpg

Hibbett Sporting Goods (Nasdaq: HIBB) is a Birmingham-based publicly-owned chain of sporting goods stores with over 750 locations. Jeffry Rosenthal was promoted to CEO effective March 15, 2010. Former CEO Mickey Newsome, who has been with the company since the 1950s, is executive chairman. Corporate offices and the company's national distribution center are located at 451 Industrial Lane in the Oxmoor Industrial Park.

History

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 over 750 locations in 24 states, including 82 in Alabama, and annual sales of over $500 million. 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.

Birmingham area location

Current locations

Former locations

References

  • Milazzo, Don (February 20, 1995). "Hibbett to Relocate HQ and Warehouse to Oxmoor." Birmingham Business Journal
  • Fickes, Michael (February 12, 2001). "Hibbett Grows By Staying Small". Sporting Goods Business, p. 46.
  • Lemieux, Gloria A. (2006). "Hibbett Sporting Goods, Inc." Reference for Business. - accessed November 2, 2006
  • "Hibbett's Newsome to be inducted into Sporting Goods Hall of Fame." (November 2, 2006). Birmingham Business Journal.
  • "Hibbett sets up new holding company." Breaking Business News, (February 12, 2007). Birmingham News
  • DeButts, Jimmy. (March 31, 2009). "Hibbett plans 70 new stores." Birmingham Business Journal.
  • DeButts, Jimmy. (March 10, 2010). "Hibbett Sports promotes Rosenthal to CEO." Birmingham Business Journal.
  • "Hibbett Sporting Goods opens new Palisades location." (December 14, 2010). Birmingham Business Journal.

External links

Retrieved from "http://bhamwiki.com/w/index.php?title=Hibbett_Sporting_Goods&oldid=69979"