JD Sports Fashion PLC has successfully completed the acquisition of Hibbett, Inc. following the approval of Hibbett's stockholders and the fulfillment of all other conditions. Régis Schultz, CEO of JD Sports Fashion Plc, expressed the significance of this acquisition, stating that it is a strategic milestone for the company in North America. The acquisition is expected to enhance JD's presence in North America and strengthen its existing community concepts. Hibbett's efficient supply chain and strong back office are anticipated to provide an enhanced platform for the mall-led, nationwide growth of the JD brand in North America.
Hibbett, headquartered in Birmingham, Alabama, operates 1,169 stores across 36 states in the US, offering leading sports fashion-inspired retail with a focus on personalized customer service and access to renowned brands such as Nike, adidas, and Jordan. In the 53 weeks ended 3 February 2024, Hibbett reported net sales of $1,729 million, EBITDA of $186 million, and PBT of $132 million. The completed deal is expected to be earnings accretive from the first full year following acquisition, with anticipated cost synergies of at least $25 million over the medium term.
JD Sports Fashion PLC, founded in 1981, is a leading global omnichannel retailer of Sports Fashion brands, with a vision to inspire the emerging generation of consumers through a connection to the universal culture of sport, music, and fashion. The company focuses on four strategic pillars: JD Brand First, leveraging Complementary Concepts, moving Beyond Physical Retail, and prioritizing its People, Partners, and Communities. As of 4 May 2024, JD had 3,300 stores worldwide and is a constituent of the FTSE 100 index.
This acquisition marks a significant step for JD Sports Fashion PLC in expanding its presence in North America and strengthening its position in the sportswear market.