Please join us tomorrow, Friday, February 6th at 11:00 am ET when we'll be hosting a call to review our next Black Book on Hibbett Sports.
Since we launched our 90-page Athletic Black book in late December and our 60-page Short Foot Locker Black Book a couple weeks ago, Foot Locker has been something of a lightning rod, accounting for a disproportionate amount of our call volume. But we don't think that people are as focused as they should be on HIBB, which has major downside in the model.
Like in our Foot Locker Black Book, we’ll be doing a thorough deep dive into every line item and business driver for HIBB.
Here’s Just a Few of the Topics We’ll Hit On
1) Store footprint potential vs what we see today.
- HIBB overlap analysis with Dick’s, Academy, and Sports Authority – how much quality growth is left?
2) Productivity
- Opportunity to take productivity higher via mix, with all else equal.
- Trends in pricing vs mix, and why it leaves little upside in the model from here.
- Productivity and profitability if ‘Nike ratio’ shrinks – either by design or by misfortune.
- Impact of category trends on productivity.
3) e-commerce. One of our key points is that store sales (barring 6% industry growth) will never grow again. In that regard…
- What is the company’s installed investment base to facilitate e-commerce growth going forward.
- How do consumers use the retail site as opposed to going to the Brand directly.
- What are ‘free shipping’ trends in the Athletic space, and what are the ensuing margin implications.
- Which retailers have the greatest risk as Nike goes more direct? When and where should we see it?
4) What SG&A levers can HIBB pull if the gross profit algorithm rolls.
HIBB Call Info (Friday 2/6, 11:00 am ET)
Participant Dialing Instructions
Toll Free Number:
Toll Number:
Conference Code: 38877775
Materials: CLICK HERE