HIBB: It’s Just Different
We stirred the pot a little this morning with our detail on Sports Authority, and evidence that we’re starting to see that they’re dressing up the pig to take it public. It led to a nice little validation on HIBB’s competitive positioning.
We peeled back the onion on management’s comment about giving the Texas market ‘special attention’ due to a share battle with DICK’s and Academy. In looking at a map, however, check out how well positioned Hibbett is relative to the others that are literally sitting on top of one another. HIBB stores are so evenly spread across major AND minor MSAs. This is not to say there’s anything incrementally positive about owning HIBB today (though we are more inclined on the long side), but serves as a good nugget to delineate HIBB from its big-box big-market competition.
