Business
Completion of the acquisition of Hibbett, Inc.
Completion of the acquisition of Hibbett, Inc..
About this update from Jd Sports Fashion Plc
[{"type":"text","content":"\n\n25 July 2024\n \nJD Sports Fashion Plc\nCompletion of the acquisition of Hibbett, Inc.\n \nFurther to the announcement on 23 April 2024, JD Sports Fashion Plc ('JD' or the 'Group') announces the completion of its acquisition of Hibbett, Inc. ('Hibbett') today, following receipt of the approval of Hibbett's stockholders at a special meeting of stockholders on 19 July 2024 and the satisfaction of all other outstanding conditions.\nRégis Schultz, CEO of JD Sports Fashion Plc, said: \"The completion of our acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with its experienced management team to deliver on our growth plans in the largest sportswear market in the world. Strategically, this acquisition enhances our presence within North America and achieves our objective of strengthening our existing community concepts: Shoe Palace on the West Coast and DTLR on the East Coast. Hibbett's footprint is highly and fully complementary\".\nHe continued: \"Hibbett also provides an enhanced platform for the mall-led, nationwide growth of the JD brand in North America with its efficient supply chain and strong back office. The completed deal is expected to be earnings accretive from the first full year following acquisition, with expected cost synergies of at least $25 million over the medium term. Acquiring Hibbett will strengthen our brand relationships further as we continue to deliver a differentiated and world-class omnichannel proposition for customers.\"\nHeadquartered in Birmingham, Alabama, Hibbett is a leading sports fashion-inspired retailer with 1,169 stores, as of 4 May 2024, located in communities in 36 states across the US. Its main retail fascias are Hibbett and City Gear. Hibbett has been serving customers for more than 75 years with convenient locations, personalised customer service and access to leading brands such as Nike, adidas and Jordan across footwear, apparel and accessories. 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.\n \nEnquiries\n\nJD Sports Fashion Plc &nbs...