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Hibbett Sports SWOT & PESTLE Analysis

ID : 52891853| Apr 2021| 15 pages

COMPANY PROFILE -Hibbett Sports, Inc.

Business Sector :Retail and Wholesale - Discretionary

Operating Geography :United States, North America

About Hibbett Sports, Inc. :

Hibbett Sports, Inc. is an American sporting goods chain with headquarters located in Birmingham, Alabama. The company was founded in 1945 and offers products from brands like Nike, Jordan, Adidas, and Under Armour. The company has over 1081 stores under the Hibbett Sports and City Gear brand names. The company stores are located in county regions of 35 states of the USA. The company also caters to school, athletic, and youth associations. Hibbett Sports employs 3600 employees as per 2020 records.
The Hibbett Sports mission statement reads, “We are the local sports source that provides exceptional convenience, brands and service.” The USP of the company lies in the fact that it provides brand power to local sports fans by providing easy access to top products from Nike, Adidas, Jordan and Under Armour.

Hibbett Sports, Inc. Revenue :


US$ 1.18 billion – FY ending February 1, 2020 (YoY growth of 9.2%)
US$ 1.08 billion – FY ending February 2, 2019

Competitive Analysis of Hibbett Sports, Inc.

SWOT
PESTLE
The SWOT analysis for Hibbett Sports is presented below
StrengthsWeaknesses
1. Hibbett targets low to mid-sized markets which allows the company to expand with relatively low operating costs and minimal competition.
2. Huge investments made by the company in training and development
3. Hibbett makes strong and efficient use of technology.
4. Strong implementation and maintenance of information systems for all business strategies.
5. The adoption of omni-channel platform integrating digital commerce with stores.
1. Being a regional retailer, company will be affected by any regional downturn such as the economy, gas or fuel price increases, climate patterns.
2. Hibbett is reliant on the vendors to create products that the consumers find appealing and desirable.
OpportunitiesThreats
1. Option for customized assortment of products as per customer needs.
2. Possibilities of expansion and growth due to rising health awareness and self- consciousness.
1. It faces a high competition within the industry from brands like Dick's, Academy, Ltd., Dunham's Sports.
2. Risk due to constantly changing fashion trends and customer preferences.
3. Loss in business due to direct sales by vendors themselves.
4. Cancellation of sporting events organized by various universities throughout the country due to COVID-19
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Detailed SWOT Analysis of Hibbett Sports, Inc.

Strength

1. Hibbett targets low to mid-sized markets which allows the company to expand with relatively low operating costs and minimal competition: Hibbett Sports is a rapidly growing operator of sporting goods stores in small and mid-sized markets majorly concentrated in Southeast, Mid-Atlantic and lower Midwest regions of the United States. It targets markets with county populations within the range of 30,000 to 100,000. A typical Hibbett store is only 5,000 sq. ft. and are usually located in strip malls (75% approximately). The operating costs of small stores are less as compared to larger stores. Thus, the returns are impressive with low initial investment costs and high return on investment with more than 40%. With its focus on smaller markets, it can find better real estate locations than if it opened in major metropolitan areas. Its target market enables the company to achieve strategic advantages including expansion opportunities, comparatively low operating costs and a more limited competitive environment than generally faced in larger market.

2. Strong implementation and maintenance of information systems for all business strategies: The company uses information systems to maintain tight controls over inventory and operating costs and continually search for ways to improve efficiencies and customer experience. Strong information systems targeted at improving financial control, inventory control, merchandise planning, logistics, replenishment, cost management and product allocation are in place. These systems are designed with adequate flexibility in order to meet specific needs of each store. They are monitored 24 hours a day with the support of highly qualified and motivated third-party partners. The involvement of senior management in IS planning process ensures efficient implementation and maintenance. In early Fiscal 2021, HIBB consolidated the City Gear data center into its St. Louis hosted facility, accomplishing the alignment of controls over data. As per its Annual Report 2020, the management believes that their current systems and practice of implementing regular updates will continue to support current needs and future growth.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

SWOT & PESTLE (combined)
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WHY BUY THIS REPORT?
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
The Hibbett Sports, Inc. SWOT and PESTLE Analysis report will offer the following:
  • Hibbett Sports, Inc. SWOT and PESTLE analysis report demonstrates an understanding of the complex internal and external factors shaping the brand and its operations.
  • SWOT analysis is a tool to analyze the internal and external factors. Internal analysis evinces a discussion on how Hibbett Sports, Inc. can ameliorate its strengths and overcome its weaknesses, whereas the external analysis helps to identify the opportunities for development and eliminate threats that can hamper growth.
  • The PESTLE analysis gives a bird’s eye view of the whole environment (macro factors) of Hibbett Sports, Inc. from many different angles that one wants to check and keep a track of while contemplating a certain idea/plan.
  • The analysis report helps the users to understand the business models of Hibbett Sports with regards to influencers like political, economic, social, technological, legal and environmental factors.
  • Hibbett Sports’ comprehensive analysis to conclude information about its company position, marketing strategy, business plans and performance of it’s brands, partners and subsidiaries.
  • A summary of Hibbett Sports’ mission, vision and unique strategies to capture the market.
  • Record of strategic initiatives extended by Hibbett Sports to stay ahead of its competitors and attain competitive advantage.
  • A brief idea about company’s mergers, acquisitions, profit appraisal, deals, alliances/partnership/ventures.
  • Identifying the core values, key performance indicators, and success factors that contribute to sustainable growth for Hibbett Sports.

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References used in Hibbett Sports, Inc. SWOT & PESTLE Analysis Report

1. Hibbett Sports Annual report 2020 - https://hibbettsportsinc.gcs-web.com/static-files/c5fb0d18-816e-4db5-95ca-83f388f51d2b

2. Hibbett Sports Annual report 2019 - https://hibbettsportsinc.gcs-web.com/static-files/9af77161-a584-4b6d-8326-918a2733006e

3. Hibbett Sports Annual report 2018 - https://hibbettsportsinc.gcs-web.com/static-files/f9f71ccc-2703-47d3-9eac-4ff94f377bb7

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2021). Hibbett Sports SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/hibbett-sports/ [Accessed 01 Aug, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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Hibbett Sports, Inc. SWOT and PESTLE analysis has been conducted by Akshat Gupta and reviewed by senior analysts from Barakaat Consulting.

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