Hibbett Sports (HIBB - Free Report) is focused on strengthening its presence across the country through store expansions. This is evident from the opening of a newly-relocated 5,600 square foot boutique-style store in Morgantown, WV.
The store is designed according to an open concept. It will enable customers to easily navigate through latest products from brands including Nike (NKE - Free Report) , Jordan and adidas among others. The store, which features a number of exciting amenities for customers, will offer various shopping options like Curbside Pick Up and Buy Online, Pick Up In Store. Following the opening of the said store, this major athletic-inspired retailer will now have eight locations in West Virginia.
Hibbett is on track with store expansion and inventory-management initiatives. The company is gaining from small market strategy as it continues to strengthen presence across the country. Hibbett targets expansion in markets that offer increased potential for future growth. The company has a target of growing to more than 1,500 stores in underserved markets. In second-quarter fiscal 2021, the company introduced three stores and rebranded four Hibbett stores to City Gear.
Apart from these store-rationalization efforts the company is encouraged by the progress it is making on e-commerce front and expansion of loyalty program. It remains focused on increasing customer base by connecting with more customers through e-commerce and selective store expansion. Further, Hibbett is leveraging its omni-channel capabilities such as home delivery, buy online and pick-up in store, reserve online and pick-up in store, buy online ship to store facility, same day delivery and mobile app services to fulfill online orders and serve customers.
Markedly, the company witnessed strong online show amid the coronavirus pandemic, which contributed to the top line in second-quarter fiscal 2021. Notably, online sales advanced 212.2% year over year in the fiscal second quarter. The upside can be attributed to 49% surge in online traffic on the back of rise in new customers in the quarter.
We note that shares of this Zacks Rank #1 (Strong Buy) company have surged 79.6% in the past three months compared with the industry’s growth of 11.2%.
Other Solid Retail Stocks
DICK’S Sporting Goods (DKS - Free Report) , which sports a Zacks Rank #1, has a long-term earnings growth rate of 4.8%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Michaels Companies (MIK - Free Report) , which sports a Zacks Rank #1, has a long-term earnings growth rate of 1.3%.
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