25 July 2024
JD Sports Fashion
Plc
Completion of the acquisition
of Hibbett, Inc.
Further 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.
Régis 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".
He
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."
Headquartered 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.
Enquiries
JD Sports Fashion
Plc
Tel: 0161 767
1000
Régis Schultz, Chief Executive
Officer
Dominic Platt, Chief Financial
Officer
Mark Blythman, Director of Investor
Relations
Advisors
Bank of America - Antonia
Rowan
Tel: 0207 628
1000
Peel Hunt LLP - Dan Webster
Tel: 0207 418 8869
FGS Global - Rollo Head, Jenny
Davey, James Thompson
Tel: 0207
251 3801
About JD Sports Fashion Plc
Founded in 1981, the JD Group ('JD')
is a leading global omnichannel retailer of Sports Fashion brands.
JD provides customers with the latest sports fashion through
working with established and new brands to deliver products that
our customers most want, across both footwear and apparel. The
vision of JD is to inspire the emerging generation of consumers
through a connection to the universal culture of sport, music and
fashion. JD focuses on four strategic pillars: JD Brand First -
first priority, first in the world; leveraging Complementary
Concepts to support JD Group global expansion; moving Beyond
Physical Retail by building the right infrastructure and creating a
lifestyle ecosystem of relevant products and services; and doing
the best for its People, Partners and Communities.
JD is a constituent of the FTSE 100 index and had
3,300 stores worldwide at 4 May 2024.
Disclaimer
This announcement does not
constitute or form part of any offer, invitation to sell, otherwise
dispose of or issue, or any solicitation of any offer to purchase
or subscribe for, any shares or other securities nor shall it or
any part of it, nor the fact of its distribution form the basis of,
or be relied on in connection with, any contract commitment or
investment decision.
Forward-Looking Statements
This announcement may include
statements that are, or may be deemed to be, forward-looking
statements. These forward looking statements may be identified by
the use of forward-looking terminology, including the terms
"believes", "estimates", "envisages", "plans", "projects",
anticipates", "targets", "aims", "expects", "intends", "may",
"will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or intentions.
These forward looking statements include all matters that are not
historical facts and involve predictions. Forward-looking
statements may and often do differ materially from actual results.
Any forward-looking statements reflect the Group's current views
with respect to future events and are subject to risks relating to
future events and other risks, uncertainties and assumptions
relating to the Group's or Hibbett's, results of operations,
financial position, liquidity, prospects, growth or strategies and
the industries in which they operate. Forward-looking statements
speak only as of the date they are made and cannot be relied upon
as a guide to future performance. Save as required by law or
regulation, the Group disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements in this announcement that may occur due to any change in
its expectations or to reflect events or circumstances after the
date of this announcement. Nothing in this announcement should be
construed as a profit estimate or profit forecast and no statement
in this announcement should be interpreted to mean that earnings
per share of the Group for the current or future financial years
would necessarily match or exceed the historical published earnings
per share of the Group.