JD Sports completes acquisition of Hibbett

British retail group JD Sports Fashion Plc on Thursday completed the takeover of the US sporting goods supplier Hibbett Inc., which was announced in April .

CEO Régis Schultz once again emphasized the importance of the transaction for JD Sports. “The completion of the acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with the experienced management team to implement our growth plans in the largest sportswear market in the world,” he said in a statement.

According to Hibbett, Mike Longo will continue to lead the company as President and CEO under the JD Sports umbrella. Jared Briskin will take over the position of Chief Operating Officer (COO).

JD Sports paid almost 1.1 billion US dollars (1.0 million euros) for the takeover. According to the new owner, Hibbett operated a total of 1,169 stores of the Hibbett and City Gear formats in 36 US states at the beginning of May. The retailer generated sales of almost 1.73 billion US dollars (1.60 billion euros) in the most recent 2023/24 financial year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 186 million US dollars, and profit before taxes was 132 million US dollars.

This article was originally published on FashionUnited.DE, translated and edited to English.