As of Aug 4, 2018, the company operated 1,059 stores in 35 states, composed of 1,041 Hibbett Sports stores and 18 Sports Additions athletic shoe stores.
In fiscal 2018, the company opened 44 new stores, expanded 11 high performing stores and closed 43 underperforming stores. During the first half of fiscal 2019, the company opened 13 stores and closed 33 stores. For fiscal 2019, the company expects to open 30 to 35 net new stores and to close 55 to 60 stores, amounting to a 2.0% decrease in square footage.
All stores are leased. Leases typically provide for terms of 5 to 10 years with options to extend, and most also contain a kick-out clause if projected sales levels are not met, and an early termination/remedy option if co-tenancy and exclusivity provisions are violated.
Hibbett Sports stores average 5,700 square feet and are located primarily in strip centers (80% of total - includes free-standing stores), which are usually influenced by a Wal-Mart store, and enclosed malls (20% of stores). Future store base growth will focus on strip centers versus enclosed malls. Sports Additions stores average 2,500 square feet and are located primarily in enclosed malls (all but 6 stores) in which Hibbett Sports stores are also present.
|Total gross square feet (M)||6,048||6,140||5,974||5,649||5,331||5,003|
|Total gross square feet growth||-1.6%||-0.0%||5.8%||6.0%||6.6%||5.2%|
|Avg store gross sq ft||5,700||5,700||5,700||5,700||5,800||5,700|
|Avg store gross sq ft growth||0.3%||-0.1%||0.1%||-0.6%||0.3%||0.3%|