As of Oct 28, 2017, the company operated 1,082 stores in 35 states, composed of 1,063 Hibbett Sports stores and 19 Sports Additions athletic shoe stores.
In fiscal 2017, the company opened 65 new stores, expanded 8 high performing stores and closed 31 underperforming stores. During the first nine months of fiscal 2018, the company opened 32 new stores, expanded 10 high performing stores and closed 28 underperforming stores. For fiscal 2018, the company expects to open 50 to 60 net new stores and to close 25 to 35 stores, amounting to a 2.8% increase 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 (82% of total - includes free-standing stores), which are usually influenced by a Wal-Mart store, and enclosed malls (18% 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)||6,147||6,141||5,974||5,649||5,331||5,003|
|Total gross square feet growth||1.6%||2.8%||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||-0.4%||-0.4%||0.1%||-0.6%||0.3%||0.3%|