Retail Round-Up: Hibbett, Dick’s SG, Kohl’s
June 1, 2022
By
Bob McGee
2022
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Retail Round-Up: Hibbett, Dick’s SG, Kohl’s
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- Hibbett Sports posted a year-over-year “teens” sales decline for its footwear and apparel segments in the first quarter, in line with expectations. Men’s, women’s and kids’ footwear and apparel were each up double-digits when compared to Q1/20. While admitting the current supply chain has “injected some chaos” into its business, senior management said most of the inventory growth at period end was “high demand footwear” that it can move.
- Dick’s Sporting Goods, which generated 21 percent of its FY21 total revenues from footwear, told analysts last week that its “partnership with Nike is at an all-time high, as are its relationships with all strategic partners. CEO and President Lauren Hobart attributed that situation to the retailer’s investments in its stores and experiences for its customers that help showcase products and brands. Against a difficult year-ago comparison, Q1 comparable store sales declined 8.4 percent but footwear was said to performed “very, very well” despite the inability to chase product. Overall results for the period were “significantly above pre-COVID levels.”
- Kohl’s believes the 100 smaller-format stores it plans to open over the next four years, averaging 35,000 sq. ft. in size compared to a typical 80,000 sq. ft., can generate approximately $500 million in annual sales once they reach full productivity.
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