Hibbett Sports retailer finally launches e-commerce site after brutal sales drop
Birmingham, Ala.-based retailer Hibbett Sports, which took the unusual strategy of avoiding online sales for years, finally launched an e-commerce site Monday after sales at physical stores plunged unexpectedly.
Hibbett, which has more than 1,000 stores nationwide, warned Monday that it had suffered an estimated 10% decline in second-quarter sales at stores open at least a year.
Rattled investors crushed the company's stock, which was down 29.8% to $13.82 at 12:49 p.m.
After the brutal quarterly performance, which the company said likely equated to a net loss, Hibbett could no longer spurn web sales.
The company's new site, Hibbett.com, features products for sale, a loyalty program, information on product availability in stores and free-shipping and in-store-return offers. It offers sneakers, sporting equipment, jerseys, accessories, exercise apparel and kids clothing.
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“Despite the difficult retail environment, the company remains focused on improving its business for the long term," Hibbett CEO Jeff Rosenthal said in a statement. "Launching an e-commerce site has been a key strategic goal for Hibbett, and we took time to invest in our omni-channel infrastructure to do it the right way. Our main objective is to provide a seamless shopping experience for our customers with a platform that will allow us to significantly expand our assortment over time."
The retailer's disappointing report came amid a crisis for the sporting goods industry and apparel business. The sector endured a major disruption in 2016, when big-box chain Sports Authority liquidated. Several other notable sporting goods retailers have also filed for bankruptcy, including Eastern Outfitters and Golfsmith.
Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.