Why Hibbett Sports Jumped 22.2% in January
Shares of Hibbett Sports (NASDAQ: HIBB) rose 22.2% in January, according to data provided by S&P Global Market Intelligence, but it was really just a continuation of a trend that saw the sporting goods store enjoy a long, steady climb all year long. Its stock is up almost 140% over the past 12 months.
Sporting goods stores like Hibbett were able to rally during the COVID-19 pandemic as consumers chose to turn to fitness and outdoor recreational activities in large numbers. Although its retail stores were initially shut down just like the brick-and-mortar stores of other specialty retailers, Hibbett was able to leverage its omnichannel presence along with having a full inventory of Nike (NYSE: NKE) products, which accounts for over two-thirds of the products the retailer carries.
Image source: Hibbett Sports.
Source Fool.com
