Exponent is a science and engineering consulting firm that provides solutions to complex problems. What began in 1967 as a failure analysis company now has services including analysis of product development, product recall, regulatory compliance, and the discovery of potential problems related to products, people, property and impending litigation. Exponent currently operates 19 practices under two segments, ‘Engineering and Other Scientific’ and ‘Environmental and Health.’

Thesis: HIBB’s glory days are over. Despite the cutthroat nature of retail, HIBB managed impressive performance on the merit of a sound location strategy and airtight operations. HIBB’s small-box-in-small-town strategy managed to expand ROICs from 14% to 21% from ’08 to ’15. But the lack of a durable moat, the secular e-commerce shift, and an ongoing retail crisis have initiated the beginning of Hibbett’s slow-decline. Despite this, several weak quarters and guidance shortfalls have led Mr. Market to overstate the bad news.