Investors looking for stocks in the Retail - Apparel and Shoes sector might want to consider either Hibbett (HIBB) or Figs (FIGS). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.Hibbett has a Zacks Rank of #2 (Buy), while Figs has a Zacks Rank of #3 (Hold) right now. This means that HIBB's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.HIBB currently has a forward P/E ratio of 5.10, while FIGS has a forward P/E of 62.10. We also note that HIBB has a PEG ratio of 1.40. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FIGS currently has a PEG ratio of 28.62.Another notable valuation metric for HIBB is its P/B ratio of 2. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, FIGS has a P/B of 4.90.These metrics, and several others, help HIBB earn a Value grade of A, while FIGS has been given a Value grade of D.HIBB has seen stronger estimate revision activity and sports more attractive valuation metrics than FIGS, so it seems like value investors will conclude that HIBB is the superior option right now. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hibbett, Inc. (HIBB): Free Stock Analysis Report FIGS, Inc. (FIGS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research