Academy Sports and Outdoors has record Q3
Regional recreation retailer Academy Sports and Outdoors saw net sales in its third quarter increase nearly 18% compared to a year ago and same-store sales rose 16.5%, a record-setting quarter for the company.
Katy, Texas-based Academy operates 259 stores in 16 states and produces 17 private label brands. Digitally, the company saw its e-commerce sales grow by nearly 96% during the third quarter that ended Oct. 31. Net sales for the third quarter 2020 were $1.35 billion, a 17.8% increase over $1.15 billion in the third quarter 2019.
The positive results are another example of retailers, even specialty discount sporting goods retailers, shining bright in the pandemic.
"I am proud to report record-breaking quarterly sales and net income and our fifth consecutive quarter with a comparable sales increase,” said Ken Hicks, chairman, president and CEO. “This was a significant accomplishment that our entire team delivered in a challenging quarter filled with many important achievements. We continue to work on our key strategic initiatives, including power merchandising, omnichannel, and customer focus, which we believe will position us well for the future."
The retailer was originally founded in 1938 as a family business in Texas and has grown, carrying outdoor, apparel, footwear and sports and recreation products. The chain’s private label brands go beyond traditional sporting goods and apparel offerings.
“Based on our comparable sales growth before and during the ongoing pandemic, we believe our diversified product categories and resilient business model resonate well with our growing customer base,” said Michael Mullican, executive vice president and chief financial officer.
“Despite challenges during the year to maintain in-stock levels in certain very productive categories, we believe that our inventory is now at an acceptable level in most categories and that we are in a good position to support our current and planned sales velocity and continue to improve even more in the near future."