What factors drove the changes in Academy's revenue and profit?

What does Academy do and what are its main business segments?

Did Academy beat or miss consensus estimates last quarter?

What is Academy's gross profit margin?

What were the key takeaways from Academy's earnings call?

What is the market's earnings forecast for Academy next quarter?

What guidance did Academy's management provide for the next earnings period?

What were the key takeaways from Academy’s earnings call?

- **Topline Growth**: FY2025 sales +2% to $6.05B, Q4 sales +2.5% to $1.7B. FY2026 guidance: +2% to +5% sales, -1% to +2% comps.
- **Margin Expansion**: Q4 gross margin +140bp to 33.6%, FY2025 +90bp to 34.8%. 2026 gross margin 34.5%-35.0%.
- **New Stores Impact**: 24 new stores in 2025, 20-25 in 2026. New stores comping mid-single digits, 30bp tailwind in 2026.
- **Digital Growth**: Dot-com +13.6% FY2025, AI-driven search and RFID rollouts to accelerate e-commerce.
- **Loyalty Program**: myAcademy Rewards Mastercard launch Q2 2026 with 3 tiers, targeting 13M+ members and 30bp+ tailwind.
- **External Tailwinds**: World Cup, U.S. 250th anniversary, and tax refunds expected to drive 2026 sales.
- **Risks**: Consumer discretionary weakness, inflation, and gas prices could limit growth (FY2026 low end assumes -1% comps).


**【CEO Summary Section】**
- **Q4 and FY2025 Results**: Q4 sales of $1.7B (+2.5% YoY), FY2025 total sales $6.05B (+2% YoY). Q4 comparable sales down 1.6% due to January weather disruptions, but FY2025 market share gains.
- **AUR and Margin**: Average unit retails up 10% in Q4, driving 140bp gross margin expansion to 33.6%. FY2025 AUR +6%, gross margin +90bp to 34.8%.
- **New Stores and Expansion**: 24 new stores opened in FY2025, 20-25 planned for 2026. New stores comping mid-single digits, contributing 30bp tailwind in 2026.
- **Digital and AI Initiatives**: Dot-com sales +13.6% FY2025, AI-driven search and personalization tools (e.g., Scout) launched. RFID scanners rolled out to 25% of sales, improving in-stocks by 500bp.
- **Loyalty Program Relaunch**: myAcademy Rewards Mastercard launched Q2 2026 with 3 tiers, targeting 13M+ members. Includes $15 off sign-up, free shipping, and 5% store discounts.
- **External Tailwinds**: World Cup (30+ matches in U.S.), U.S. 250th anniversary, and elevated tax refunds expected to boost sales in 2026.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Net income $33.7M, adj. EPS $1.97. Gross margin 33.6% (+140bp YoY). SG&A 23.7% of sales, up 70bp YoY due to new stores and tech investments.
- **FY2026 Guidance**: Sales $6.18B-$6.36B (+2% to +5%), comp sales -1% to +2%. Gross margin 34.5%-35.0%. Adj. EPS $6.10-$6.60. Free cash flow $250M-$300M.
- **Balance Sheet**: $330M cash (14% YoY increase). Inventory $1.5B (+15% YoY). FY2025 free cash flow $263M, returning $234M to shareholders via dividends and buybacks.
- **Tariff Impact**: First-half 2026 costs elevated, but stabilizing in second half. Shrink improvements from RFID expected to offset部分 tariff impact.

**【Q&A Highlights】**
- **Sales Volatility**: Q4 2025 comp down 1.6% due to 3 days of store closures in January. February and early March comps positive, driven by tax refunds and ammo demand post-Iran conflict.
- **SG&A Growth**: 2026 SG&A growth ~2%-3%, lower than 2025-2025 due to stable new store openings (20-25 vs. 16-24 prior years). Jordan brand launch costs declining.
- **Macro Risks**: Consumer discretionary spending constrained by inflation, gas prices, and credit card delinquencies. FY2026 guidance low end assumes continued weakness.
- **Loyalty Program ROI**: New credit card expected to drive 30bp+ comp tailwind in 2026. 5% store discounts and 2% cashback on outside purchases incentivize usage.
- **Supply Chain Efficiency**: 2025 gross margin gains from lapping port disruptions. 2026 focus on DC automation and transportation optimization.


Academy Sports and Outdoors, Inc. (ASO) Q4 2026 Earnings Call Transcript

- **Revenue Growth**: Q3 sales $1.4B (+3% YoY), driven by new stores (+high single digits comp) and e-commerce (+22%). 
- **Customer Shift**: Top income quintile now 40% of sales, up from 1/3. Lower quintile decline moderating. 
- **Brand Expansion**: Jordan/Nike +high single digits, Magellan/Freely private brands gaining share. 
- **Gross Margin**: 35.7% (+170bps YoY) via tariff mitigation and freight savings. 
- **2026 Outlook**: 20-25 new stores, e-commerce >10%, World Cup driving soccer category. 
- **Key Risk**: Ammo sales -130bps comp (election-related), stabilizing post-November.

**【CEO Section】**
- **Revenue and Growth**: Q3 net sales $1.4B (+3% YoY), comp -0.9%. New stores comp +high single digits, e-commerce +22% (3rd consecutive double-digit comp). 
- **Customer Shift**: Top income quintile (>$100K) now 40% of sales (+high single digits QoQ), middle quintile stable, lower quintile decline moderating. 
- **Brand Expansion**: Jordan/Nike combined +high single digits, expanded into 26 stores. Magellan, Freely private brands gaining traction. 
- **Inventory Strategy**: Pulled forward $100M inventory pre-tariffs, allowing price stability despite 120bps tariff impact. 
- **2026 Outlook**: 20-25 new stores (80% legacy markets), e-commerce >10% penetration, World Cup driving soccer category growth.

**【CFO Financial Commentary】**
- **Gross Margin**: 35.7% (+170bps YoY), driven by +130bps merchandise margin (tariff mitigation), +30bps freight savings. 
- **SG&A**: 28.4% of sales (+120bps YoY) due to new store growth ($28M incremental cost). Free cash flow negative $9M (tariff payables). 
- **Q4 Guidance**: Flat to +3.5% comp, gross margin 34.3-34.5%. Buybacks resuming post-tariff cash release. 
- **Liquidity**: $290M cash, $530M remaining on $1B buyback auth.

**【Q&A Highlights】**
- **AUR Elasticity**: AUR +mid-high single digits offset by UPT -mid-single digits. Q4 AUR expected +high single/low double digits. 
- **Store Economics**: 26 new stores in comp base (50 basis point tailwind). 2026 store pipeline 80% legacy markets with <10% cannibalization. 
- **Nike/Jordan Momentum**: Combined +high single digits Q3, expansion into 24+ stores in 2026. 
- **Tariff Impact**: 2025 tariff expense $100M, 2026 outlook stable. Inventory pulled forward to minimize 2026 impact. 
- **Customer Loyalty**: 13M+ myAcademy Rewards members, 2-3x purchase frequency of non-members. Credit card/loyalty program integration in 2026.

Academy Sports and Outdoors, Inc.(ASO)-20251209-2026 Q3 Earnings call transcript

- **Revenue Momentum**: Q2 sales up 3.3% YoY, e-commerce +18%, with new stores and tech initiatives driving mid-single-digit comps. 
- **Tariff Mitigation**: AURs rising to offset costs, with 40bp merch margin expansion. 
- **Customer Shift**: Higher-income cohorts (+10%+ traffic) offsetting lower-income declines, with myAcademy Rewards program adding 12M members. 
- **Strategic Investments**: $80M in inventory, new stores, and tech, with updated guidance reflecting improved execution. 
- **Back Half Outlook**: Tighter comp range (-3% to +1%) reflects confidence in initiatives and tariff mitigation. 


**【CEO Summary Section】**
- **Revenue Growth**: Q2 net sales of $1.6 billion, up 3.3% YoY, with a 0.2% comp. E-commerce grew 18%, driving 120 basis points in penetration. 
- **Store Expansion**: Opened 3 new stores in Q2, bringing total to 306. New stores (2022-2023 vintages) improved from low to mid-single-digit comps. 
- **Technology Initiatives**: Rolled out RFID scanners and handheld devices, improving in-stock rates by 400-500 basis points. 
- **Tariff Mitigation**: Partnered with vendors to absorb costs, shifted sourcing, and optimized pricing. AURs up low to mid-single digits, with plans to adjust prices in the back half. 
- **Customer Cohorts**: Top 2 income quintiles (>$100k) saw double-digit traffic growth, while lower-income cohorts declined at a slower rate. 
- **Brand Expansion**: Added Jordan, Converse, and HydroJug, with Nike and Jordan driving double-digit sales growth. 

**【CFO Financial Commentary】**
- **Gross Margin**: 36.0% (flat YoY), with 40bp merch margin expansion offset by 20bp shrink and 10bp e-commerce costs. 
- **SG&A**: 25.3% of sales, up 150bp YoY due to new stores, tech investments, and depreciation. 
- **Inventory**: Units per store up 4.6%, with $301M cash and strong liquidity. 
- **Guidance Update**: Tightened comp range to -3% to +1% YoY, up from -4% to +1%. 
- **Free Cash Flow**: $21.7M in Q2, with $530M remaining on share buyback authorization. 

**【Q&A Highlights】**
- **Consumer Behavior**: Higher-income cohorts driving growth, with traffic up double digits in top quintiles. Middle-income flat, lower-income declining slower. 
- **Tariff Impact**: AURs expected to rise high single to low double digits in back half. Inelastic demand for front-end items, mixed impact on big-ticket categories. 
- **Inventory Management**: RFID improved accuracy by 20%, reducing out-of-stocks. 
- **New Stores**: Year 1 EBITDA $12-16M, with mid-single-digit comps in subsequent years. 
- **Ammo Business**: Challenged by supply, but bulk packs driving higher AURs. 
- **Sourcing**: 6-7% private label COGS exposure, diversifying to mitigate tariffs. 
- **Loyalty Program**: 12M+ members, with 500k new enrollments Q2, driving frequency and spend. 


Academy Sports and Outdoors (ASO)-2 Sep 25-2026 Q2 Earnings call transcript

- **Revenue Resilience**: Q1 eCommerce +10%, despite overall sales -0.9% YoY.
- **Gross Margin Strength**: 34.0% (+60bps YoY) driven by merch margin and inventory management.
- **Strategic Investments**: 
  - $7.5M Jordan Brand launch driving double-digit traffic from $100k+ households
  - RFID tech saves sales +900% per store
- **Tariff Mitigation**: $85M domestic inventory pulled forward, China imports reduced to 6%.
- **Guidance Range**: Reflects 3 tariff scenarios, with base case at current levels.

**【CEO Opening Remarks】**
- **Tariff Mitigation Strategy**: ASO reduced China imports from 9% to 6% of private brand business, paused shipments during high tariffs, and leveraged domestic inventory. 
- **Customer Shift**: Higher-income households ($100k+ annual income) showed double-digit traffic growth, driven by value proposition and Jordan Brand launch.
- **Q1 Results**: 
  - Revenue: $1.35B (-0.9% YoY), eCommerce +10%.
  - Categories: Footwear/apparel flat, outdoor fishing/firearms strong, ammo/paddle boats soft.
- **Strategic Initiatives**: 
  - 5 new stores opened (total 303), 20-25 openings planned for FY25.
  - Jordan Brand launched in 145 stores, tracking ahead of plan with 25% eCommerce sales.
  - RFID rollout completed, saving sales +900% per store.

**【CFO Financial Commentary】**
- **Gross Margin**: 34.0% (+60bps YoY), driven by merch margin (+40bps) and shrink improvement.
- **SG&A**: 28.8% of sales (+290bps YoY), due to: 
  - New store support ($20M)
  - Jordan/Nike investments ($7.5M)
  - Tech/digital initiatives ($2M)
- **Inventory**: Units per store +6.5%, $85M pulled forward at pre-tariff prices.
- **Guidance**: 
  - Sales: $5.97B-$6.26B (-4% to +1% comp)
  - EPS: $5.10-$5.90
  - Gross margin maintained at 34%.

**【Q&A Highlights】**
- **Tariff Scenario Analysis**: 
  - Base case: tariffs at current levels
  - High case: 10% on all countries
  - Low case: China tariffs revert to 145%
- **Promotions & Pricing**: 
  - 75% of sales at everyday low price
  - Price increases focused on ancillary categories
  - STANLEY water bottle markdowns due to color phaseouts
- **Competitive Landscape**: 
  - DICK'S-Foot Locker merger viewed as competitor differentiation
  - Academy's full-line assortment and value positioning remain strengths
- **Inventory Management**: 
  - Evergreen products (bikes, free weights) insulated from markdown risk
  - Inventory per store up 2% ex-tariff mitigation


Academy Sports and Outdoors (ASO)-10 Jun 25-2026 Q1 Earnings call transcript

- **Q4 2024 Results**: Flat sales on 13-week basis, beating EPS guidance. Outdoor and Apparel divisions led growth, with private brands at 23% of sales.
- **2025 Outlook**: Guided for $6.1-6.3B sales, 34.0-34.5% gross margin. Key drivers: 20-25 new stores, Jordan launch, RFID adoption, and private brand growth.
- **Consumer Shift**: Higher-income customers (+$100K) drove 7%+ sales growth, with 40bps market share gain in Q4.
- **Tariff Resilience**: China import exposure <9%, using price optimization to offset costs without raising key item prices.
- **Cash Flow Strength**: 2024 free cash flow up 10% YoY to $342M, supporting growth investments.


**【CEO Summary Section】**
- Q4 2024 net sales: $1.68 billion (-6.6% YoY), but flat on a 13-week vs. 13-week basis. Comp sales down 3% (excluding new stores), with sequential improvement from Q3. Outperformed guidance for both net sales and EPS.
- **Key Performance Drivers**: 
  - Outdoor division (+2% YoY) led by Hunting, Fishing, Camping; private brands Monarch and Redfield drove giftable sales.
  - Apparel rebounded (+1% YoY) with strong Youth Apparel, Fleece, and Workwear; Nike and Carhartt performed well.
  - Sports & Recreation improved (-1% YoY) with promotions in Kids, Bikes, Grills; Fitness and Footwear also showed progress.
- **Strategic Initiatives**: 
  - 16 new stores opened in 2024, with 20-25 planned for 2025. New store model in Meridian, MS outperformed expectations, capturing 25% market share.
  - Rolled out RFID and handheld scanners to improve inventory accuracy and conversion. Launching Jordan Brand in 145 stores/Q1 2025.
  - Expanded private brands to 23% of sales, with Brazos workwear and Magellan Outdoor Pro by Jacob Wheeler driving growth.

**【CFO Financial Commentary】**
- Q4 2024: GAAP net income $133.6M, EPS $1.89; adjusted EPS $1.96 (vs. $1.83 last year). Gross margin 32.2% (-110bps YoY) due to hardlines penetration and markdowns.
- **2025 Guidance**: 
  - Net sales $6.1-6.3B (-2% to +1% comp). Gross margin 34.0-34.5% (vs. 32.2% Q4 2024). Adjusted EPS $5.75-6.20.
  - Free cash flow $290-320M, capex $220-250M. Dividend increased 18% to $0.13/share.
- **Key Levers**: 
  - New stores (20-25), e-commerce UX improvements, RFID adoption, Jordan launch, and private brand extensions.
- **Tariff Mitigation**: China import exposure down to <9%, no Canada/Mexico exposure. Using price optimization to offset cost increases without raising key item prices.

**【Q&A Highlights】**
- **Consumer Behavior**: Higher-income cohorts (+$100K) drove 7%+ sales growth in Q4, with 40bps market share gain. Softness in Q1 due to weather, but rebounding in late Feb/March.
- **Jordan Launch**: 145 stores + online, targeting underserved markets. Expected to be top 20 brand in 2025, top 10 by 2026. Nike expansion includes 270s shoes and apparel.
- **Tariff Impact**: Direct China exposure <9%, no Mexico/Canada. Using price optimization and sourcing diversification to offset costs.
- **Cash Flow Strength**: 2024 free cash flow $342M (+10% YoY). Maintaining financial stability while investing in growth.


Actual	0.91	1.09	1.89	2.34	1.75	1.61	1.73	2.3	1.69	2.04	1.3037	2.09	1.38	2.21	1.08	2.03	0.98	1.96	0.76	1.94	1.14	1.97
Forecast	0.3556	0.5032	0.8257	1.4173	1.1192	1.3681	1.4095	2.0657	1.5915	1.8146	1.646	1.9939	1.5827	2.2886	1.2144	2.0389	1.2697	1.829	0.8642	2.1433	1.0586	2.0471
Surprise	+155.91%	+116.61%	+128.90%	+65.10%	+56.36%	+17.68%	+22.74%	+11.34%	+6.19%	+12.42%	-20.80%	+4.82%	-12.81%	-3.43%	-11.07%	-0.44%	-22.82%	+7.16%	-12.06%	-9.49%	+7.69%	-3.77%

ASO

ASO fundamentals

ASO Q4 2026 Earnings

Earnings Call

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ASO

ASO fundamentals

ASO Q4 2026 Earnings

Earnings Call

ASO Earnings Call Summary for Q4/202610:00 AM on Mar 17, 2026

ASO Earnings Call Summary for Q3/202610:00 AM on Dec 9, 2025

ASO Earnings Call Summary for Q2/202610:00 AM on Sep 2, 2025

ASO Earnings Call Summary for Q1/202610:00 AM on Jun 10, 2025

ASO Earnings Call Summary for Q4/202510:00 AM on Mar 20, 2025

You can ask Aime