Academy Sports And Outdoors Reports 16.5 Pct Rise In Comp Sales

Academy Sports and Outdoors Reports 16.5 Pct Rise In Comp Sales

Academy Sports and Outdoors, Inc. reported on Thursday (Dec. 10) that comparable sales for Q3 2020 rose 16.5 percent over Q3 2019, according to a press release.

“I am proud to report record-breaking quarterly sales and net income and our fifth consecutive quarter with a comparable sales increase. This was a significant accomplishment that our entire team delivered in a challenging quarter filled with many important achievements,” Chairman, President and CEO Ken Hicks said in the press release.

He also noted that the company will keep working on its key strategic programs, such as customer focus, omnichannel and power merchandising, “which we believe will position us well for the future.”

The retailer reported online shopping sales growth of 95.9 percent over Q3 of last year. Retail locations facilitated more than 95 percent of the retailer’s overall sales, with the inclusion of in-store, buy online-pick up in-store (BOPIS) and ship-from-store sales.

The company’s gross margin rate for Q3 2020 was 32.7 percent of net sales, marking a 110-basis-point rise over 31.6 percent in Q3 of last year.

Academy had $869.7 million in overall cash and cash equivalents with no borrowings from its $1 billion ABL credit facility as of the conclusion of Q3.

In overall results, Academy Sports and Outdoors reported net income of 74 cents per diluted share on net sales of $1.35 billion for Q3 2020.

The full-line sporting goods and outdoor recreation retailer was first established in 1938 as a family business in Texas and has expanded to 259 retail locations throughout 16 contiguous states.

The news comes as Dick’s Sporting Goods said in a press release that “brick-and-mortar same-store sales increased double digits during the third quarter of 2020 — the company’s best performance since going public nearly two decades ago.” Its eCommerce sales spiked 95 percent in Q3, which concluded Oct. 31, in contrast to the same timeframe last year.