Academy Sports raised its full-year revenue guidance following the company’s third-quarter earnings report.
The Texas-based sporting and outdoor goods retailer posted $1.59 billion in net sales in Q3 2021, an 18.1% uptick year-over-year and its ninth consecutive quarterly profit increase.
During the quarter, Academy Sports benefited from growth across all its divisions and strategic initiatives to improve operations, customer service, merchandise allocation, and its supply chain.
The company expects full-year revenue to range between $6.6 billion and $6.7 billion, up from a previous target of between $6.4 billion and $6.6 billion.
Academy Sports has made a number of moves to expand its footprint in the $126 billion sporting goods market.
- It raised $203 million during its IPO last October, valuing the retailer at $1.1 billion.
- The company agreed to sponsorship deals in July with the University of Texas and Austin FC.
- The company operates 259 stores across the U.S. and plans to open more than 800.
Private equity firm KKR & Co. sold its entire stake in Academy Sport in September in a deal valued at $852.85 million. KKR acquired 20% of the company — 18.65 million shares — in 2011 for an undisclosed amount and had been the retailer’s largest shareholder.