Academy Sports’ Revenue Falls to $1.69B in Q2

Academy Sports + Outdoors reported a 5.8% decline in second-quarter revenue to $1.69 billion, just short of analysts’ estimates of $1.7 billion.

Comparable sales fell 6%, primarily attributed to fewer transactions year-over-year. Net income fell to $188.8 million from $190.5 million during the same period last year.

E-commerce sales increased 12.1% year-over-year, marking a double-digit increase for the fourth consecutive quarter.

Academy recorded significant growth compared to 2019, the last full year before the pandemic. The company reported record years in 2020 and 2021.

• Net sales increased 36.3% from 2019.
• E-commerce sales jumped 244.5% from 2019.
• Compared to Q2FY2019, pre-tax net income increased by more than 400% to $247 million.

During the quarter, Academy opened one new store, its 261st, with the goal of opening 80-to-100 more over the next five years. The company had merchandise inventories of $1.3 billion, a 17% year-over-year increase and an 8.4% jump from 2019.

Academy ended the quarter with $399.9 million in cash and cash equivalents. The company expects full-year revenue to land between $6.43 billion and $6.63 billion.

Sporting Goods Trend

Academy isn’t the only sporting goods retailer seeing declines.

Dick’s Sporting Goods reported a similar second quarter earlier this month, with net sales falling 5% year-over-year but increasing 38% compared to 2019. Big 5 Sporting Goods posted $253.8 million in second-quarter revenue, falling from $326 million during the same period the year prior.