Could Promotion-Relegation work in College Football?
Academy Sports + Outdoors reported $1.47 billion in first-quarter net sales, a 7.1% year-over-year decline and a 36.3% increase from 2019.
E-commerce sales for the company jumped 18.8%, and comparable sales fell 7.5%.
“The decline in sales was primarily due to lapping 38.9% comparable sales in the prior year quarter, partially driven by the first-quarter 2021 release of government stimulus paychecks,” Academy noted.
Academy Sports + Outdoors isn’t the only company whose revenue is starting to decline following a sales streak over the last two years.
- Big 5 Sporting Goods reported first-quarter revenue of $242 million compared to the $272.8 million in posted the same period the year prior.
- Dick’s Sporting Goods saw $2.7 billion in first-quarter revenue, falling from $9.92 billion in Q12021.
Academy’s Economy
The retailer opened its first new store in more than two years during the quarter. Academy has plans to open eight new locations by the end of 2022, and between 80 and 100 over the next five years.
Academy CFO Michael Mullican said the company revised its 2022 outlook “to reflect the current macroeconomic challenges.” It now expects total net sales of $6.43 billion to $6.63 billion — lower than its previous estimate of $6.56 billion to $6.77 billion.
