Monday December 4, 2023

Sporting Goods Stores Seeing Record Numbers

Academy Sports + Outdoors/Design: Alex Brooks
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Academy Sports reported its Q1 earnings Tuesday, highlighting a recent string of record-breaking quarters in the sporting goods industry.

The company saw its highest-ever gross margin, increasing 89.2% to $563.7 million. Net sales jumped 39.1% year-over-year to $1.58 billion.

While e-commerce sales declined 21% year-over-year, they’ve increased 300% since 2019 due to pandemic-driven online shopping. Net income was $177.8 million compared to a loss of $10 million last year.

With Academy’s e-commerce numbers trending in the right direction, the retailer plans to expand its brick-and-mortar stores from 259 to potentially 850.

Academy Sports isn’t the only sporting goods store trending upward.

  • In its first-quarter earnings, Dick’s Sporting Goods recorded a 119% increase in revenue year-over-year to $2.92 billion — its highest-ever quarterly earnings. Some stores’ sales, including e-commerce, grew 115% year-over-year. 
  • Hibbett Sports recorded an 87.8% increase in revenue to $506.8 million for its first quarter, beating out analysts’ estimates of $389.65 million.
  • Last month, Big 5 Sporting Goods reported $272.8 million in quarterly revenue, a 25.3% uptick from the year prior.

Similar to Dick’s earnings report, Academy Sports credited its apparel, footwear, and team sports sections for the boost in sales, as well as its omnichannel execution for consumer demand.

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