Academy Sports and Outdoors Announces More Record Sales

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Academy Sports and Outdoors said Thursday that the pandemic-era boom it experienced continued into its second quarter.

The Katy-based sports and leisure retailer reported profit of $190.5 million in the quarter ended July 31, up nearly 14% from $167.7 million in the same period last year. Revenue jumped 12% to $1.8 billion from $1.6 billion in the second quarter of 2020.

“The Academy Sports + Outdoors team delivered the best quarterly financial results in company history as we outperformed last year’s very strong comparable stores,” said Ken Hicks, Managing Director of company, in an earnings release. “We plan to build on this continued success by focusing more on business fundamentals and investing in our strategic initiatives with the goal of attracting new customers, gaining market share and driving business growth. sales and profits.

Sales in the quarter were particularly strong in apparel, footwear, fitness and team sports, the company said. E-commerce sales fell slightly (less than 1%) after growing 210% the previous year.

The company also announced a new share buyback program under which the company can buy up to $500 million of its outstanding stock over the next three years.

“This program signifies the current strength of the business and the confidence we have in the Academy’s future,” Hicks said in the statement.

Academy’s largest shareholder and former parent company KKR completed two transactions, Academy said, reducing its stake to about 20% by the end of the quarter.

Academy stock rose 16 cents per share to $43.56 by midday in New York.

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