“I am proud to report quarterly sales and record net income and our fifth consecutive quarter with comparable sales increase. This is a significant achievement that our entire team achieved during a difficult quarter filled with many significant accomplishments, ”President and CEO Ken Hicks said in the press release.
He also noted that the company would continue to work on its key strategic programs, such as customer focus, omnichannel and powerful merchandising, “which we believe will position us well for the future.”
The retailer reported online sales growth of 95.9% from the third quarter of last year. Retail outlets facilitated over 95% of the retailer’s overall sales, with the inclusion of in-store sales, online shopping with in-store pickup (BOPIS), and in-store sales.
The company’s gross margin rate for the third quarter of 2020 was 32.7% of net sales, marking an increase of 110 basis points from 31.6% in the third quarter of last year.
Academy had $ 869.7 million in cash and cash equivalents in its entirety without any borrowing on its $ 1 billion ABL credit facility at the end of the third quarter.
In overall results, Academy Sports and Outdoors reported net income of 74 cents per diluted share on net sales of $ 1.35 billion for the third quarter of 2020.
The outdoor sporting and recreational goods retailer was established in 1938 as a family business in Texas and has grown to 259 outlets in 16 contiguous states.
The news comes like Dick’s Sporting Goods said in a Press release that “same-store brick-and-mortar sales grew double-digit in the third quarter of 2020 – the company’s best performance since its IPO almost two decades ago.” Its e-commerce sales soared 95% in the third quarter, which ended Oct. 31, compared to the same period last year.