Academy Sports + Outdoors Reports Second Quarter Fiscal 2025 Results; Updates Guidance
Second Quarter Sales Increase 3.3%; Comparable Sales Increase 0.2%
eCommerce Sales Increase 17.7%; New Stores Comping Positive Mid-Single Digits
Second Quarter Diluted GAAP EPS of $1.85
Opened Three New Stores in Florida, Virginia and West Virginia
Company Maintains High End of Guidance Range; Raises Low End
KATY, Texas, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (NASDAQ:ASO) ("Academy" or the "Company") today announced its financial results for the second quarter ended August 2, 2025.
"We were pleased to see sales inflect to a positive comp in the second quarter, driven by steady improvements in the business that are a result of the progress we continue to make against our strategic initiatives. Customers are gravitating to our diversified assortment and our value proposition is resonating with them, which has allowed us to pick up market share in the first half of the year," said Steve Lawrence, Chief Executive Officer. "As we head into the back half of the year, we believe momentum is building in the business and we are confident in our strategy and ability to come out of this year better positioned than ever to serve our customers and drive long-term growth."
Second Quarter Operating Results ($ in millions, except per share data)
Thirteen Weeks Ended
Change
August 2, 2025
August 3, 2024
%
Net sales
$
1,599.8
$
1,549.0
3.3
%
Comparable sales
0.2
%
(6.9
)
%
Income before income tax
$
164.8
$
186.5
(11.6
)
%
Net income
$
125.4
$
142.6
(12.1
)
%
Adjusted net income (1)
$
131.3
$
148.6
(11.6
)
%
Earnings per common share, diluted
$
1.85
$
1.95
(5.1
)
%
Adjusted earnings per common share, diluted (1)
$
1.94
$
2.03
(4.4
)
%
(1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Year-to-Date Operating Results($ in millions, except per share data)
Twenty-Six Weeks Ended
Change
August 2, 2025
August 3, 2024
%
Net sales
$
2,951.2
$
2,913.2
1.3
%
Comparable sales
(1.7
)
%
(6.4
)
%
Income before income tax
$
227.9
$
284.2
(19.8
)
%
Net Income
$
171.5
$
219.1
(21.7
)
%
Adjusted net income (1)
$
182.9
$
230.3
(20.6
)
%
Earnings per common share, diluted
$
2.52
$
2.93
(14.0
)
%
Adjusted earnings per common share, diluted (1)
$
2.69
$
3.08
(12.7
)
%
(1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
As of
Change
Balance Sheet ($ in millions)
August 2, 2025
August 3, 2024
%
Cash and cash equivalents
$
300.9
$
324.6
(7.3
)
%
Merchandise inventories, net(1)
$
1,587.6
$
1,366.6
16.2
%
Long-term debt, net
$
481.7
$
483.6
(0.4
)
%
(1) As of August 2, 2025 inventory per store was up 4.5% in units and 8.2% in dollars.
Twenty-Six Weeks Ended
Change
Capital Allocation ($ in millions)
August 2, 2025
August 3, 2024
%
Share repurchases
$
99.9
$
222.3
(55.1
)
%
Dividends paid
$
17.4
$
16.1
8.1
%
Subsequent to the end of the second quarter, on August 28, 2025, Academy's Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock. The dividend is payable on October 9, 2025, to stockholders of record as of the close of business on September 11, 2025.
New Store OpeningsAcademy opened three new stores during the second quarter, bringing its total to 306 locations across 21 states. The Company plans to open a total of 20 to 25 stores in fiscal 2025.
Academy Store Footprint Update
Time Frame
Total stores open at beginning of the period
Number of stores opened during the period
Number of stores closed during the period
Total stores open at end of period
FY 2024
282
16
—
298
1st Quarter 2025
298
5
—
303
2nd Quarter 2025
303
3
—
306
Note: 21 new stores added LTM
Time Frame
Total gross square feet open at beginning of the period
Gross square feet for stores opened during the period
Gross square feet for stores closed during the period
Total gross square feet at the end of the period
FY 2024
19,679
925
—
20,604
1st Quarter 2025
20,604
275
—
20,879
2nd Quarter 2025
20,879
191
—
21,070
Note: Figures in thousands
Tariff Mitigation ActionsThe Company believes that it has mostly offset the impact of the current incremental tariffs on its business for fiscal 2025. The Company deployed multiple tactics, including:
Partnering with factories and vendors to absorb a portion of the incremental expense
Working with overseas partners to shift country of origin where it made sense
Adjusting unit buys where needed
Pulling in additional inventory from brands that had available goods in domestic warehouses
Utilizing our pricing optimization tool to create strategies to drive higher Average Unit Retails (AUR's)
The Company believes these actions should mitigate the impact of the tariffs throughout the remainder of this year while still being able to serve customers by delivering a strong value proposition. In the event of additional tariffs, the Company will continue to develop strategies to offset any impacts utilizing the tactics described above.
2025 Outlook"Sales for the second quarter continued to improve, and we saw meaningful acceleration in our strategic initiatives. In addition, we believe we now have additional visibility into tariff impacts and are well positioned to mitigate them," said Carl Ford, Chief Financial Officer. "Based on the results from the first half of the year and the expectations for the remainder of fiscal 2025, we are narrowing the low end of our sales guidance from -4.0% to -3.0%. The updated sales guidance range is -3.0% to positive 1.0%. We expect the tax rate for the year to be 23.5%."
Academy is revising its previous guidance for fiscal 2025 as follows:
Fiscal 2025 GuidanceQ1 Update
Updated Fiscal 2025 Guidance
(in millions, except per share amounts)
Low end
High End
Low end
High end
Net sales
$
5,970
$
6,265
$
6,000
$
6,265
Comparable sales (1)
(4.0
)
%
1.0
%
(3.0
)
%
1.0
%
Gross margin rate
34.0
%
34.5
%
34.0
%
34.5
%
GAAP net income
$
350
$
410
$
360
$
410
Adjusted net income (2)
$
375
$
435
$
380
$
430
GAAP earnings per common share, diluted
$
5.10
$
5.90
$
5.30
$
6.00
Adjusted earnings per common share, diluted (2)
$
5.45
$
6.25
$
5.60
$
6.30
Diluted weighted average common shares
~69
~69
~68
~68
Capital Expenditures
$
180
$
220
$
180
$
220
Adjusted free cash flow (2), (3)
$
250
$
320
$
250
$
320
(1) We define comparable sales as the percentage of period-over-period net sales increase or decrease, in the aggregate, for stores open after thirteen full fiscal months, as well as for all eCommerce sales.
(2) Adjusted net income, adjusted earnings per common share (EPS), diluted, and adjusted free cash flow are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(3) We have not reconciled guidance for adjusted free cash flow to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events often outside of management's control and could be significant; therefore, we are unable to provide an estimate of the most closely comparable GAAP measure at this time.
Conference Call InfoAcademy will host a conference call today at 10:00 a.m. Eastern Time to discuss its financial results and related matters. The call will be webcast at investors.academy.com. The following information is provided for those who would like to participate in the conference call:
U.S. callers
1-877-407-3982
International callers
1-201-493-6780
Passcode
13755467
A replay of the conference call will be available for approximately 30 days on the Company's website.
About Academy Sports + OutdoorsAcademy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to more than 300 stores across 21 states and counting. Academy's mission is to provide "Fun for All" and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy's product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.
Non-GAAP MeasuresAdjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per Common Share, and Adjusted Free Cash Flow have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles ("GAAP"). The Company believes that the presentation of these non-GAAP measures is useful to investors as they provide additional information on comparisons between periods by excluding certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes, to consider underlying trends of its business, and in measuring its performance relative to others in the market, and believes presenting these measures also provides information to investors and others for understanding and evaluating trends in the Company's operating results or measuring performance in the same manner as the Company's management. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The calculation of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. For additional information on these non-GAAP financial measures, please see our Annual Report for the fiscal year ended February 1, 2025 (the "Annual Report"), filed on March 20, 2025 and our Quarterly Report for the thirteen weeks ended August 2, 2025 to be filed on September 2, 2025 ("the Quarterly Report"), which may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov.
See "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures presented in this press release to their most directly comparable GAAP financial measures.
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy's current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as "believe," "expect," "anticipate," "forward," "ahead," "opportunities," "plans," "priorities," "goals," "future," "short/long term," "will," "should," or the negative version of these words or other comparable words. The forward-looking statements in this press release include, among other things, statements regarding the Company's fiscal 2025 outlook under the caption "2025 Outlook", the Company's plans and expectations regarding tariff-mitigation actions, the Company's strategic plans and financial objectives, including the implementation of such plans, the growth of the Company's business and operations, ...
