Overview
- Academy reported an adjusted Q1 EPS of $0.93, slightly above Wall Street expectations, with net income rising to $52.7 million and total net sales of $1.44 billion.
- Comparable-store sales increased 2.9 percent and e-commerce revenue jumped 17.4 percent, driven by higher traffic and a larger average ticket.
- The company raised the low end of its full-year sales guidance to a range of about $6.23 billion to $6.36 billion and set GAAP net income guidance at $390 million to $415 million.
- Academy operated 324 stores at quarter end, opened two locations in Q1 with three planned in Q2, is testing 50k–55k sq ft smaller-format stores, and will feature World Cup displays in 42 key stores to push categories such as cleats and footwear.
- Management described the quarter as a good start but said it remains prudent given inflationary pressure on shoppers, and shares moved higher in premarket trading following the release.