Business
Academy Sports + Outdoors Announces Record Sales and Earnings for the First Quarter and Raises 2021 Financial Forecast
Net Sales Increased 39.1%; Comparable Sales Increased 38.9% Gross Margin Rate Increased 950 basis points to 35.7% Pre-Tax Income Grew to $225.0 million from a
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Net Sales Increased 39.1%; Comparable Sales Increased 38.9% Gross Margin Rate Increased 950 basis points to 35.7% Pre-Tax Income Grew to $225.0 million from a loss of $9.5 million Company Raises Full Year Diluted EPS Range to $4.15 to $4.50 KATY, Texas, June 08, 2021 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the first quarter ended May 1, 2021. Unless otherwise indicated, comparisons are to the same period in the prior fiscal year. First Quarter 2021 ResultsNet sales increased 39.1% to a first quarter record $1.58 billion, while comparable sales increased 38.9%. Sales grew 46.8% compared to the first quarter of 2019. The growth was driven by continued strong, double-digit consumer demand across all product categories, notably in Apparel, Footwear and Team Sports, as well as across our entire geographic footprint. E-commerce sales declined 21.0%, as the website anniversaried triple-digit growth in the first quarter of 2020, as consumers shifted to online ordering at the beginning of the pandemic last year. Over the last two years, E-commerce sales have increased 300.0% during the first quarter. Gross margin increased 89.2% to $563.7 million, the highest quarterly gross profit in the Company's history. The gross margin rate increased 950 basis points to 35.7%. This growth was primarily driven by improved merchandise margins from a favorable mix shift, higher average unit retails, fewer promotions and less clearance activity. The growth in gross profit, coupled with 450 basis points of selling, general & administrative expense leverage, resulted in $224.9 million of pre-tax income versus a loss of $9.5 million in the first quarter of 2020. Net income was $177.8 million compared to a loss of $10.0 million in Q1 2020. Diluted earnings per share were $1.84 compared to a loss of $0.14 in the prior year quarter. Pro forma adjusted net income, which excludes the impact of certain non-cash and extraordinary items, increased from $0.4 million to $182.5 million. Pro forma diluted earnings per share were $1.89 compared to $0.01 per share in the prior year quarter. “The Academy Sports + Outdoors team again generated record-breaking sales and profits, while delivering fun to our customers,” said Ken Hicks, Chairman, President and Chief Executiv...