Business
Academy Sports + Outdoors Announces Record Sales and Earnings for the Fourth Quarter & Fiscal 2020
Fourth Quarter and Full Year Comparable Sales Increased 16.1% Fourth Quarter Gross Margin Rate Expanded 420 basis points over Q4 2019 Full Year Net Income
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Fourth Quarter and Full Year Comparable Sales Increased 16.1% Fourth Quarter Gross Margin Rate Expanded 420 basis points over Q4 2019 Full Year Net Income Increased 157.2% over 2019 to $308.8 million KATY, Texas, March 30, 2021 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the fourth quarter and fiscal year ended January 30, 2021. Unless otherwise indicated, comparisons are to the same period in the prior fiscal year. Fourth Quarter 2020 ResultsNet sales increased 16.6% to a record $1.60 billion. Comparable sales increased 16.1%, driven by strong consumer demand across all markets and merchandise divisions, particularly Sports & Recreation. E-commerce sales grew 60.7%, led by an increase in website visits and the continued consumer adoption of new fulfillment methods, such as buy online, pick-up in-store, ship-to-store and curbside pick-up. Gross profit increased 34.7% to $499.1 million. The gross margin rate increased 420 basis points to 31.2%. This increase was driven by higher merchandise margins, fewer promotions and a reduction in clearance sales. Net income was $91.5 million, a 416.0% increase over $17.7 million in the prior year quarter, resulting in diluted earnings per share of $0.97, compared to $0.24 per share in the prior year quarter. Pro forma adjusted net income, which excludes the impact of certain non-cash and extraordinary items, was $103.1 million, a 485.8% increase over pro forma adjusted net income of $17.6 million in the prior year quarter. Pro forma diluted earnings per share were $1.09, compared to $0.23 per share in the prior year quarter. “I am very proud of everything the Academy Sports + Outdoors team members achieved in 2020 as they faced substantial adversity and uncertainty due to the pandemic. Through collaboration, dedication and innovation, the team produced remarkable results and delivered fun to millions of customers while laying the foundation for future success,” said Ken Hicks, Chairman, President and Chief Executive Officer. “With our outstanding team, strong balance sheet and by investing in our key initiatives, such as power merchandising and e-commerce capabilities, Academy is very well positioned to continue to drive top and bottom line growth for the long term as well as enhance shareholde...