1. Like Dick's Sporting Goods.

2. A blend of Dick's Sporting Goods and Bass Pro Shops.

3. The Walmart for sporting goods and outdoor recreation.

• Sports & Recreation Equipment: A wide array of gear for various sports, outdoor activities like camping, fishing, and hunting, and water sports.
• Apparel: A diverse selection of athletic wear, outdoor clothing, and casual apparel for men, women, and children.
• Footwear: An assortment of athletic shoes, outdoor boots, and casual footwear suitable for various activities and everyday wear.
• Fitness Equipment & Accessories: Products designed for home fitness, personal wellness, and active lifestyles, including machines and smaller accessories.

Academy Sports and Outdoors (symbol: ASO) is a sporting goods retailer that primarily sells directly to individual consumers through its brick-and-mortar stores and e-commerce platforms.

The company serves up to three main categories of customers:

• Active Lifestyles & Sports Enthusiasts: This category includes individuals who actively participate in a variety of sports (such as baseball, soccer, basketball, running, fitness), exercise routines, and general athletic pursuits. They purchase athletic apparel, footwear, and equipment specific to their chosen activities.
• Outdoor & Recreation Enthusiasts: Customers in this segment are primarily interested in outdoor activities like hunting, fishing, camping, hiking, and water sports. They buy specialized gear, apparel, firearms, ammunition, fishing equipment, camping supplies, and boating accessories.
• Families & Everyday Consumers: This broad category includes individuals and families looking for casual athletic wear, comfortable footwear, general fitness equipment, and items for backyard fun or family recreational activities. They seek value and convenience for their everyday active and leisure needs.

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Steve P. Lawrence Chief Executive Officer

Steve P. Lawrence has served as Chief Executive Officer and on the Board of Directors since June 2023. He joined Academy Sports and Outdoors in February 2019 as Executive Vice President and Chief Merchandising Officer. Prior to joining Academy, Mr. Lawrence was President, Chief Executive Officer, and served on the board of directors at francesca's from October 2016 to January 2019. From May 2012 to September 2016, he served as Chief Merchandising Officer at Stage Stores. Mr. Lawrence also spent nearly 12 years in various merchandising leadership roles at J.C. Penney after 10 years at Foley's/May Co.

Earl Carlton (Carl) Ford IV Executive Vice President and Chief Financial Officer

Earl Carlton (Carl) Ford IV has served as Executive Vice President and Chief Financial Officer since July 2023. He joined Academy Sports and Outdoors in January 2019 as Senior Vice President, Finance, leading the Financial Planning and Analysis function. Before joining Academy, Mr. Ford served as Vice President of Financial Planning & Analysis at Belk, Inc. for 15 years, where he also held leadership roles in Internal Audit, Accounting, and Treasury. Earlier in his career, he worked for Deloitte & Touche in their Audit practice.

Samuel (Sam) J. Johnson President

Sam J. Johnson has served as President since October 2023. He joined Academy Sports and Outdoors in April 2017 as Executive Vice President, Retail Operations. Prior to Academy, Mr. Johnson spent seven years with hhgregg, Inc., most recently as Chief Retail Officer, overseeing store operations, customer relations, commercial sales, real estate, and visual merchandising. Before hhgregg, Inc., he spent over 20 years in various leadership roles with Sears Holdings Corporation, including Vice President of Small Stores.

Matt McCabe Executive Vice President and Chief Merchandising Officer

Matt McCabe has served as the Executive Vice President and Chief Merchandising Officer since June 2023. He joined Academy Sports and Outdoors in December 2016 as Vice President, Divisional Merchandise Manager of Athletic and Licensed Apparel and later served as Senior Vice President, General Merchandise Manager of Footwear from September 2017 to June 2023. His background includes over 25 years of experience in men's and women's apparel and footwear, with leadership roles at The Bon Ton Department Stores, Bachrach, Sears & Roebuck Co., and Mark Shale.

Brandy Treadway Executive Vice President, Chief Legal Officer, and Corporate Secretary

Brandy Treadway has served as Executive Vice President, Chief Legal Officer, and Corporate Secretary since August 2025. Prior to joining Academy, Ms. Treadway served as Senior Vice President, Chief Legal Officer and Corporate Secretary for RumbleOn, Inc. from February 2024 to April 2025. Before that, she was a corporate partner at Martin Powers & Counsel, PLLC from October 2022 to February 2024 and Senior Vice President, General Counsel & Secretary at JCPenney from January 2020 to May 2021.

The key risks to Academy Sports and Outdoors (ASO) primarily revolve around macroeconomic factors impacting consumer spending, supply chain vulnerabilities, and the highly competitive and evolving retail landscape.

1. Economic Headwinds and Shifting Consumer Discretionary Spending: Academy Sports and Outdoors is significantly dependent on the U.S. economy and consumer discretionary spending. Economic downturns, persistent inflation, and changes in consumer confidence can adversely affect sales and profitability. The company faces a cautious consumer environment, with a risk of decreased sales volumes in "lifestyle" segments perceived as less vital. This economic pressure can lead to reduced purchasing power and a shift in consumer priorities away from non-essential items like sporting goods.
2. Supply Chain Disruptions, Rising Costs, and Tariffs: A substantial portion of Academy Sports and Outdoors' merchandise is manufactured in foreign countries, exposing the company to potential tariffs and disruptions in its supply chain. The company must navigate logistic uncertainties, supply difficulties, and rising costs for products and energy, which can degrade profitability. Increases in commodity prices and tariffs can dramatically raise the cost of goods sold, which if passed on to consumers, could negatively impact demand and sales. While the company is actively working to reduce exposure to countries like China to mitigate tariff risks, these factors remain a concern.
3. Intense Competition and Evolving Retail Landscape: The sporting goods and outdoor recreation market is highly competitive, with numerous established retailers and emerging online platforms vying for market share. Academy Sports and Outdoors must continually adapt to changing consumer tastes and preferences, accurately predicting and responding to these shifts to maintain sales. While the company is expanding its store count and growing its e-commerce sales, a significant dependence on its physical retail footprint poses a risk in a rapidly evolving retail landscape where consumer preferences are increasingly shifting towards online shopping. This competitive pressure, combined with the need for strategic investments in new stores and technology, can lead to rising selling, general, and administrative (SG&A) expenses, potentially pressuring profit margins.

The acceleration of major athletic and outdoor brands shifting their focus to direct-to-consumer (DTC) sales channels poses a clear emerging threat to Academy Sports and Outdoors (ASO).

Many of ASO's key suppliers, such as Nike, Adidas, and Under Armour, are strategically prioritizing their own e-commerce platforms and branded physical stores. This move allows them to build direct relationships with consumers, offer exclusive products, control pricing, and enhance their brand experience. For traditional multi-brand retailers like ASO, this trend results in:

1. Reduced access to desirable products: Brands may reserve new, exclusive, or high-demand products for their direct channels, limiting what ASO can offer.
2. Increased direct competition: ASO finds itself competing directly with its own suppliers for customer loyalty and sales.
3. Erosion of market share: Consumers may increasingly choose to purchase directly from brands, bypassing traditional retailers.
4. Potential impact on inventory and margins: Brands may dictate less favorable wholesale terms or allocations as they grow their DTC presence.

This is not a hypothetical threat, but a stated strategic direction for many leading brands, fundamentally altering the traditional wholesale-retail relationship and directly challenging ASO's business model.

Academy Sports and Outdoors (ASO) operates within several large addressable markets in the United States. The main product and service categories for ASO include sporting goods, outdoor recreation products, footwear, and apparel.

• Sporting Goods: The United States Sporting Goods Market was valued at approximately $204.82 billion in 2024 and is projected to reach $447.05 billion by 2033.

• Outdoor Recreation Products (including Camping & Hiking Gear): The U.S. Outdoor Recreation Products market is valued at approximately $103.5 billion. More specifically for camping and hiking, the U.S. camping and hiking gear market size was estimated to be $8.61 billion in 2024 and is expected to grow to $11.45 billion by 2030.

• Footwear: The U.S. footwear market size reached approximately $97.72 billion in 2024 and is estimated to grow to around $141.89 billion by 2034.

• Apparel: The U.S. apparel garment industry alone is valued at approximately $395 billion in 2025.

• Hunting Equipment: The USA hunting equipment & accessories market is anticipated to expand from approximately $26.4 billion in 2024 to $49.1 billion by 2034.

• Fishing Equipment: The U.S. fishing goods market size was estimated at approximately $8.78 billion in 2023 and is expected to grow to $10.95 billion by 2030.

Academy Sports and Outdoors (ASO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Store Expansion: The company has an aggressive plan to open 160-180 new stores by 2027, aiming to increase its store count by approximately 50%. For fiscal year 2025, ASO plans to open 20-25 new stores, including expansion into new states such as Pennsylvania and Maryland. This growth strategy focuses on penetrating smaller and mid-sized markets.
2. E-commerce and Omnichannel Advancements: Academy Sports and Outdoors is heavily investing in enhancing its e-commerce capabilities, omnichannel strategies, and digital marketing initiatives. A long-term goal is to increase e-commerce penetration to 15% of total revenue. The e-commerce segment demonstrated robust growth of 18% in the second quarter of fiscal 2025.
3. Private Label Brand Growth: The expansion of the company's private-label goods is a significant revenue driver. Private brands accounted for 23% of total sales in 2024, an increase from 22% in 2023, indicating a growing customer preference for these value-focused offerings. This trend is anticipated to continue into 2025.
4. Strategic Brand Partnerships and Product Portfolio Expansion: ASO is focusing on expanding its product portfolio through strategic partnerships and ambitious brand launches. A notable example is the planned introduction of the Jordan brand in 145 stores and online during the first quarter of fiscal 2025.
5. Customer Loyalty Programs: The launch of the "myAcademy Rewards" program, which enrolled over 11 million customers in 2024, is expected to serve as an additional tailwind for future growth. The program has already shown a strong uplift in spending from its loyalty members, particularly during the holiday season.

Share Repurchases

• Academy's Board of Directors approved a new share repurchase program on December 4, 2024, authorizing up to $700 million in repurchases, replacing a prior program with $423 million remaining.
• In fiscal year 2024, the company repurchased 6,544,337 shares for $364.9 million.
• Total share repurchases were $368.3 million in fiscal year 2024, an increase from $204.2 million in fiscal year 2023.

Share Issuance

• Academy Sports and Outdoors, Inc. completed its Initial Public Offering (IPO) on October 2, 2020.
• As of March 13, 2025, the company had 67,004,727 shares of common stock outstanding.
• The 2020 Omnibus Incentive Plan, effective October 1, 2020, allows for the grant of equity incentive awards such as stock options and restricted units.

Capital Expenditures

• Capital expenditures were $199.589 million in fiscal year 2024 and $207.770 million in fiscal year 2023.
• The company projects capital expenditures between $220 million and $250 million for fiscal year 2025.
• The primary focus of capital expenditures is on new store openings, enhancing omnichannel capabilities, technology upgrades, and existing store updates, with 16 new stores opened in fiscal year 2024 and 20-25 planned for fiscal year 2025.