Academy Comp Sales Turn Negative After First-Quarter Gain

The Tip Desk · September 9, 2026 · 3 min read

Comparable sales fell 0.4% in the quarter ended August 1, 2026, after a 2.9% increase in the first quarter, as net sales reached $1,647.3 million.

Academy Sports and Outdoors (ASO) posted a 0.4% decline in comparable sales for the thirteen weeks ended August 1, 2026, reversing a 2.9% gain in the first quarter. Net sales rose 3.0% year over year to $1,647.3 million, a slower pace than the 6.7% increase recorded in the first quarter.

Chief Executive Officer Steve Lawrence said consumer spending remained pressured, particularly among lower-income households, and that the team focused on key events and categories. He said the company is reinvesting tariff-related benefits into value, expanding brands and categories, and accelerating store, omnichannel, and loyalty initiatives.

Gross margin expanded to 40.4% of sales from 36.0% a year earlier. The company attributed a 440-basis-point net impact to tariff refunds. Operating income was $246.4 million, or 15.0% of sales, compared with $172.4 million, or 10.8%. Diluted GAAP earnings were $2.17 a share, up 17.3%. Adjusted diluted EPS was $2.31, up 19.1%, with a $0.06 net tariff-refund impact, including reinvestments.

eCommerce sales increased 12.8%, down from a 17.4% increase in the first quarter. New-store comps were positive in the mid-single digits. Academy opened three stores in Pennsylvania and Tennessee, bringing the footprint to 327 locations. It plans to open eleven more in the third quarter, with the remaining locations in the fourth quarter of fiscal 2026.

For the twenty-six weeks ended August 1, 2026, net sales were $3,089.3 million, up 4.7%, and comparable sales were 1.1%, versus a 1.7% decline a year earlier. Diluted GAAP EPS was $2.94 and adjusted diluted EPS was $3.20. Cash and cash equivalents were $298.2 million. Merchandise inventories, net, were $1,657.4 million. Inventory per store was down 5.6% in units and 2.3% in dollars as of August 1, 2026. Share repurchases totaled $182.1 million in the twenty-six weeks, including $1.6 million of excise tax fees.

Academy affirmed fiscal 2026 sales guidance of $6,230 million to $6,355 million, sales growth of 3.0% to 5.0%, and comparable sales of minus 1.0% to plus 2.0%. It raised adjusted EPS guidance to $6.50 to $6.90 from $6.40 to $6.80 and GAAP EPS to $6.05 to $6.45 from $5.95 to $6.35. Adjusted free cash flow guidance rose to $300 million to $350 million from $250 million to $300 million. Gross margin guidance was lifted to 35.5% to 36.0% from 34.5% to 35.0%.

Executive Vice President and Chief Financial Officer Carl Ford said the company delivered double-digit EPS growth, produced strong free cash flow, and continued returning capital through repurchases and dividends. He said the balance sheet remains strong and the company is well positioned to deliver within its fiscal 2026 outlook. The board declared a quarterly cash dividend of $0.15 a share, payable October 14, 2026.