The third quarter was Katy-based Academy Sports + Outdoors' third quarter of slowly...
historic profits and salesThis year, the Katy-based retailer's performance has slowed while remaining far above pre-pandemic levels. In the company's third quarter, ended Oct. 29, profits declined by more than 18 percent to $131.7 million compared with the same quarter a year earlier. Net sales also declined, to $1.49 billion, down a little more than 6 percent from the third quarter of 2021 but more than 30 percent higher compared with the same quarter in 2019.
The third quarter was"challenging," CEO Ken Hicks told investors Wednesday. Hicks said the decrease in sales was driven by declines in the company's outdoors sector, which last year was bolstered by a surge in demand for ammunition. But the third-quarter declines won't inhibit Academy's plans to open 80 to 100 new stores over the course of 2023, he said.
At the same time, Academy's online sales have soared. The third quarter was the fifth-straight with double-digit ecommerce growth, with online sales accounting for 9.5 percent of the company's sales. Third-quarter e-commerce sales rose 10.5 percent year over year, and are 173 percent higher compared with same quarter in 2019.
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