US sporting goods retail chain reports record Q4 and year-end sales
Strong consumer demand across all divisions – particularly sports and recreation – saw one of North America’s major suppliers of fishing tackle report a quadrupling of fourth quarter earnings.
Net sales at Academy Sports+Outdoors increased 16.6% compared to the same period last year to a record $1.6 billion. Same store sales rose 16.1% and e-commerce business grew by 60.7%.
“I am very proud of everything the team members achieved in 2020 as they faced substantial adversity and uncertainty due to the pandemic. Through collaboration, dedication and innovation, they 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 of the group.
“With our outstanding team, strong balance sheet and by investing in our key initiatives, Academy is very well positioned to continue to drive top and bottom line growth for the long-term as well as enhance share value.”
Net sales for the year increased 17.8% to a record $5.6 billion, led by a 138.3% increase in e-commerce.