Academy Sports + Outdoors Continues Pursuit of Becoming the Best Sports + Outdoors Retailer in the Country

Rhea-AI Summary

Academy Sports + Outdoors (NASDAQ: ASO) has showcased significant growth since its 2020 IPO, marking a transformative five-year journey. The company has expanded to over 300 stores across 21 states, with revenue growing from $4.8 billion in 2019 to $5.9 billion in FY2024. Under CEO Steve Lawrence's leadership, Academy has achieved notable financial milestones, including a 300% increase in Total Shareholder Return and retirement of approximately $1 billion in debt.

The company's growth strategy focuses on new store openings, e-commerce enhancement, store productivity improvements, and technological investments. Strategic partnerships include major launches with Jordan Brand, Fanatics, and DoorDash, alongside the introduction of their private brand R.O.W.™.

Insights

Retail Industry Analyst

ASO has delivered strong financial performance since IPO with significant revenue growth, store expansion, and shareholder returns while reducing debt and implementing strategic partnerships.

Academy Sports + Outdoors has demonstrated impressive momentum since its 2020 IPO, with revenue growing from $4.8 billion in 2019 to $5.9 billion by fiscal year 2024 – representing a 23% increase. This growth has been fueled by thoughtful expansion, with the retailer now operating over 300 stores across 21 states, including strategic entry into new Mid-Atlantic markets.

The company's financial discipline is particularly noteworthy. Management has simultaneously reduced debt by approximately $1 billion, repurchased over a third of outstanding shares, and instituted a dividend program. These capital allocation decisions reflect confidence in the business model and commitment to shareholder returns, which have exceeded 300% since the IPO.

Academy's partnership strategy reveals a sophisticated omnichannel approach. The Jordan Brand rollout across 145 locations represents their largest brand expansion to date, while the Fanatics partnership strengthens their licensed merchandise assortment. The DoorDash collaboration addresses the critical last-mile delivery challenge facing brick-and-mortar retailers. Meanwhile, the launch of their private label R.O.W.™ athletic apparel brand demonstrates efforts to capture higher-margin business and differentiate from competitors.

These initiatives position Academy to continue gaining market share in the fragmented sporting goods sector, where many competitors are struggling with inventory management and changing consumer preferences. The company's balanced approach to physical expansion, e-commerce investment, and operational improvements creates multiple growth vectors while maintaining their value-focused identity.

With 300+ stores and a sharpened focus on innovation, company accelerates growth

KATY, Texas, Oct. 2, 2025 /PRNewswire/ -- With a vision to be the best sports + outdoors retailer in the country, Academy Sports + Outdoors ("Academy" or the "Company") (Nasdaq: ASO), is well on its way after going public in 2020. The Company's growth strategy is rooted in opening new stores, investing in the e-commerce experience on Academy.com, driving productivity in its existing stores, and investing in technological advancements.

"The past five years have been transformative for Academy Sports + Outdoors. Since going public, we've pursued our growth strategy with vigor resulting in an expanded store footprint, strengthened e-commerce capabilities, and a refined merchandising strategy, still centered on value, to better serve our customers," said Steve Lawrence, Chief Executive Officer. "As we reflect on our achievements, we recognize they're not just numbers; they represent our commitment to becoming the best sports and outdoors retailer in the country. As we look ahead, we are focused on delivering value, enhancing the customer experience, and continuing to capture market share. Our long-range plan is clear: grow with purpose, lead with innovation, and continue to be the destination for all things sports and outdoors."

Academy has achieved many significant milestones throughout the past five years, including:

Initial Public Offering

• September 24, 2020: Academy announced the launch of its initial public offering (IPO)
• October 2, 2020: Academy began trading on the Nasdaq Global Select Market under the ticker symbol "ASO"

Business & Financial Growth

• Revenue grew from $4.8 billion in 2019 to $5.9 billion by the end of fiscal year 2024
• Store count expanded to over 300 stores in 21 states including entering new markets in Pennsylvania, Maryland, West Virginia, Virginia, and Ohio
• Total Shareholder Return has increased over 300% since IPO
• Bought back over a third of the Company, an indicator in confidence in the business
• De-levered the Company and retired roughly $1 billion in debt
• Instituted a dividend

Strategic Partnerships

• Launched Jordan Brand in 145 stores and online, marking the largest brand rollout in Company history
• Partnered with Fanatics, enhancing its licensed sports merchandise offerings with expanded access to team gear and fan apparel
• Teamed up with DoorDash to offer same-day delivery services
• Launched R.O.W.™ (Right of Way), a purpose-driven private brand designed to inspire confidence, celebrate individuality, and promote inclusivity through performance athletic apparel, reinforcing the Company's commitment to community empowerment and an accessible active lifestyle
• Collaborated with Whataburger on multiple limited-time collections featuring both iconic Texas brands

Community Giving

• Launched national partnerships with Boys & Girls Clubs of America, Babe Ruth League, and Operation Homefront
• Donated over $2.2 million to St. Jude Children's Research Hospital between 2021 and 2025

Customers can visit Academy's Investor Relations site to view more details and learn about Academy's financials, filings, and news.

About Academy Sports + Outdoors
Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to more than 300 stores across 21 states and counting. Academy's mission is to provide "Fun for All" and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy's product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy's current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as "believe," "expect," "anticipate," "forward," "ahead," "opportunities," "plans," "priorities," "goals," "future," "short/long term," "will," "should," or the negative version of these words or other comparable words.  Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are beyond Academy's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Academy's filings with the U.S. Securities and Exchange Commission (the "SEC"), including Academy's Annual Report on Form 10-K under the caption "Part 1A.Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Media Contact: Allan Rojas, Communications Director, allan.rojas@academy.com 

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SOURCE Academy Sports + Outdoors

FAQ

What is Academy Sports + Outdoors (ASO) revenue growth since its IPO?

Academy Sports + Outdoors grew its revenue from $4.8 billion in 2019 to $5.9 billion in fiscal year 2024, showing significant growth since its IPO.

How many stores does Academy Sports + Outdoors (ASO) currently operate?

Academy Sports + Outdoors operates over 300 stores across 21 states, including new markets in Pennsylvania, Maryland, West Virginia, Virginia, and Ohio.

What is Academy Sports + Outdoors (ASO) total shareholder return since IPO?

Academy Sports + Outdoors has delivered over 300% total shareholder return since its IPO in October 2020.

What major partnerships has Academy Sports + Outdoors (ASO) established?

Academy has established partnerships with Jordan Brand (145 stores), Fanatics for licensed sports merchandise, and DoorDash for same-day delivery. They also launched R.O.W.™ private brand and collaborated with Whataburger.

How much debt has Academy Sports + Outdoors (ASO) retired?

Academy Sports + Outdoors has retired approximately $1 billion in debt, significantly de-leveraging the company.