Academy Sports and Outdoors is set to expand its collaboration with Nike in 2025 while addressing challenges faced in the third quarter. The retailer reported a 3.9 per cent drop in net sales, totaling US $ 1.343 billion, compared to US $ 1.397 billion last year. Net income declined 34.2 per cent to US $ 65.8 million from US $ 100 million in Q3 2023.
Despite the challenges, Academy opened eight new stores in Q3 and five more early in Q4, bringing its total store count to 298. The company remains on track with its 2024 expansion plans, adding 16 stores year-to-date, reflecting 6 per cent annual growth. Plans for 2025 include opening 20 to 25 new locations, aiming for a 7.5 per cent growth rate.
CEO Steve Lawrence attributed the Q3 sales dip to unseasonably warm October weather and lapping the Texas Rangers’ World Series run, which impacted comparable sales. Outdoor categories performed best, growing 4 per cent, followed by footwear, down 2 per cent. Brands like Brooks, Asics, and Skechers led performance categories.
Looking ahead, Academy will launch an expanded Nike range in April 2025, spanning apparel, footwear, and accessories in over 140 stores, marking one of its largest product introductions to date.
