Demand for fitness and outdoor gear was already on the rise before the pandemic, Academy Sports + Outdoors said, but the pandemic only enhanced those interests.
Demand for fitness and outdoor gear was already on the rise before the pandemic, the company has said, but the pandemic only enhanced those interests as people slowed down, got outside more and focused on staying healthy.Academy Sports + Outdoors on Tuesday said it had its"most profitable year in the company's history" in 2021 asThe Katy retailer reported a $141.8 million profit in the quarter ended Jan. 29, compared to $91.5 million profit during the same period last year.
"2021 was an extraordinary year for Academy Sports + Outdoors. The team delivered the highest sales and profits in the Company's history while navigating the many challenges faced by the Company and the retail industry," said Ken Hicks, Academy chairman, president and chief executive."We are proud of what our company has accomplished over the past three years, but even more excited about our future growth prospects.
The company’s margins jumped 36 percent last year to a record $2.4 billion, driven by higher retail prices and a favorable product mix, which offset higher freight costs, it said. A rollback on promotions also helped drive margins. A push to boost online sales performance helped Academy's fourth quarter e-commerce sales jump 23 percent compared with the year before and 97 percent over the same quarter in 2019. The company is simultaneously adding locations, changing layouts and emphasizing localized products.
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