Academy Sports and Outdoors, Inc. (ASO) SEC Filings & Earnings Calls

Tariff exposure on imported merchandise

“The impact of the evolving macroeconomic environment on our financial results is uncertain. We are closely monitoring the evolving environment with respect to tariffs and other trade policy developments and will continue to adjust plans as needed, including, but not limited to, appropriate sourcing diversification, strategic pricing and promotional adjustmen”

Consumer discretionary spending slowdown

“Comparable sales decreased 0.4% driven by lower comparable sales in the footwear and apparel merchandise divisions... The decrease in comparable sales was a result of a 5.3% decrease in comparable transactions”

Merchandise margin pressure from tariffs and pricing reinvestment

“90 basis points of unfavorability in merchandise margin, inclusive of 70 basis points of reinvestment of tariff refunds into strategic pricing.” · word for word

Consumer spending pressure, particularly among lower-income households, impacting comparable sales.

“While consumer spending remains pressured, particularly among lower-income households” · word for word

Tariff-related benefits may be temporary and reinvested into value, potentially pressuring margins if tariffs reverse.

“Net Tariff Refund Impact to EPS of $0.06, including reinvestments” · word for word

Tariff Exposure on Gross Margin

“The decrease of 80 basis points in gross margin was primarily attributable to 110 basis points of unfavorability as a result of tariffs” · word for word

Consumer Discretionary Spending Slowdown

“overall decline in the health of the economy and consumer discretionary spending” · word for word

Supply Chain Disruption

“risks associated with disruptions in our supply chain” · word for word

Inflationary pressures may continue to impact consumer spending for the remainder of 2026.

“We expect inflationary pressures to continue impacting consumer spending for the remainder of the year.” · word for word

Consumer remains under pressure; guidance reflects cautious macro view.

“We remain prudent about the macroenvironment and the updated fiscal 2026 guidance range reflects our belief that the consumer will remain under pressure for the duration of 2026.” · word for word

New notes have change-of-control put at 101%; covenants limit additional debt and dividends.

“Upon Change of Control, Issuer must offer to repurchase Notes at 101% of principal; covenants restrict incurrence of additional debt, dividends, etc.”

Increased leverage from new notes; interest expense will increase if term loan was lower cost.

“Issuer will redeem 2027 notes and repay term loan; new notes carry 5.875% coupon.”

Increased leverage from new notes; interest expense will increase if term loan was lower cost.

“Issuer will redeem 2027 notes and repay term loan; new notes carry 5.875% coupon.”

Tariff Impact on Profitability

“The Committee further adjusted the results to exclude private brand tariff expenses that exceeded planned tariff costs for the year. The Committee determined that this adjustment was appropriate in light of unanticipated and extraordinary macroeconomic effects of the tariffs during the year.” · word for word

Below-Target Financial Performance

“our overall financial results fell short of our ambitious goals. As a result, the payouts under our annual bonus plan came in at 75.7% of target.” · word for word

2023 Performance RSUs Forfeited

“Since the achievement for both metrics fell below the threshold of 85% of goal, the Committee determined that no RSUs were earned, and the 2023 performance-based RSUs were forfeited.” · word for word

Comparable Sales Decline

“Comparable sales decreased 1.5% driven by lower comparable sales across all merchandise divisions, except the sports and recreation merchandise division, as a result of a 4.2% decrease in comparable transactions.” · word for word

SG&A Growth Outpacing Sales

“SG&A expenses increased $120.6 million, or 8.2%, to $1,593.4 million in 2025 from $1,472.8 million in 2024, primarily as a result of our increased strategic investments of $109.0 million.” · word for word

Tariff Cost Exposure

“The increase of 90 basis points in gross margin was primarily attributable to favorability in merchandise margin due to promotions and managing prices in response to increased tariff costs.” · word for word

Debt Covenant Compliance

“The credit agreements governing the Term Loan and the ABL Facility and the indenture governing the Notes contain restrictive covenants that impose significant operating and financial restrictions on us.” · word for word

Tariff exposure

“We continue to monitor global macroeconomic trends and uncertainties such as inflation, existing and potential tariffs, and other shifting trade policies, which have impacted consumer spending and could adversely affect our ability to grow sales and merchandise margin.” · word for word

Consumer spending slowdown

“Comparable sales decreased 0.9% driven by lower comparable sales across all merchandise divisions, except sports and recreation, as a result of a 4.1% decrease in comparable transactions.”

Consumer demand uncertainty persists despite improving trends.

“Uncertain economic backdrop the consumer is facing” · word for word

Inventory growth outpacing sales growth may signal future markdown risk.

“Merchandise inventories +11.6% vs sales +3.0%”