ASO - Quick Take - Mixed 1Q results & FY26 outlook up; we remain more cautious on core customer demand in this macro

研报英文原文证据摘录

ASO - Quick Take - Mixed 1Q results & FY26 outlook up; we remain more cautious on core customer demand in this macro

Truist Securities

Equity Research Report June 9, 2026

CONSUMER: Softlines Academy Sports and Outdoors, Inc. (ASO)

ASO - Quick Take - Mixed 1Q results & FY26 outlook up; we remain Joseph Civello

212-590-0968 more cautious on core customer demand in this macro

Joseph.Civello@truist.com

Scot Ciccarelli, CFA ASO shares were up LSD% after reporting mixed 1Q results (with softer GMs being offset

212-319-3920 by lower SG&A & a lower share count) and modestly raising their FY sales and net income

Scot.Ciccarelli@truist.com outlook at the low-end, while they reiterated GM% at 34.5-35% (despite softness in 1Q).

FY26 EPS guidance was raised more substantially to $6.40-$6.80 (vs $6.10-$6.60 prior)

Craig Larsen including benefits from modest earnings upside (adj net income guide raised ~1% at the

212-319-2120 midpoint) alongside a lower share count from share repurchases during the quarter (the

Craig.Larsen@truist.com outlook doesn't include the impacts of further potential repurchases). Overall, we remain

cautious on underlying demand trends for core middle-income consumers in a volatile macro

environment. On the call we will be listening for 2QTD commentary and what the mgmt

team is baking into the outlook for a lift as we look forward to the World Cup and America’s

Current Price (Jun. 8, $51.67 250th anniversary on July 4th. Additionally we are looking for color on what the company 2026)

is embedding for tariffs (both the rate assumed for the remainder of the year and how we

Stock Rating HOLD should be thinking about potential refunds since they sold a portion of refund rights in FY25

Unchanged for $10.5mm). More after today’s 10am call.