Met W/ MGMT: Loyalty + Merchandising Initiatives Impactful

研报英文原文证据摘录

Met W/ MGMT: Loyalty + Merchandising Initiatives Impactful

USA | Hardlines

Academy Sports EquityJulyResearch9, 2026

ESTIMATE CHANGEMet W/ MGMT: Loyalty + Merchandising

RATING BUYInitiatives Impactful

PRICE $44.46^

We met with Dan Aldridge, VP of Investor Relations, to catch up on the sporting

goods industry and ASO's growth initiatives. We walked away believing that a PRICE TARGET | % TO PT $67.00 | +51%

bull case of LDD% annual EPS growth is viable after '26, aided by ~1% comps, 52W HIGH-LOW $62.45 - $41.29

slight GM expansion, modest SG&A leverage, and generous share buybacks FLOAT (%) | ADV MM (USD) 96.4% | 79.58

funded by robust free cash flow. Reiterate Buy. MARKET CAP $2.9B

TICKER ASO

^Prior trading day's closing price unless otherwise

Wallet Share Opportunity From Credit Card Revamp Referenced As Compelling. Bottom-line, this noted.

initiative rewards households for concentrating more category spend at Academy and, as such,

deepens loyalty. Near-term, management sees a transaction benefit from cardholders activating

same-day welcome discounts. Medium-term, management sees this program catalyzing per- FY (Jan) CHANGE TO JEFe JEF vs CONS

household spend & trip frequency with growing rewards earned at Academy Sports and elsewhere. 2026 2027 2026 2027

REV NM NM NM -1%

Management Seeking Create & Monetize New Traffic-Driving Initiatives. ASO's exclusive brick- EPS NA <1% +3% +4%

and-mortar partnership with HYROX is an opportunity to capitalize on the sport's rapidly growing

popularity. Near-term, the expansion of merchandise to ~170 locations by year-end is additive, and 2026 ($) Q1A Q2 Q3 Q4 FY

medium-term, integrating local Academy locations into pre- or post-race day schedules welcomes EPS 0.93 2.22 1.35 2.17 6.65

new households to the customer file.