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Academy Sports + Outdoors Announces Record Sales and Earnings for the First Quarter and Raises 2021 Financial Forecast June 8 , 2021 Net Sales Increased 39.1 % ; Comparable Sales Increased 38.9 % Gross Margin Rate Increased 950 basis points to 35.7 % Pre - Tax Income Grew to $ 225.0 million from a loss of $ 9.5 million Company Raises Full Year Diluted EPS Range to $ 4.15 to $ 4.50 KATY , Texas , June 08 , 2021 ( GLOBE NEWSWIRE ) Academy Sports and Outdoors , Inc. ( Nasdaq : ASO ) ( " Academy " or the " Company " ) today announced its financial results for the first quarter ended May 1 , 2021. Unless otherwise indicated , comparisons are to the same period in the prior fiscal year . First Quarter 2021 Results Net sales increased 39.1 % to a first quarter record $ 1.58 billion , while comparable sales increased 38.9 % . Sales grew 46.8 % compared to the first quarter of 2019. The growth was driven by continued strong , double - digit consumer demand across all product categories , notably in Apparel , Footwear and Team Sports , as well as across our entire geographic footprint . E - commerce sales declined 21.0 % , as the website anniversaried triple - digit growth in the first quarter of 2020 , as consumers shifted to online ordering at the beginning of the pandemic last year . Over the last two years , E - commerce sales have increased 300.0 % during the first quarter . -- Gross margin increased 89.2 % to $ 563.7 million , the highest quarterly gross profit in the Company's history . The gross margin rate increased 950 basis points to 35.7 % . This growth was primarily driven by improved merchandise margins from a favorable mix shift , higher average unit retails , fewer promotions and less clearance activity . The growth in gross profit , coupled with 450 basis points of selling , general & administrative expense leverage , resulted in $ 224.9 million of pre - tax income versus a loss of $ 9.5 million in the first quarter of 2020 . Net income was $ 177.8 million compared to a loss of $ 10.0 million in Q1 2020. Diluted earnings per share were $ 1.84 compared to a loss of $ 0.14 in the prior year quarter . Pro forma adjusted net income , which excludes the impact of certain non - cash and extraordinary items , increased from $ 0.4 million to $ 182.5 million . Pro forma diluted earnings per share were $ 1.89 compared to $ 0.01 per share in the prior year quarter . " The Academy Sports + Outdoors team again generated record - breaking sales and profits , while delivering fun to our customers , " said Ken Hicks , Chairman , President and Chief Executive Officer . " The strategic initiatives implemented over the last few years , a shift in consumer spending into sports and outdoor categories , government - issued stimulus checks , the addition of new customers and more frequent shopping by existing customers are driving consistent growth . We believe our broad , value - based assortment , available through a true omnichannel experience , positions us to continue to capitalize on these market trends . " Balance Sheet Update As of the end of the first quarter , the Company's cash and cash equivalents totaled $ 593.3 million and no amounts were drawn on its credit facility . During the first quarter , net cash provided by operating activities was $ 219.2 million compared to $ 90.8 million in the first quarter of 2020 . Subsequent to the end of the first quarter , on May 10 , 2021 , Academy's largest shareholders completed a secondary offering of the Company's common stock and Academy purchased and retired 3.2 million shares for approximately $ 100 million . As a result of this reduction in shares owned by the largest owners , Academy's largest shareholder owned approximately 31 % of the Company . In addition to the stock repurchase , the Company paid down $ 99 million of its outstanding term loan and refinanced the loan's interest rate from LIBOR + 5.0 % to LIBOR + 3.75 % . Michael Mullican , Executive Vice President and Chief Financial Officer , said , " Based on the extraordinary sales and margin results , the Company has fortified its balance sheet and is also increasing its full year earnings outlook . Academy's cash balance is stronger today than at the end of fiscal 2020 even after using $ 199 million to repurchase shares and pay down a portion of its term loan . " 2021 Outlook While there is still economic uncertainty from the impact of COVID - 19 and other external factors , based on the strong performance of the first quarter and the visibility we have for the remainder of 2021 , the Company is increasing its fiscal 2021 guidance as follows : Fiscal 2021 Guidance Comparable Sales Net Income ( in millions ) EPS - diluted Previous ( 2.0 ) % to + 2.0 % $ 265.0 to $ 290.0 Ne + 6.0 % to + 9.0 % $ 400.0 to $ 435.0 $ 2.70 to $ 2.95 The EPS estimate is based on diluted weighted average shares outstanding of 96.5 million shares and a tax rate of 23.0 % . Conference Call Info Academy will host a conference call today at 11:00 a.m. Eastern Time to discuss its financial results . Listeners may access the call by dialing 1-877-407-3982 ( U.S. ) or 1-201-493-6780 ( International ) . The conference passcode is 13719814. A webcast of the call can be accessed at investors.academy.com . $ 4.15 to $ 4.50