Academy Sports & Outdoors (ASO) Investor Day 2026 summary

Financial Outlook and Guidance

• Targeting $8 billion in sales and $9 GAAP EPS within five years, representing a 5% CAGR and 7% net income margin.

• Plan to open 125+ new stores, aiming for 450+ total stores, with 40% in legacy, 40% in existing, and 20% in new markets.

• E-commerce expected to grow 70% to reach 15%+ penetration, with omni-channel sales as a key driver.

• EBIT margin expansion of ~100 basis points anticipated, driven by supply chain efficiencies, private label growth, and retail media.

• CapEx to remain below 4% of sales, with investments focused on new stores, technology, and omni-channel capabilities.

Strategic Initiatives and Business Development

• Store growth strategy prioritizes underserved rural and exurban markets, leveraging lower build and operating costs.

• Enhanced customer segmentation and research inform all strategies, focusing on the "Always Game Family" demographic for tailored offerings.

• Expansion of private label and exclusive brands, aiming for 25% sales penetration, with organic growth and potential M&A.

• Loyalty and credit card programs integrated, offering tiered rewards and 2% cashback on everyday purchases via Mastercard; loyalty program has grown to 13M+ members within 18 months.

• Retail media network launching, leveraging unique customer data for incremental revenue and vendor partnerships.

Technology and Omni-channel Transformation

• Investments in RFID, AI-driven inventory management, and agentic search to improve in-stocks, pricing, and customer experience.

• E-commerce fundamentals strengthened with automated item setup, AI content enrichment, and expanded drop ship assortment.

• App repositioned as the hub for loyalty engagement, driving higher conversion and productivity; app-based engagement yields 10% higher units per transaction and 50% higher conversion rates.

• Strategic partnerships with Google and OpenAI to enable agentic commerce and social commerce expansion.

• Retail media and data monetization positioned as future margin drivers, with rapid scaling expected post-launch.