Academy Sports (ASO) Boosts Presence With New Store Opening
Academy Sports and Outdoors, Inc. ASO recently announced the opening of a new store in Peoria, ILl. This marks the company’s second store opening in 2023. The launch represents the company's ongoing commitment to growth, with plans to establish 13–15 new locations in 2023.
Situated at 7611 North Grand Prairie Dr., the Academy store offers customers a wide range of athletic and casual shoes, sports and outdoor equipment, and clothing from renowned national brands. In addition to these popular options, customers can explore Academy's exclusive private-label brands, which provide exceptional value and quality. The newly opened Peoria location serves as an exciting destination for Bears fans, offering a selection of tailgating essentials, licensed apparel and novelty items. Customers can also purchase hunting and fishing licenses in the store.
Focus on Expansion Bodes Well
The company's primary growth strategy focuses on expansion through the establishment of new stores. The goal is to leverage the recent momentum by consistently enhancing all aspects of the business and executing three key growth strategies. These strategies involve developing a robust omnichannel presence and driving growth from existing stores through improved service, productivity, enhanced merchandising and captivating customer engagement.
During the first quarter of fiscal 2023, the company opened a new store in Lafayette, IN, and reported solid performance with respect to the same. This upside can be attributed to the implementation of improved localized assortments, enhanced pre-opening preparations and extended post-opening marketing efforts. The business claimed that its approach has been well received in other new markets.
The company remains optimistic in this regard and anticipates the store openings to drive sales in the upcoming periods. ASO remains steadfast in its commitment to open 120-140 new stores by 2027-end.
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Shares of ASO have increased 43.7% in the past year, compared with the industry’s 15.8% rise.
Zacks Rank & Key Picks
Academy Sports and Outdoors currently carries a Zacks Rank #5 (Strong Sell).
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