Academy Sports and Outdoors, Inc. - ASO STOCK NEWS

Academy Sports and Outdoors has successfully reduced its term loan by $99 million, leaving a remaining balance of $300 million. The interest rate has been lowered by 125 basis points to LIBOR + 3.75%, translating to an annual savings of approximately $9 million in interest expenses. Additionally, S&P Global upgraded Academy's credit rating from B to B+, citing improved financial metrics and decreased ownership of the largest stockholder. The company aims to strengthen its balance sheet and position for future growth opportunities.

Academy Sports and Outdoors plans to announce its first quarter fiscal 2021 financial results on June 8, 2021, before market opening. A live conference call will be held at 11:00 a.m. ET that same day to discuss these results. Interested participants can join by dialing 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) with the passcode 13719814. A replay of the call will be available for 30 days. Academy operates 259 stores across 16 states, focusing on providing a diverse range of sporting goods and outdoor products.

Academy Sports and Outdoors, Inc. (NASDAQ: ASO) announced the immediate appointment of Beryl B. Raff to its Board of Directors and Compensation Committee, while Wendy A. Beck becomes the chairperson of the Nominating & Governance Committee. The changes follow the resignation of Vishal V. Patel and Aileen X. Yan, who departed due to reduced KKR holdings. The Board now has nine members, including six independents, enhancing governance. Raff brings extensive retail leadership experience, having served at notable companies like Helzberg Diamonds and JC Penney.

Academy Sports and Outdoors (NASDAQ: ASO) has priced a secondary offering of 14 million shares of common stock at $32.00 per share, driven by certain stockholders, including affiliates of Kohlberg Kravis Roberts & Co. L.P. The underwriters have a 30-day option to purchase an additional 2.1 million shares. Academy plans to repurchase 3,229,974 of these shares concurrently at the same price, to be retired post repurchase. The offering will close on May 10, 2021, subject to customary conditions.

Academy Sports and Outdoors, Inc. (NASDAQ: ASO) announced a secondary offering of 14 million shares of common stock by certain stockholders, including Kohlberg Kravis Roberts & Co. L.P. The underwriters may purchase an additional 2.1 million shares. Academy plans to repurchase up to $100 million worth of shares from the underwriters, expected to close simultaneously with the offering. The offering is not dependent on the repurchase. Proceeds will go to the Selling Stockholders. This announcement follows Academy's mission to connect with consumers through value and localized merchandising.

Leupold & Stevens, Inc. announced the sale of its Redfield brand to Academy Sports + Outdoors (NASDAQ: ASO) on April 13, 2021. This strategic move aims to strengthen the Leupold brand while allowing Academy to develop and sell sports optics under Redfield exclusively. Leupold will continue to honor warranty obligations for existing Redfield products. Academy, a leading U.S. sporting goods retailer with 259 stores, enhances its exclusive brand portfolio, which includes several well-known outdoor brands.

Academy Sports and Outdoors (NASDAQ: ASO) will participate in the virtual J.P. Morgan 7th Annual Retail Round-Up on April 14, 2021, at 1:00 PM CT. A replay will be accessible for 30 days on their investor website. Founded in 1938, Academy has become a leading sporting goods retailer in the U.S., operating 259 stores across 16 states. The company focuses on providing a diverse range of outdoor and sporting goods, featuring both national brands and 19 private label brands.

Academy Sports and Outdoors (NASDQ: ASO) reported strong financial results for Q4 and the fiscal year ending January 30, 2021. Net sales rose 16.6% to $1.60 billion, with comparable sales increasing 16.1%. E-commerce sales saw a significant growth of 60.7%. The gross profit surged 34.7% to $499.1 million, resulting in a gross margin rate of 31.2%. Net income skyrocketed 416% to $91.5 million, translating to diluted EPS of $0.97. For FY 2020, net income reached $308.8 million, a 157.2% increase from 2019. Looking ahead, Academy forecasts a slight decrease in comparable sales for 2021 by 2%.

Academy Sports + Outdoors (NASDAQ: ASO) will release its fourth quarter and fiscal 2020 results on March 30, 2021, before market opening. A live conference call to discuss these results is scheduled for 11:00 a.m. ET on the same day. Interested participants can access the call by dialing 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) with passcode 13717292. The call will also be available via webcast on the Company's investor relations website. Additionally, a replay of the call will be accessible for 30 days post-event.