Academy Sports and Outdoors: Waiting For More Proof That Consumer Traffic Will Return

Academy Sports and Outdoors has been downgraded to Hold as traffic declines offset improvements in digital and store expansion. ASO's Q4 2025 net sales rose 2.5% to $1.7B, but transactions fell 6.4%, highlighting ongoing demand concerns. Digital sales grew 13.6%, and the higher-income customer mix improved, supporting resilience, yet comparable sales dropped 1.6%.