Academy Sports and Outdoors, Inc. (NASDAQ:ASO) Q3 2022 Earnings Call Transcript

Kenneth Hicks: Yes. My line is they’re not bananas. But 1 of the key things here, John — or 2 key things. One is what Steve mentioned that these — the team has demonstrated the ability in multiple scenarios to manage the inventory, not put us in a position. We haven’t announced as other retailers have that we’ve got an inventory problem, and we’re having to take excess markdowns. We are managing carefully where we are, both on the up and downside. And the second thing is we’ve also demonstrated that we are able to maintain at those higher levels. And 1 of the comments that Michael just made was about — even some of those categories that are declining, our share continues to improve in many of those categories. So we’re able to — while in a declining market or in a declining situation, pick up share and hold at that higher level, either because competition has pulled back or the value and assortment that we’ve offered.

Our team has done an excellent job over the past couple of years, putting us in a good place with our good, better, best strong brand assortments in multiple categories. And so that is 1 of the things that gives us confidence as we go forward that yes, we’re in tough times, yes, the first part of next year is going to be a challenging time for not just retail, but the entire economy. But we will be positioned for growth both with our existing stores and online, but also as we enter new markets. So we feel very confident about our position going forward, and we’re excited about the future for Academy.

John Zolidis: And happy holidays to everyone and your families.

Kenneth Hicks: Okay. That was our last question. We’re ending right on time, and I appreciate everybody’s participation on the call. Thank you very much. Appreciate everybody’s support of the company. I want to thank all of our team members, but also our investors and the people who are interested in Academy. We feel, as I said, we’ve got a great future. I want to wish everybody the happiest of holidays and a terrific, terrific new year. So happy holidays, and thank you. Goodbye.

Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.