Academy Sports + Outdoors is a full-line sporting goods and outdoor recreation retailer operating 322 stores across 21 U.S. states, with a heavy concentration in the South — Texas alone accounts for 117 stores. Academy targets active households across all experience levels and budgets, selling across four categories: Outdoors (~31% of sales), Apparel (~27%), Sports & Recreation (~22%), and Footwear (~20%). Stores average ~70,000 sq. ft. and are typically located off-mall; e-commerce represents ~12% of merchandise sales and is supported by BOPIS and ship-from-store fulfillment. Academy's business model centers on offering value-oriented pricing across a broad assortment of national brands (~78% of sales) — including Nike, Carhartt, and Yeti — alongside 19 private-label brands (~22% of sales) like Magellan Outdoors and BCG, which fill lower price points and carry higher margins. This "good, better, best" assortment lets Academy serve a wide income range. Growth is driven by new store openings (24 in FY25, targeting 20–25 in FY26), e-commerce expansion, and improving productivity in existing stores through RFID-enabled inventory management, brand upgrades like Jordan, and a relaunched loyalty program with 13M members. Academy targets ~20% ROIC on new stores with a ~4-year cash payback and ~$12M–$16M in year-one EBITDA per store.