Up against last year’s government stimulus-fueled record demand, ASO’s net income dropped 16% in the first quarter to $149,806,000 from $177,796,000 on 7% lower revenues of $1,467,730,000 down from $1,580,333,000. Comparable store sales were down 7.5% after last year’s 38.9% jump, but e-commerce continued to grow, increasing 19% year-over-year, and now accounting for 9.5% of total sales.

ASO’s four major product segments—sports & recreation, outdoors, apparel and footwear—all declined year-over-year. All were up more than 20% from pre-pandemic levels, however, and outdoor was called out in particular with more than 50% growth enabled by the retailer’s strong relationships with Coleman, Yeti, ... Log in to view full article.