Academy Sports + Outdoors Promotes Carl Ford to CFO Following a Series of Executive Shifts
Academy Sports + Outdoors, Inc. has promoted Carl Ford to the role of EVP and chief financial officer, effective Wednesday, marking the latest top executive shift to occur at the retailer this year.
The sporting goods chain last month promoted Matt McCabe to the role of EVP and chief merchandising officer. He replaced Academy’s former chief merchant Steve Lawrence, who stepped into the CEO role at the start of June as part of a planned succession.
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Ford, who has served as Academy’s SVP of finance since January 2019, succeeds former CFO Michael Mullican, who transitioned to the role of president in June. Prior to joining Academy, Ford spent 15 years at department store Belk, culminating in his role as VP of financial planning and analysis.
“I’m humbled and excited for the opportunity to lead our finance organization into the future,” said Ford in a statement. “I look forward to partnering with Steve and Michael as we focus on long-term growth and profitability as we pursue our vision of becoming the best sports and outdoors retailer in the country.”
At its investor day in April, Academy announced a goal to achieve $10 billion in revenue by 2027, with a net income margin of 10%. The company plans to accomplish this goal by opening new stores and investing in the company’s omnichannel and existing business.
Academy reported sales and earnings that were below expectations in the first quarter in June, as consumers pulled back on big ticket items like kayaks and fitness equipment and gravitated towards value. Net sales were $1.38 billion in the quarter, down 5.7 percent from the same quarter last year. Adjusted diluted EPS was $1.30, down 24.4 percent from the prior year. Comparable sales declined 7.3 percent.
The company lowered its guidance for the fiscal year in light of the softer results. For 2023, the retailer now expects net sales for the year to land between $6.18 billion and $6.37 billion, compared to a previously issued guidance of between $6.5 billion and $6.7 billion. Adjusted earnings per diluted share are expected to be between $6.80 and $7.50, compared to the previously issued guidance of between $7.00 and $7.75.
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