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Adam on for Ike Boruchow

Managing Director and Senior Equity Consumer Analyst at Wells Fargo

Ike Boruchow is a Managing Director and Senior Equity Consumer Analyst at Wells Fargo Securities, specializing in retailing, department stores, and specialty softlines. He covers a wide range of consumer and retail names, with particular focus on companies such as Nike and key off-price, department store, and specialty apparel and accessories retailers, and his stock recommendations have achieved roughly a 50% success rate and an average return of about 6–7% per rating over nearly 500 calls, including standout winners with several-hundred-percent gains. Boruchow began his sell-side career at Morgan Keegan & Co., then spent more than three years at J.P. Morgan as a vice president and senior associate on its No. 1 Institutional Investor-ranked specialty retail team, followed by three years at Sterne Agee covering specialty retail with a focus on softlines, luxury, and accessories, before joining Wells Fargo Securities in 2015; he has been recognized in the Institutional Investor All-America survey as a Rising Star in 2015 and runner-up in his sector in 2017 and 2018. He holds a BS in business management from Florida State University and an MBA in finance from the University of Connecticut; detailed securities licenses and FINRA registration are not publicly listed, but his long-tenured senior research role at major broker-dealers indicates that he maintains the standard regulatory credentials required for U.S. sell-side equity analysts.

Adam on for Ike Boruchow's questions to Academy Sports & Outdoors (ASO) leadership

Question · Q3 2026

Adam, on behalf of Ike Boruchow, asked about the strong e-commerce results, specifically if the 22% growth was in line with or better than expectations, and how it might impact future thinking on new stores in new markets, potentially leading to earlier profitability. He also inquired about the cost difference between opening a new store in a new market versus an existing market, given the pivot back to existing markets next year.

Answer

CEO Steve Lawrence stated that the 22% dot-com growth was above plan, attributing it to a combination of team efforts in improving navigation, search, site functionality, personalization, and expanded assortment options. He highlighted the symbiotic relationship between new store openings and a surge in dot-com demand in new markets. Regarding new store strategy, Steve noted a shift to an 80/20 mix for 2026 (legacy/existing vs. new markets), driven by significant population growth in core legacy markets and opportunities in underserved mid-sized markets. CFO Carl Ford clarified that the build-out cost for new stores remains $4-$5 million, all-in. He explained that legacy/existing markets offer higher brand awareness (reducing marketing costs), attractive rents, and better ROIC/payback periods, with very low levels of cannibalization modeled into pro formas.

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Fintool can predict Academy Sports & Outdoors logo ASO's earnings beat/miss a week before the call