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Pedro Teixeira

Research Analyst at Morgan Stanley

New York, NY, US

Pedro Teixeira is a Managing Director and Co-Head of Morgan Stanley's Tactical Value Team, specializing in nimble, opportunistic investments across asset classes, sectors, and geographies. Since joining Morgan Stanley in March 2017, he has helped lead the Tactical Value Team in sourcing and executing complex proprietary deals, leveraging the firm's global platform to construct an uncorrelated portfolio. Prior to Morgan Stanley, detailed career history and performance metrics such as success rates or published rankings are not publicly available. Teixeira's professional background includes senior leadership in alternative investing, though specific industry credentials and securities licenses are not disclosed in publicly available records.

Pedro Teixeira's questions to Academy Sports & Outdoors (ASO) leadership

Question · Q2 2026

Pedro Teixeira inquired about the assumptions behind the updated guidance, specifically regarding operating leverage in the second half of the year, and whether it stems from gross margin improvements or a slower pace of SG&A investments. He also asked how Academy Sports + Outdoors is mitigating tariff impacts more effectively than peers.

Answer

CFO Carl Ford stated that SG&A deleverage for the full year is expected to be around 100 basis points, with Q2 at 150 basis points driven by growth initiatives. He noted a gross margin target of 34.0%-34.5% for the year, up from 33.9% last year. CEO Steve Lawrence detailed tariff mitigation tactics, including vendor partnerships, sourcing diversification, adjusting unit buys, pulling in domestic inventory, and utilizing pricing optimization tools like Revionics, emphasizing Academy's maintained value proposition.

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