$ASO

$ASO DD: The Same Setup as My +134% $CNC Call Last Year — Academy Sports + Outdoors at 6.5x Before Sept 9 Earnings (Full Retail Sector Breakdown: DKS, WMT, TGT, DG, DLTR, ANF, ULTA)

Academy Sports is trading at 6.5x forward earnings after a 31% decline driven by peer sympathy and sentiment, not deteriorating fundamentals. Three years of negative comps were COVID unwind, not business decay—gross margin held at 34% and revenue stabilized 70% above pre-COVID levels. Q1 beat with flat pre-World Cup guidance, Street models only +1% Q2 comps despite peers posting +2.6% to +4.9%. September 9 earnings and December confirmation offer re-rating catalyst.