5 Revealing Analyst Questions From Academy Sports’s Q3 Earnings Call

Ollie's third quarter results aligned with Wall Street expectations, underpinned by significant store growth and strong customer engagement. Management credited the opening of a record 32 new stores and an expanded Ollie’s Army loyalty program for driving higher sales and transaction volumes. CEO Eric VanderVlok emphasized the company’s ability to attract new customer segments, particularly younger and higher-income shoppers. He highlighted the firm’s flexible buying model and growing presence in seasonal categories as key contributors to the quarter’s performance, stating that “customers are prioritizing their spending around their needs and are looking for value.”

Is now the time to buy OLLI? Find out in our full research report (it’s free for active Edge members).

Ollie's (OLLI) Q3 CY2025 Highlights:

• Revenue: $613.6 million vs analyst estimates of $615.3 million (18.6% year-on-year growth, in line)
• Adjusted EPS: $0.75 vs analyst estimates of $0.73 (2.4% beat)
• Adjusted EBITDA: $72.88 million vs analyst estimates of $71.99 million (11.9% margin, 1.2% beat)
• The company slightly lifted its revenue guidance for the full year to $2.65 billion at the midpoint from $2.64 billion
• Management raised its full-year Adjusted EPS guidance to $3.84 at the midpoint, a 1.1% increase
• Operating Margin: 9%, in line with the same quarter last year
• Locations: 645 at quarter end, up from 546 in the same quarter last year
• Same-Store Sales rose 3.3% year on year (-0.5% in the same quarter last year)
• Market Capitalization: $6.93 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Ollie's’s Q3 Earnings Call

• Charles P. Grom (Gordon Haskett) asked about consumer spending trends and vendor relationships, with CEO Eric VanderVlok explaining strong customer growth in higher-income segments and expanded CPG relationships due to retail consolidation.
• Matthew Robert Boss (JPMorgan) inquired about the drivers behind transaction growth and basket size declines, with CFO Robert Helm detailing mid-single-digit transaction gains and a deliberate focus on lower average unit prices to attract new shoppers.
• Steven Emanuel Zaccone (Citi) questioned loyalty program trends and the impact of changes to Ollie’s Army Night, with VanderVlok describing record acquisition among younger cohorts and successful event timing adjustments.
• Bradley Bingham Thomas (KeyBanc Capital Markets) explored SG&A leverage drivers, with Helm citing the scalable store model and marketing reallocation, and VanderVlok highlighting a shift from print to digital for greater efficiency.
• Sarah Moore (Piper Sandler) probed category mix optimization and margin implications, with management explaining that increased focus on consumables and seasonal categories, supported by closeout deals, allowed for both sales growth and steady margins.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will track (1) the pace and performance of new store openings, especially conversions of former Big Lots locations, (2) progress in digital marketing effectiveness and the impact on customer acquisition and sales, and (3) resilience in gross margin and SG&A leverage amid ongoing cost pressures. We will also watch for shifts in consumer spending patterns and the company’s ability to capitalize on closeout deal flow.

Ollie's currently trades at $112.62, down from $118.80 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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Dave & Buster’s third quarter results fell short of Wall Street’s expectations, as revenue declined and adjusted losses outpaced analyst forecasts. Management attributed the performance to a challenging consumer environment and the need for operational improvements across its stores. CEO Tarun Lal emphasized initial success from the company’s “Back to Basics” plan, which included refreshed menu offerings and revitalized marketing campaigns, noting that “sequential improvement in same-store sales” was observed as the quarter progressed. The leadership team acknowledged that both food and games segments required renewed focus, citing early positive results from targeted initiatives.

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Dave & Buster's (PLAY) Q3 CY2025 Highlights:

• Revenue: $448.2 million vs analyst estimates of $461.1 million (1.1% year-on-year decline, 2.8% miss)
• Adjusted EPS: -$1.14 vs analyst expectations of -$1.04 (9.3% miss)
• Adjusted EBITDA: $59.4 million vs analyst estimates of $54.45 million (13.3% margin, 9.1% beat)
• Operating Margin: -3.6%, down from 1.4% in the same quarter last year
• Locations: 241 at quarter end, up from 227 in the same quarter last year
• Same-Store Sales fell 4% year on year (-7.7% in the same quarter last year)
• Market Capitalization: $677.3 million

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Dave & Buster's’s Q3 Earnings Call

• Eric Wold (Texas Capital Securities) asked about the effectiveness of new marketing strategies. CEO Tarun Lal explained that “smart value offers” like package deals are resonating, and that testing messaging with consumers has led to improved traction.
• Eric Wold (Texas Capital Securities) followed up on consumer behavior in arcades. Lal responded that increased investment in new games and the Human Crane rollout have led to more time and spending per guest in the midway.
• Unknown Analyst (BMO Capital Markets) inquired about adjustments to marketing investment and their impact. Lal emphasized a shift to data-driven media planning, balancing reach with customer conversion using scientific process rather than guesswork.
• Unknown Analyst (BMO Capital Markets) asked about learnings from remodels. Lal and CFO Darin Harper confirmed that remodels yield a “700 basis point positive impact,” and highlighted a new focus on cost-effective guest experience enhancements.
• Sharon Zackfia (William Blair) questioned trends in entertainment comps and margin improvement. Harper noted sequential improvement in entertainment sales and said flat or positive same-store sales would allow for margin expansion as cost initiatives take hold.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will watch (1) whether the new game portfolio, including Human Crane, successfully drives higher guest engagement and sales; (2) execution of the updated remodel program and its impact on traffic and returns; and (3) continued progress in cost optimization initiatives aimed at expanding margins. We will also track the effectiveness of leadership changes and the pace of international franchise growth.

Dave & Buster's currently trades at $19.50, up from $18.20 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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American Outdoor Brands delivered third-quarter results that were well received by the market, driven by strong execution in its core brand portfolio and a dynamic channel mix. Management highlighted robust sell-through at key retail partners and a notable 4% year-over-year increase in point-of-sale activity, despite broader industry foot traffic declines. CEO Brian Murphy credited “efficiently managing tariffs, customer ordering dynamics, and cost reduction opportunities” as factors that helped offset a challenging retail environment. Expansion into new retail placements, particularly for the Caldwell and BOG brands, further supported channel momentum.

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American Outdoor Brands (AOUT) Q3 CY2025 Highlights:

• Revenue: $57.2 million vs analyst estimates of $50.92 million (5% year-on-year decline, 12.3% beat)
• Adjusted EPS: $0.29 vs analyst estimates of $0.20 (48.7% beat)
• Adjusted EBITDA: $6.48 million vs analyst estimates of $4.01 million (11.3% margin, 61.5% beat)
• Operating Margin: 3.7%, down from 5.1% in the same quarter last year
• Market Capitalization: $96.92 million

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From American Outdoor Brands’s Q3 Earnings Call

• Matthew Koranda (ROTH Capital): Asked about the visibility into point-of-sale (POS) data and which brands outperformed. CEO Brian Murphy explained that about 60% of revenue is tracked via POS systems, with outdoor lifestyle brands, particularly Caldwell, outperforming shooting sports.

• Matthew Koranda (ROTH Capital): Inquired about the disconnect between strong POS results and the forecasted sales decline, questioning if inventory overhang or retailer order timing played a role. Murphy noted retailers are managing lower inventory levels and varying their order timing based on seasonality and available capital.

• Matthew Koranda (ROTH Capital): Asked how the company plans to address softness from a large e-commerce customer. Murphy stated that as traditional retailers grow their online channels, volatility from pure e-commerce partners should diminish over time.

• Doug Lane (Water Tower Research): Questioned the timing of tariff mitigation benefits and whether implementation is complete. CFO Andy Fulmer confirmed mitigation actions are in place, but benefits will be realized gradually as inventory turns and cost concessions take effect.

• Mark Smith (Lake Street Capital): Sought details on new product development and expansion into new segments. Murphy highlighted continued investment in innovation and upcoming SHOT Show launches, focusing on ecosystem expansion and gamification within core brands.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will watch (1) the pace and market reception of new product introductions, especially at SHOT Show, (2) evidence that tariff mitigation actions are translating into improved margins as inventory cycles progress, and (3) stabilization in retailer order patterns and inventory management strategies. The effectiveness of cost controls and the company’s ability to maintain consumer engagement across channels will also be key indicators.

American Outdoor Brands currently trades at $7.71, in line with $7.72 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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