$20 Million Exit: Why Academy Sports' $1.4 Billion Third Quarter Likely Wasn't Enough

On February 13, 2026, Impala Asset Management reported selling out its entire stake in Academy Sports and Outdoors (ASO +1.70%), with an estimated transaction value of $19.86 million.

What happened

According to an SEC filing dated February 13, 2026, Impala Asset Management LLC exited its entire position in Academy Sports and Outdoors, selling 397,115 shares. The fund reported no ASO shares held at quarter-end, with the net position value shifting by $19.86 million over the period.

What else to know

• Top holdings after the filing:
  • NASDAQ: CENX: $33.61 million (22.7% of AUM)
  • NYSE: ERO: $26.95 million (18.2% of AUM)
  • NYSE: BKE: $21.37 million (14.4% of AUM)
  • NYSE: HUN: $8.67 million (5.9% of AUM)
  • NYSE: WHR: $7.94 million (5.4% of AUM)
• As of February 12, 2026, shares of Academy Sports and Outdoors were priced at $57.73, up 10.9% over the past year and underperforming the S&P 500 by 2.03 percentage points.

Company overview

Company snapshot

Academy Sports and Outdoors operates as a sporting goods and outdoor recreational products retailer in the United States. The company operates retail locations in over a dozen contiguous states and offers private label brands such as Magellan Outdoors, BCG, O’rageous, Outdoor Gourmet, and Freely.

What this transaction means for investors

When a concentrated metals-focused portfolio reallocates nearly $20 million away from a specialty retailer, that tells you something about conviction and opportunity cost.

Academy reported third-quarter net sales of $1.38 billion, up 3%, with diluted EPS climbing 14% to $1.05. Gross margin expanded to 35.7% from 34.0%, and operating income improved to $100.4 million. That’s solid execution. Yet year-to-date net income sits at $243.1 million, down 14.6% from last year, and comparable sales remain negative.

Within a portfolio where Century Aluminum alone commands over 20% of assets and copper producer ERO and retailer Buckle are top positions, Academy’s consumer exposure may have looked less asymmetric. The fund appears tilted toward commodity leverage and cyclical upside rather than steady retail comp stabilization.

For long-term investors, Academy’s story is evolving. Store growth continues, eCommerce jumped 22.2%, and guidance was narrowed rather than slashed. But when capital concentrates elsewhere, it often reflects a view on macro positioning more than company fundamentals.