Academy Sports and Outdoors (NASDAQ:ASO)

- Voss Capital added to position in Q2 2023;
- Interesting company in store expansion mode; Good ROIC on new stores; predominantly in Houston, TX (40% of stores in TX, with another 40% spread across Florida, Georgia, Alabama, North Carolina, South Carolina, Arkansas, Oklahoma and Tennessee)
- good history of capital allocation since going public in October 2020, buying back stock, starting a dividend and reducing
- Debt; trading at under 8 P/E and 12x FCF (~$55/share)
-all stores are profitable.
-Least profitable store location produces $2M of EBIT per location, which is largest competitor's average store (Dick's sporting goods
-Company likes to build scale when they enter a new market. For instance, they are opening a second store in IL (in Peoria, IL)
-Opened their first store in Lafayette, IN, which is doing well. That is home to Purdue University.

well run company that's grown from just texas region and expanded it's business model while under family ownership. They are all about service and value. I was an engineer that helped design some of their new stores many years ago. They were super efficient. I continue to be impressed.