![](\"https:\/\/wwd.com\/wp-content\/uploads\/2021\/06\/Tory-Burch-R22-001.jpg\")
View Gallery<\/span><\/span><\/p>\nRelated Gallery<\/h3>\nTory Burch Resort 2022<\/h2>\n<\/article>\n
“We believe our broad, value-based assortment, available through a true omnichannel experience, positions us to continue to capitalize on these market trends.”<\/p>\n
The company indicated that growth was driven by continued strong, double-digit consumer demand across all product categories, notably in apparel, footwear and team sports, as well as across the retailer’s geographic footprint.<\/p>\n
E-commerce sales declined 21 percent, as the website anniversaried triple-digit growth in the first quarter of 2020, as consumers shifted to online ordering at the beginning of the pandemic last year. Over the last two years, e-commerce sales have increased 300 percent during the first quarter.<\/p>\n
Gross margin increased 89.2 percent to $563.7 million, the highest quarterly gross profit in the company’s history. The gross margin rate increased 950 basis points to 35.7 percent due primarily to improved merchandise margins from a favorable mix shift, higher average unit retails, fewer promotions and less clearance activity, the company said.<\/p>\n
The growth in gross profit, coupled with 450 basis points of selling, general and administrative expense leverage, resulted in $224.9 million of pre-tax income versus a loss of $9.5 million in the first quarter of 2020.<\/p>\n
Academy raised its outlook for 2021, estimating a comparable sales rise of 6 to 9 percent versus the previous forecast of minus 2 to 2 percent.<\/p>\n
Net income is now seen at $400 million to $435 million for 2021, versus the previous forecast of $265 million to $290 million, and earnings per diluted share are estimated at $4.15 to $4.50, compared to the previous forecast of $2.70 to $2.95.<\/p>\n<\/p>\n
Founded in 1938 as a family business in Texas, Academy has grown to 259 stores across 16 contiguous states.<\/p>\n