Academy Sports revising guidance upward while private label penetration rips through grocery. That gap is your tell. Discount retailers are gaining traffic but *losing* mix — customers trading down to store brands on essentials ($WMT, $KR) while Academy ($ASO) bounces on cheaper athleisure. Same macro, opposite margin outcomes. The brands that can't defend pricing ($NKE, down 34.5% net income growth YoY) get crushed; the ones that lean into volume ($WMT net margin at , up from 2.1% YoY) live another quarter.

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