WooCommerce - Change "Out of Stock" text to "Sold Out"

functions.php

add_filter( 'woocommerce_get_availability_text', 'wc_change_out_of_stock_text', 10, 2 );

function wc_change_out_of_stock_text( $availability, $product ) {
    if ( ! $product->is_in_stock() ) {
        $availability = esc_html__( 'Sold Out', 'woocommerce' );
    } 

    return $availability;
}