Academy Sports And Outdoors Adds 10% As Quarterly Profit Beats Street; Outlook Increased

(RTTNews) - Shares of sporting goods store chain, Academy Sports and Outdoors, Inc. (ASO) are rising more than 10% at $46.29, after reporting better-than-expected quarterly results. The company also raised its full-year earnings outlook.

Net income in the second quarter was $188.8 million or $2.22 per share compared with $190.5 million or $1.99 per share in the same quarter a year ago.

Excluding one-time items, earnings were $195.0 million or $2.30, that beat the average estimate of analysts polled by Thomson Reuters of $2.08 per share.

Net sales were $1.69 billion, a decrease of 5.8%, compared to $1.79 billion last year. Analysts were expecting revenue of $1.71 billion for the quarter.

Looking forward, the company raised its full-year earnings outlook to the range of $6.75-$7.50 from $6.55-$7.25 provided earlier. Net sales for the year is expected between $6.43 billion and $6.63 billion.

The consensus estimate for earnings is at $6.95 per share and for revenue is at $6.59 billion.

ASO has traded in the range of $25.10-$51.08 in the last 1 year.