Academy Sports Slashes FY24 Outlook As Q2 Sales Miss Estimates, But Adj. EPS Meets

(RTTNews) - Sporting goods retailer Academy Sports and Outdoors, Inc. (ASO) on Thursday reported that net income for the second quarter declined to $142.6 million or $1.95 per share from $157.1 million or $2.01 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter were $2.03 per share, compared to $2.09 per share in the prior-year quarter.

Net sales for the quarter declined 2.2 percent to $1.55 billion from $1.58 billion in the same quarter last year. Comparable sales declined 6.9 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.03 per share on revenues of $1.57 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $5.45 to $6.20 per share and adjusted earnings in a range of $5.75 to $6.50 per share on sales between $5.895 billion and $6.075 billion, with comparable sales decline of 6.0 to 3.0 percent.

Previously, the company expected earnings in the range of $6.05 to $7.05 per share on sales between $6.070 billion and $6.350 billion, with comparable sales decline of 4.0 to 1.0 percent.

The Street is looking for earnings of $6.48 per share on revenues of $6.12 billion for the year.

The Company also plans to open a total of 15 to 17 stores in 2024.

On Thursday, Academy announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock, payable on October 17, 2024 to stockholders of record as of the close of business on September 19, 2024.

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