Business
Academy Sports + Outdoors Reports First Quarter 2023 Results
First Quarter GAAP Diluted EPS of $1.19, or $1.30 Adjusted Diluted EPS Net Sales Decline 5.7%; Comparable Sales Decline 7.3% Company Opens One New Store
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"First Quarter GAAP Diluted EPS of $1.19, or $1.30 Adjusted Diluted EPS Net Sales Decline 5.7%; Comparable Sales Decline 7.3% Company Opens One New Store During Q1; Plans to Open 13 to 15 in 2023 KATY, Texas, June 06, 2023 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the first quarter ended April 29, 2023. Executive Chairman, Ken Hicks commented, \"Our first quarter results were below our expectations for sales and profit as they were impacted by the ongoing macro-economic pressures on customers, unfavorable weather as well as strong comparisons in our hunting business last year. However, Academy is a strong retailer with a solid financial and business foundation and a proven ability to operate effectively and deliver strong results through challenging environments. We are focused on driving sustainable sales and earnings growth over the long term by executing our new long-range plan we recently shared.\" Chief Executive Officer, Steve Lawrence added, \"Looking ahead, we are confident that our well-established business model, coupled with our strong balance sheet and our new long-range plan, will drive long-term success. In the near term, we are taking actions to help drive the business in this economic environment. These actions include increasing our focus on products that offer value, newness and innovation to drive sales; closely managing inventory levels; maintaining our financial health by controlling expenses; and supporting our growth initiatives.\" First Quarter Operating Results 13 Weeks EndedChange($ in millions, except per share data)April 29, 2023April 30, 2022%Net Sales$1,383.6 $1,467.7 (5.7)% Comparable Sales (7.3)% (7.5)% Income before income tax$118.7 $195.3 (39.2)% Net Income$94.0 $149.8 (37.3)% Adjusted net income (1)$103.0 $152.5 (32.5)% GAAP earnings per common share, diluted$1.19 $1.69 (29.6)% Adjusted earnings per common share, diluted (1)$1.30 $1.72 (24.4)% (1) Adjusted net income and Adjusted earnings per common share, diluted, are non-GAAP measures. See \"Non-GAAP Measures\" and \"Reconciliations of Non-GAAP to GAAP Financial Measures\" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. As ofChangeBalance Sheet ($ in millions)April 29, 2023Apri...