Business
Academy Sports + Outdoors Reports First Quarter 2024 Results
Net Sales Decline (1.4)%; Comparable Sales Decline (5.7)% GAAP Diluted EPS of $1.01, or $1.08 Adjusted Diluted EPS Opened Two New Stores During the First
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Net Sales Decline (1.4)%; Comparable Sales Decline (5.7)% GAAP Diluted EPS of $1.01, or $1.08 Adjusted Diluted EPS Opened Two New Stores During the First Quarter Returned $132 Million to Shareholders Through Share Repurchases and Dividends KATY, Texas, June 11, 2024 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the first quarter ended May 4, 2024. Steve Lawrence, Chief Executive Officer, commented, \"As expected, our first quarter results reflect that our customers remain under pressure in the current economic environment. We will navigate through the remainder of the year by continuing to lean into our position as the value leader in our space, while also inspiring customers to shop through introductions and expansions of new and innovative products. We will also continue making strategic investments in our long-range growth initiatives. We are pleased that we drove a positive comp in our new stores and omnichannel business. Academy has the right elements in place to achieve our long-range goals: a well-established business model, an experienced leadership team and a strong balance sheet.\" First Quarter Operating Results($ in millions, except per share data)Thirteen Weeks EndedChangeMay 4, 2024April 29, 2023%Net sales$1,364.2 $1,383.6 (1.4)%Comparable sales(1) (5.7)% (7.3)% Income before income tax$97.7 $118.7 (17.7)%Net income$76.5 $94.0 (18.6)%Adjusted net income(2)$81.6 $103.0 (20.8)%Earnings per common share, diluted$1.01 $1.19 (15.1)%Adjusted earnings per common share, diluted(1)$1.08 $1.30 (16.9)% (1) Fiscal 2023 had a 53rd week, so the Company is using a shifted comp sales calculation which compares weeks 1-13 in Q1 2024 to weeks 2-14 in fiscal 2023.(2) Adjusted net income and adjusted earnings per common share, diluted are non-GAAP measures. See \"Non-GAAP Measures\" and \"Reconciliations of GAAP to Non-GAAP Financial Measures\" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. Thirteen Weeks EndedChangeBalance Sheet($ in millions)May 4, 2024April 29, 2023%Cash and cash equivalents$378.1 $295.5 28.0 %Merchandise inventories, net$1,356.8 $1,386.5 (2.1)%Long-term debt, net$484.1 $584.1 (17.1)% Thirteen Weeks EndedChangeCapital Allocation($ in millions)May 4, 20...