Business
Academy Sports + Outdoors Reports Fourth Quarter and Fiscal 2022 Results
Record Fiscal 2022 GAAP Diluted EPS of $7.49; Adjusted Diluted EPS of $7.70; Comparable Sales Declined 6.4% Fourth Quarter GAAP Diluted EPS of $1.97; Adjusted
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Record Fiscal 2022 GAAP Diluted EPS of $7.49; Adjusted Diluted EPS of $7.70; Comparable Sales Declined 6.4% Fourth Quarter GAAP Diluted EPS of $1.97; Adjusted Diluted EPS of $2.04; Comparable Sales Declined 5.1% Increases Quarterly Dividend by 20% Provides 2023 Outlook for Top-Line Growth and New Store Openings KATY, Texas, March 16, 2023 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the fourth quarter and fiscal year ended January 28, 2023. Unless otherwise indicated, comparisons are to the same period in the prior fiscal year. \"For Academy, 2022 was a year that was both rewarding and challenging. The Company accomplished many of the strategic goals we set at the beginning of the year to build a strong foundation for the future, including opening nine new stores,\" said Ken Hicks, Chairman, President and Chief Executive Officer. \"While our business faced pressures from the uncertain macro-economic environment throughout the year, our team effectively executed against our strategic plan, and as a result, we delivered solid earnings, generated and returned a significant amount of free cash flow, and created value for our stakeholders, even though we did not meet our sales expectations. Our focus in 2023 will be investing for growth by opening new stores, building a more powerful omnichannel business, strengthening our current store base, and leveraging and scaling our supply chain.\" Fourth Quarter Results For the fourth quarter, net sales decreased 3.4% to $1.75 billion and comparable sales declined 5.1%. Sales were impacted by 6.4% fewer transactions, partially offset by a 1.3% increase in average ticket size. When compared to the fourth quarter of 2019, net sales increased 27.4%. E-commerce sales grew 1.4% compared to the prior year quarter and 100.0% compared to the fourth quarter of 2019. For the fourth quarter, gross margin was $572.5 million, or 32.8% of net sales. The gross margin rate improved by 50 basis points compared to the fourth quarter of 2021, primarily driven by a reduction in freight costs. For the fourth quarter, pre-tax income increased 9.4% to $206.1 million compared to $188.4 million. For the fourth quarter, GAAP net income increased 11.2% to $157.7 million compared to $141.8 million. GAAP diluted earnings per...