Business
Academy Sports + Outdoors Reports Second Quarter 2023 Results
Second Quarter GAAP Diluted EPS of $2.01, or $2.09 Adjusted Diluted EPS Net Sales Decline (6.2)%; Comparable Sales Decline (7.5)% Gross Margin Rate Improves
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Second Quarter GAAP Diluted EPS of $2.01, or $2.09 Adjusted Diluted EPS Net Sales Decline (6.2)%; Comparable Sales Decline (7.5)% Gross Margin Rate Improves 30 Basis Points to 35.6% Returned $114 Million to Shareholders Through Repurchases & Dividends KATY, Texas, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the second quarter ended July 29, 2023. \"As we continue to move through a challenging economic environment, our priority remains to deliver great value to our customers with our broad and complete assortment and our engaging shopping experience. While sales in the second quarter were down versus last year, they steadily improved each month during the quarter, while also delivering a solid earnings performance,\" said Chief Executive Officer, Steve Lawrence. \"The team is working hard on thoughtfully managing through our short-term challenges and remains focused on delivering against our long range plan objectives. Moving forward, we believe that Academy is well positioned to continue to capture market share as a leader in the sports and outdoors space. We are planting the seeds for future growth by opening 11-12 new stores this Fall, building out our omnichannel capabilities and expanding our portfolio of new and exciting brands that resonate with our core customer.” Second Quarter Operating Results13 Weeks EndedChange($ in millions, except per share data)July 29, 2023July 30, 2022%Net Sales$1,583.1 $1,686.9 (6.2)%Comparable Sales (7.5)% (6.0)% Income before income tax$203.3 $247.0 (17.7)%Net Income$157.1 $188.8 (16.8)%Adjusted net income (1)$163.6 $193.5 (15.5)%Earnings per common share, diluted$2.01 $2.22 (9.5)%Adjusted earnings per common share, diluted (1)$2.09 $2.28 (8.3)% Year-to-Date Operating Results26 Weeks EndedChange($ in millions, except per share data)July 29, 2023July 30, 2022%Net Sales$2,966.7 $3,154.6 (6.0)%Comparable Sales (7.4)% (6.7)% Income before income tax$322.0 $442.3 (27.2)%Net Income$251.0 $338.6 (25.9)%Adjusted net income (1)$266.6 $346.0 (22.9)%Earnings per common share, diluted$3.19 $3.90 (18.2)%Adjusted earnings per common share, diluted (1)$3.39 $3.99 (15.0)% (1) Adjusted net income and Adjusted earnings per common share, diluted, are non-GAAP measures. See \"Non-GAAP Measures\" and \...