Business
Academy Sports + Outdoors Reports Second Quarter 2024 Results
Net Sales Decline (2.2)%; Comparable Sales of (6.9)% GAAP Diluted EPS of $1.95, or $2.03 Adjusted Diluted EPS Year-to-Date Adjusted Free Cash Flow +60%;
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Net Sales Decline (2.2)%; Comparable Sales of (6.9)% GAAP Diluted EPS of $1.95, or $2.03 Adjusted Diluted EPS Year-to-Date Adjusted Free Cash Flow +60%; Utilized to Return $107 Million to Shareholders in Q2 Fiscal 2024 Guidance Revised; Reaffirming Gross Margin Rate Guidance KATY, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the second quarter ended August 3, 2024. \"Academy continues to make progress against our strategic initiatives demonstrated by the opening of nine new stores this upcoming quarter, new omni-channel enhancements, such as Door Dash, and leveraging customer excitement around the launch of our new loyalty program. In addition, our inventory discipline drove gross margin expansion of 50 basis points and a 5% reduction in units per store,\" said Steve Lawrence, Chief Executive Officer. “For the remainder of the year, we will focus on increasing traffic and conversion for our stores and website, by leveraging our improved targeted marketing capabilities, and expanding our new loyalty program. We will also continue to use our strong cash generation to fund the investments that will drive our long-term growth and increase shareholder value.\" Second Quarter Operating Results ($ in millions, except per share data)Thirteen Weeks EndedChangeAugust 3, 2024July 29, 2023%Net sales$1,549.0 $1,583.1 (2.2)%Comparable sales (1) (6.9)% (7.5)% Income before income tax$186.5 $203.3 (8.2)%Net income$142.6 $157.1 (9.2)%Adjusted net income (2)$148.6 $163.6 (9.2)%Earnings per common share, diluted$1.95 $2.01 (3.0)%Adjusted earnings per common share, diluted (2)$2.03 $2.09 (2.9)% (1) Fiscal 2023 had a 53rd week, so the Company is using a shifted comp sales calculation which compares weeks 14-26 in Q2 2024 to weeks 15-27 in fiscal 2023. (2) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See \"Non-GAAP Measures\" and \"Reconciliations of GAAP to Non-GAAP Financial Measures\" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. Year-to-Date Operating Results ($ in millions, except per share data)Twenty-Six Weeks EndedChangeAugust 3, 2024July 29, 2023%Net sales$2,913.2 $2,966.7 (1.8)%Comparable sales (6.4)% (7.4)% ...