Business
Academy Sports + Outdoors Reports Third Quarter 2023 Results
Third Quarter GAAP Diluted EPS of $1.31, or $1.38 Adjusted Diluted EPS Net Sales Decline (6.4)%; Comparable Sales Decline (8.0)% The Company Opened Five New
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Third Quarter GAAP Diluted EPS of $1.31, or $1.38 Adjusted Diluted EPS Net Sales Decline (6.4)%; Comparable Sales Decline (8.0)% The Company Opened Five New Stores During the Third Quarter and a Total of 14 in 2023 New $600 Million Share Repurchase Program Announced KATY, Texas, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its financial results for the third quarter date ended October 28, 2023. \"Our sales and net earnings for the third quarter came in below expectations, primarily driven by weakening consumer sentiment coupled with above normal temperatures that negatively impacted demand for Fall product. Over the past year we have seen customers change their shopping patterns and aggregate trips into the key shopping moments on the calendar and we expect to see this pattern continue this holiday season,\" said Chief Executive Officer, Steve Lawrence. \"During the fourth quarter, we are focused on providing excellent customer service, offering new and innovative gifts and driving traffic to our stores and website with aggressive marketing that features the outstanding values we are offering our customers to help them stretch their wallets as they celebrate this holiday season with their families. Beyond this holiday, we remain focused on executing our long-term strategy and investing in our growth initiatives. We believe that we have a solid operating model, a strong value position and deep customer affinity that will allow us to continue to grow and expand our footprint.” Third Quarter Operating Results ($ in millions, except per share data)Thirteen Weeks EndedChangeOctober 28, 2023October 29, 2022%Net sales$1,397.8 $1,493.9 (6.4)%Comparable sales (8.0)% (7.2)% Income before income tax$129.9 $169.9 (23.5)%Net Income$100.0 $131.7 (24.1)%Adjusted net income (1)$104.7 $136.2 (23.1)%Earnings per common share, diluted$1.31 $1.62 (19.1)%Adjusted earnings per common share, diluted (1)$1.38 $1.67 (17.4)% Year-to-Date Operating Results ($ in millions, except per share data)Thirty-Nine Weeks EndedChangeOctober 28, 2023October 29, 2022%Net sales$4,364.5 $4,648.6 (6.1)%Comparable sales (7.6)% (6.9)% Income before income tax$451.9 $612.2 (26.2)%Net Income$351.0 $470.3 (25.4)%Adjusted net income (1)$371.2 $482.2 (23.0)%Earnings per common share, diluted$4...