Business
Academy Sports + Outdoors Reports Third Quarter 2024 Results
Net Sales Decline (3.9)%; Comparable Sales of (4.9)% GAAP Diluted EPS of $0.92, or $0.98 Adjusted Diluted EPS1 Year-to-Date GAAP Operating Cash Flow +29%;
About this update from Academy Sports And Outdoors, Inc.
[{"type":"text","content":"Net Sales Decline (3.9)%; Comparable Sales of (4.9)% GAAP Diluted EPS of $0.92, or $0.98 Adjusted Diluted EPS1 Year-to-Date GAAP Operating Cash Flow +29%; Year-to-Date Adjusted Free Cash Flow1 +67% vs LY Authorizes New $700 Million Share Repurchase Program Plans to Open 20 to 25 New Stores in Fiscal 2025 KATY, Texas, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (\"Academy\" or the \"Company\") today announced its results for the third quarter ended November 2, 2024. Financial and operational highlights include: Opened 16 stores in fiscal 2024, consistent with plan, including further expansion into OhioNarrowed fiscal 2024 guidance to Net Sales of $5.89B to $5.94B \"We delivered third quarter sales in line with expectations and were encouraged to see an improvement in comp sales trends versus the first half of the year,” said Steve Lawrence, Chief Executive Officer. “In our Outdoor division, the team drove a sales increase in the quarter of 7% compared to fiscal third quarter last year. We are excited that the 16 new stores that we have opened this year are exceeding our expectations and that our prior year vintages continue to grow. The team has made tremendous progress refining our new store opening process and pipeline, as well as improving our website experience, expanding our targeted marketing capabilities with our new loyalty program and streamlining our supply chain. The fundamentals of our business continue to strengthen, and we look forward to building on this momentum throughout the fourth quarter and beyond.\" Third Quarter Results ($ in millions, except per share data)Thirteen Weeks EndedChangeNovember 2, 2024October 28, 2023%Net sales$1,343.3 $1,397.8 (3.9)%Comparable sales(2) (4.9)% (8.0)% Income before income tax$88.7 $129.9 (31.7)%Net income$65.8 $100.0 (34.2)%Adjusted net income(1)$70.5 $104.7 (32.7)%Earnings per common share, diluted$0.92 $1.31 (29.8)%Adjusted earnings per common share, diluted(1)$0.98 $1.38 (29.0)% Year-to-Date Results($ in millions, except per share data)Thirty-Nine Weeks EndedChangeNovember 2, 2024October 28, 2023%Net sales$4,256.5 $4,364.5 (2.5)%Comparable sales(2) (5.9)% (7.6)% Income before income tax$372.9 $451.9 (17.5)%Net Income$284.8 $351.0 (18.9)%Adjusted net income(1)$300.7 $371.2 (19.0)%Earnings per common share, diluted$3.86 $4.51 (14.4)%Adjust...