Academy Sports And Outdoors Boosts FY22 Earnings Outlook As Q2 Adj. EPS Tops Estimates
(RTTNews) - Academy Sports and Outdoors, Inc. (ASO) on Wednesday reported that net income for the second quarter declined to $188.8 million or $2.22 per share from $190.5 million or $1.99 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $2.30 per share, compared to $2.34 per share in the prior-year quarter.
Net sales for the quarter declined 5.8 percent to $1.69 billion from $1.79 billion in the same quarter last year. Comparable sales declined 6.0 percent. e-commerce sales grew 12.1 percent year-over-year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.08 per share on revenues of $1.71 billion for the quarter. Analysts' estimates typically exclude special items.
The Company expects to open a total of nine new stores this fiscal year and 80 to 100 stores over the next five years.
On September 1, Academy announced that its Board of Directors declared a quarterly cash dividend of $0.075 per share of common stock, payable on October 13, 2022, to stockholders of record as of the close of business on September 15, 2022.
Looking ahead to fiscal 2022, the company now projects earnings in a range of $6.50 to $7.25 per share and adjusted earnings in a range of $6.75 to $7.50 per share. Previously, the company expected earnings in the range of $6.30 to $7.00 per share and adjusted earnings in a range of $6.55 to $7.25 per share.
However, the company reiterated its outlook for sales between $6.43 billion and $6.63 billion, comparable sales decline of 6 to 3 percent.
The Street is looking for earnings of $6.95 per share on revenues of $6.59 billion for the year.
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