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KATY, Texas – Academy Sports activities and Outside Inc. (NASDAQ:ASO) reported third-quarter outcomes that fell wanting analyst expectations and lowered its full-year steerage, sending shares down 4% in premarket buying and selling Tuesday.
The sporting items retailer posted adjusted earnings per share of $0.98, lacking the consensus estimate of $1.30. Income declined 3.9% YoY to $1.34 billion, under analysts’ projections of $1.39 billion. Comparable gross sales fell 4.9% within the quarter.
Academy Sports activities lower its fiscal 2024 outlook, now anticipating earnings per share of $5.80-$6.10, down from its earlier forecast of $5.75-$6.50 and under the $6.18 consensus. The corporate narrowed its full-year income steerage to $5.89-$5.94 billion, in comparison with its prior vary of $5.895-$6.075 billion and the $6 billion analyst estimate.
“We delivered third quarter gross sales in keeping with expectations and had been inspired to see an enchancment in comp gross sales developments versus the primary half of the yr,” mentioned CEO Steve Lawrence. He famous the corporate’s Out of doors division noticed a 7% gross sales improve in Q3.
Regardless of the disappointing outcomes, Academy Sports activities highlighted robust money circulate era, with year-to-date adjusted free money circulate up 67% to $252 million. The corporate additionally introduced a brand new $700 million share repurchase program.
The retailer opened 16 new shops up to now in fiscal 2024 and plans to open 20-25 places in fiscal 2025, representing about 7.5% annual unit progress.
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