Academy Sports and Outdoors, Inc. cut its full-year guidance after reporting declining sales and weaker earnings for the fiscal second quarter period ended August 3. The Katy, TX-based sporting goods retailer reported second quarter net sales declined 2.2 percent year-over-year to $1.55 billion, while comparable store sales fell 6.9 percent year-over-year for the three-month period, which came on top of a 7.5 percent decline the 2023 comparative period.
(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.
New Store Openings
Academy opened one new store during the second quarter. The company has opened three stores through the first two fiscal quarters and plans to open a total of 15 to 17 stores in 2024.
Full-Year Fiscal 2024 Outlook
“Sales for the second quarter were more challenging than expected, impacted by a tough economy, a temporary distribution center backlog related to going live with a new warehouse management system and by a very active storm season across key portions of our footprint. Based on the results of the first half of the year and the expectations for the remainder of fiscal 2024, we are revising our full year guidance, while maintaining our gross margin rate range,” offered company CFO Carl Ford. “We will continue to manage expenses and inventory levels as we focus on driving topline growth. We have a very healthy balance sheet and top quartile cash flow generation, which we will deploy towards our capital allocation strategy.”
See below for additional coverage from SGB Media on Academy’s Q2 and much more detail from top executives about categories, store plans, growth plans and full-year guidance.
EXEC: Academy Shares Get Lift as Wall Street Sees Green Shoots in P&L Management
