Academy Sports and Outdoors, Inc.’s narrowed its full-year guidance to the lower end of prior expectations as third-quarter sales and earnings arrived below expectations. The retailer blamed generally soft consumer spending and warm weather’s impact on fall selling.
Sales of $1.40 billion million came in below analysts’ consensus estimate of $1.46 billion. Earnings of $1.38 compared with Wall Street’s consensus estimate of $1.65.
Sales fell 6.4 percent to $1.40 billion in Q3 from $1.49 million in Q3 last year. Comparable-store sales were down 8.0 percent on top of a decline of 7.2 percent a year ago.
Gross margins decreased to 34.5 percent from 35.0 percent a year ago. SG&A expenses increased to 24.7 percent of sales from 23.0 percent a year ago.
Net income fell 24.1 percent to 100.0 million, or $1.31 a share, from $131.7 million, or $1.62, a year ago.
On an adjusted basis, earnings slid 23.1 percent to $104.7 million, or $1.38 a share, from $136.2 million, or $1.67, in the prior year.
For more details about Academy’s third quarter, including management commentary on category trends, the strong partnership with Fanatics, and reduced guidance, read more here:
EXEC: Academy Sports Sees Weather/Consumer Woes Derailing Sales Recovery
