Academy Sports and Outdoors, Inc. slightly raised its EPS guidance for the year despite reporting second-quarter earnings and sales below analyst targets. Quarterly comps turned positive for the first time in three years during the quarter.
Sales in the second quarter, ended August 2, reached $1.60 billion against analysts’ consensus target of $1.61 billion. Adjusted earnings were $1.94 compared with analysts’ consensus target of $2.12 per share.
“We were pleased to see sales inflect to a positive comp in the second quarter, driven by steady improvements in the business that are a result of the progress we continue to make against our strategic initiatives. Customers are gravitating to our diversified assortment and our value proposition is resonating with them, which has allowed us to pick up market share in the first half of the year,” said Steve Lawrence, chief executive officer. “As we head into the back half of the year, we believe momentum is building in the business and we are confident in our strategy and ability to come out of this year better positioned than ever to serve our customers and drive long-term growth.”
Image courtesy Academy Sports and Outdoors, Inc.
See below for additional SGB Executive coverage of Academy’s Q2 results, including detailed commentary from company CEO Steve Lawrence:
EXEC: Academy Sports CEO Talks Nike/Jordan Allocations as AUR’s Rise and EPS Grow
