EXEC: Academy Sports’ Shares Jump On Upbeat Outlook

Shares of Academy Sports and Outdoors, Inc. closed up $4.63, or 9.3 percent, to $54.57 Thursday as second-quarter earnings topped analysts’ estimates and the retailer reiterated its guidance for the year. Academy officials said sales steadily improved throughout the second quarter as customers responded to its message around value and newness.

Lululemon’s Raises Outlook As Q2 Comps Jump 11 Percent

Lululemon Athletica, Inc. raised its guidance for the year as second-quarter results exceeded expectations. Earnings rose 21.6 percent on an adjusted basis in the quarter with revenues ahead 18 percent. Comparable sales increased 11 percent or 13 percent on a constant dollar basis.

Academy Sports’ Q2 Tops Wall Street Targets

Academy Sports and Outdoors, Inc. reported second-quarter earnings came in just ahead of analyst expectations. Same-store sales declined 7.5 percent in the quarter but improved throughout the quarter. Academy reiterated its sales guidance while raising its EPS outlook due to share repurchases.

Duluth Trading Trims Outlook on Q2 Shortfall

Duluth Holdings, Inc., the parent of Duluth Trading, lowered its earnings guidance for the year after reporting a worse-than-expected loss in the second quarter. Sales were down 1.7 percent, impacted by weak store traffic. Duluth also noted that its CFO had stepped down to explore another opportunity.

Fanatics Lands at Academy Sports + Outdoors

Academy Sports + Outdoors announced it entered into a partnership agreement with Fanatics to enhance the retailer’s in-store and online assortment of officially licensed sports merchandise beginning this fall.

Avenatti Loses Conviction Appeal in Nike Extortion Case

The US Court of Appeals for the Second Circuit rejected Michael Avenatti’s claim that no sufficient evidence supported his February 2020 conviction on charges of extortion and honest services fraud for threatening to smear Nike if the company did not pay him millions.