Academy Sports Profits Exceed Expectations, Forecast Raised

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Sports & Outdoor Academy Inc. ASO,
+ 1.10%
shares rose 1.4% after retailer announced second quarter results that chief executive Ken Hicks called “best” in company history and raised guidance for the full year . Net income totaled $ 190.5 million, or $ 1.99, compared to $ 167.7 million, or $ 2.25 per share, last year. Adjusted EPS of $ 2.34 broke the FactSet consensus by $ 1.42. Sales totaled $ 1.792 billion, up from $ 1.606 billion last year and also ahead of the FactSet consensus of $ 1.658 billion. Comparable sales rose 11.4%, well ahead of the FactSet consensus for 6.2% growth. Academy Sports has approved a new three-year, $ 500 million share buyback program. And the company has raised its forecasts. Academy forecasts sales of $ 6.465 billion to $ 6.620 billion. Comparable sales are expected to increase by 14% to 17%, up from previous forecast growth of 6% to 9%. And the company is targeting EPS of $ 5.45 to $ 5.80, up from $ 4.15 to $ 4.50. The FactSet consensus is for sales of $ 6.153 billion, comparable store sales growth of 10.1% and EPS of $ 4.67. Academy Sports stock has more than doubled, up 109.4% for the year to date, while the S&P 500 SPX index,
+ 0.14%
increased by 20.2% over the period.


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