In premarket trading on Tuesday, the stock of Academy Sports & Outdoors Inc. (NASDAQ: ASO), +3.13 percent surged by 5.4 percent after the sports goods and outdoor recreation retailer reported a stronger than anticipated fiscal first-quarter earnings, as well as higher net sales and same-store sales.
From $177.8 million to $149.8 million, net income for the quarter ending on April 30 declined by a total of $1.69 per share to $1.69 per share. The adjusted profits per share of $1.73, excluding nonrecurring charges, were much higher than the FactSet average estimate of $1.45.
After reporting $1.47 billion in revenue, the company missed the FactSet estimate of $1.45 billion by a net sales fall of 7.1 percent. The decline in freight costs and the rise in inventory and e-commerce shipping expenses combined to reduce gross margin to 35.5% from 35.7%.
From $6.70 to $7.25 in fiscal 2022, the business lowered its EPS range to $6.55 to $7.25, its revenue range to $6.43 billion to $6.63 billion, and its same-store sales range to down 6% to down 3% from down 4% to down 1%. This is the stock’s best three-month performance since September compared to the S&P 500’s (SPX, -0.82%).
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