$ASO keeps growing sales and profits. Raises guidance for 2022
Academy Sports & Outdoors Inc. on Friday logged greater revenue and profits year over year in the latest quarter as in-store and online sales both rose by double-digits.
The Katy, Texas-based sporting-goods retailer logged earnings in the fiscal third quarter of $1.72 a share, up from 74 cents a share in the same three-month period a year earlier. Analysts polled by FactSet had forecast earnings of $1.12 a share.
Net income climbed to $161.3 million in the three months ended Oct. 30, from $59.6 million a year ago.
Sales rose to $1.59 billion, compared with $1.35 billion in the year-ago quarter. Analysts had been expecting sales of $1.49 billion.
Academy said it saw strong consumer demand for sports and outdoors products in the quarter. Comparable sales grew by 18%, and e-commerce sales were up by 26%.
Gross margin improved by 2.5 percentage points of 35.2%.
Guidance raise:
Academy Sports & Outdoors Inc. on Friday raised its guidance for the full fiscal year, citing year-to-date sales growth and improved inventory positioning.
The Katy, Texas-based sporting-goods retailer said it now expects earnings of $6.75 a share to $6.85 a share in fiscal 2021, on sales of $6.68 billion to $6.74 billion. Comparable sales are likely to grow by 17% to 18%, the company said.
In September, Academy had projected earnings of $5.45 a share to $5.80 a share on sales of $6.47 billion to $6.62 billion. Its previous comparable-sales forecast estimated 14% to 17% growth.