Million

Steve

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<h3 id="key-highlights">Key Highlights</h3> 
<ul> 
 <li>Academy Sports + Outdoors, Inc. (NASDAQ: ASO) reported GAAP Diluted EPS of $1.38, falling short of the expected EPS of $1.62.</li> 
 <li>The company’s net sales decreased by 6.4% to $1.397.8 million, compared to the anticipated $1.45 billion.</li> 
 <li>Despite the downturn, Academy Sports + Outdoors opened 14 new stores in 2023, indicating ongoing expansion efforts.</li> 
</ul> 
<p>Academy Sports + Outdoors, Inc. (Nasdaq: ASO), a leading full-line sporting goods and outdoor recreation retailer, reported its financial results for the third quarter, which ended October 28, 2023. The company’s GAAP Diluted Earnings Per Share (EPS) was $1.38, significantly lower than the market expectation of $1.62 EPS. This underperformance can be attributed to a challenging macroeconomic environment characterized by weakening consumer sentiment and atypical weather conditions that adversely affected demand for fall products.</p> 
<p>The net sales for the quarter stood at $1.4 billion, a 6.4% decline from the previous year, again falling short of the expected $1.45 billion. This decrease in sales reflects a broader trend of declining consumer spending in the face of economic uncertainties. Despite these challenges, Academy Sports + Outdoors’ CEO, Steve Lawrence, remains optimistic about the company’s customer service focus, innovative product offerings, and aggressive marketing strategies during the holiday season.</p> 
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<h3 id="600-million-share-repurchase-program">$600 Million Share Repurchase Program</h3> 
<p>Amid these financial headwinds, Academy Sports + Outdoors demonstrated its commitment to growth and expansion. The company opened five new stores during the third quarter and 14 stores in 2023. This expansion indicates the company’s confidence in its business model and long-term strategy.</p> 
<p>Regarding capital allocation, the company announced a new $600 million share repurchase program, signaling a strong balance sheet and a focus on creating shareholder value. This move, coupled with cost control measures and inventory management strategies, suggests that the company is positioning itself for sustainable growth in the future.</p> 
<h3 id="aso-narrows-guidance-for-fiscal-2023">ASO Narrows Guidance for Fiscal 2023</h3> 
<p>Despite the third quarter’s underperformance, Academy Sports + Outdoors has narrowed its guidance for fiscal 2023. The company now expects net sales to be between $6.110 billion and $6.170 billion, adjusting its sales and earnings expectations in line with current business trends.</p> 
<p>CEO Steve Lawrence’s statement emphasizes the company’s focus on executing its long-term strategy and growing its footprint. The revised guidance and strategic focus point towards a cautious yet optimistic outlook for the company’s performance in the upcoming quarters.</p> 
<p>Academy Sports + Outdoors’ third quarter results for 2023 reveal a challenging period marked by lower-than-expected earnings and sales. However, the company’s ongoing store expansion, new share repurchase program, and revised fiscal guidance reflect a strategic approach to navigating these challenges. </p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p>The post <a rel="nofollow" href="https://tokenist.com/academy-sports-and-outdoors-inc-aso-falls-in-premarket-after-earnings-miss/">Academy Sports and Outdoors Inc (ASO) Falls in Premarket After Earnings Miss</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Academy Sports and Outdoors Inc (ASO) Falls in Premarket After Earnings Miss

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