Academy Sports cuts fiscal 2024 guidance as second-quarter net sales fall 2.2%
Academy Sports and Outdoors reported second-quarter net sales of $1.55 billion, down 2.2% from a year earlier, and GAAP diluted EPS of $1.95 versus $2.01. The company lowered its fiscal 2024 guidance for net sales and GAAP EPS, citing a tough economy, a distribution center backlog tied to a new warehouse management system, and a active storm season.
- Q2 net sales were $1.55 billion, down 2.2%; comparable sales fell 6.9%.
- GAAP diluted EPS was $1.95, down from $2.01; adjusted diluted EPS was $2.03 versus $2.09.
- Fiscal 2024 GAAP EPS guidance is now $5.45 to $6.20, down from $6.05 to $7.05; net sales guidance is now $5.895 billion to $6.075 billion, down from $6.070 billion to $6.350 billion.
- Board declared a $0.11 per share dividend, payable October 17, 2024, to holders of record on September 19, 2024.