Academy Sports And Outdoors' Q2 Bottom-Line Beats Street View; Reaffirms FY22 Top-Line Guidance

  • Academy Sports And Outdoors Inc ASO reported a second-quarter FY22 sales decline of 5.8% year-on-year to $1.69 billion, missing the consensus of $1.71 billion.
  • The decline in sales was primarily due to fewer transactions compared to last year.
  • Adjusted EPS of $2.30 beat the analyst consensus of $2.08.
  • Comparable sales declined 6.0%, and e-commerce sales grew 12.1% compared to 2019.
  • Gross margin contracted 60 basis points Y/Y to 35.3%, and gross profit fell 7.2% to $596.1 million.
  • Operating margin was 15.2%, and operating income for the quarter rose 0.9% to $256.7 million.
  • The company held $399.9 million in cash and equivalents as of July 30, 2022. Cash provided by operating activities for the six months totaled $258.4 million.
  • Adjusted EBITDA for the quarter totaled $292.5 million.
  • Academy's Board declared a quarterly cash dividend of $0.075 per share of common stock, payable on October 13, 2022, to stockholders of record on September 15, 2022.
  • As of July 30, 2022, the company had approximately $500 million remaining under its share repurchase program.
  • Outlook: ASO continues to see FY22 sales of $6.43 billion - $6.63 billion versus the consensus of $6.59 billion.
  • The company raised its FY22 adjusted EPS outlook to $6.75 - $7.50 from the prior forecast of $6.55 - $7.25, against the consensus of $6.95.
  • "Based on our results to date and current trends, including the sequential improvement in comparable sales, we are reiterating our full year sales and comp guidance while updating our earnings per share forecast to reflect the reduction in our share count," said CFO Michael Mullican.
  • Price Action: ASO shares traded higher by 6.13% at $44.50 on the last check Wednesday.
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