Why Academy Sports And Outdoors Stock Is Climbing Higher

Academy Sports And Outdoors Inc ASO shares are trading higher Wednesday after the company reported better-than-expected earnings results and reaffirmed guidance.

Academy Sports said second-quarter revenue decreased 5.8% year-over-year to $1.69 billion, which missed average analyst estimates of $1.71 billion, according to Benzinga Pro. The company reported quarterly earnings of $2.30 per share, which beat average analyst estimates of $2.08 per share. 

Academy Sports added one new store during the quarter, bringing total stores up to 261. The company expects to open a total of nine new stores this fiscal year and 80 to 100 stores over the next five years.

"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 Michael Mullican, executive vice president and CFO of Academy Sports.

Academy Sports reaffirmed full-year revenue guidance between $6.43 billion and $6.63 billion. The company raised full-year earnings guidance from a range of $6.30 to $7 per share to a range of $6.50 to $7.25 per share. 

See Also: Why Is UiPath Stock Down 20% Today?

ASO Price Action: Academy Sports has a 52-week high of $50 and a 52-week low of $25.10.

The stock was up 6.13% at $44.50 at time of publication. 

Photo: Alejandro Cuadro from Pixabay.

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