Academy Sports and Outdoors Inc (NAS:ASO)

Q3 2024 Academy Sports and Outdoors Inc Earnings Call Transcript

Dec 10, 2024 / 03:00PM GMT

Release Date Price: $52.58 (+4.30%)

Transcript 10-Q8-K

Key Points

Positve

Academy Sports and Outdoors Inc (ASO) announced a new $700 million share repurchase program, reflecting confidence in the business.
The company successfully opened 16 new stores in 2024, contributing to a 6% unit growth and expanding its footprint into new markets.
Academy Sports and Outdoors Inc (ASO) reported positive adjusted free cash flow for the 20th consecutive quarter.
The company experienced strong sales growth in its Outdoor division, with a 4% increase driven by camping and hunting businesses.
Academy Sports and Outdoors Inc (ASO) is expanding its omnichannel capabilities, including a partnership with DoorDash for same-day delivery options.

Negative

Comparable sales declined by 4.9% in the third quarter, impacted by unseasonably warm weather and the absence of the Texas Rangers World Series run.
Gross margin decreased by 50 basis points due to increased supply chain costs and a mix shift in outdoor merchandise.
The apparel division saw a 9% decline in sales, affected by warm weather and a lack of demand for fall seasonal categories.
SG&A expenses increased by $19.3 million, primarily due to investments in new stores and strategic initiatives.
The company narrowed its full-year guidance, reflecting a cautious outlook due to macroeconomic uncertainties and consumer behavior.

Operator

Good morning, and welcome to Academy Sports and Outdoors Third Quarter Fiscal 2024 Results Conference Call. This call is being recorded (Operator Instructions)

I would now like to turn the cxall over to your host, Brad Morris, Director of Strategic Initiatives for Academy Sports and Outdoors. Thank you. You may begin.

Brad Morris

Academy Sports and Outdoors Inc - Director of Strategic Initiatives

Good morning, everyone and thank you for joining the Academy Sports and Outdoors Third Quarter 2024 Financial Results Call. Participating on today's call are Steve Lawrence, Chief Executive Officer; and Carl Ford, Chief Financial Officer.

As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the earnings release and

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