Academy Sports and Outdoors, Inc. (ASO) reported third-quarter net income of $100.0 million, a decline of 24.1% from last year. Earnings per share was $1.31 compared to $1.62. Adjusted earnings per share was $1.38 compared to $1.67. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.59, for the quarter. Analysts' estimates typically exclude special items.
Third quarter net sales were $1.40 billion, down 6.4% from last year. Comparable sales were down 8.0%. Analysts on average had estimated $1.44 billion in revenue.
"Our sales and net earnings for the third quarter came in below expectations, primarily driven by weakening consumer sentiment coupled with above normal temperatures that negatively impacted demand for Fall product," said CEO, Steve Lawrence.
Academy narrowed its guidance for fiscal 2023. Adjusted earnings per share is now projected in a range of $7.05 to $7.20, revised from prior guidance range of $6.95 to $7.65. Comparable sales are now expected to decline in a range of 7.5% to 6.5%, revised from prior guidance of a decline in a range of 7.5% to 4.5%. Net sales are now expected in a range of $6.11 billion to $6.17 billion, updated from prior guidance range of $6.175 billion to $6.365 billion.
On November 29, 2023, Academy's Board declared a quarterly cash dividend of $0.09 per share of common stock. The dividend is payable on January 10, 2024, to stockholders of record as of the close of business on December 13, 2023. The Board also approved a three-year, $600 million share repurchase program, bringing the total amount currently available under both share repurchase programs to approximately $700 million.
Shares of Academy Sports and Outdoors are down nearly 6% in pre-market trade on Thursday.
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