Tue, Sep 10, 8:27 PM (101 days ago)
In the second quarter ended August 3, 2024, Academy Sports and Outdoors, Inc. reported a net sales decrease of 2.2% to $1,548,980, primarily due to a 6.9% decline in comparable sales, impacted by challenging macroeconomic conditions and operational disruptions. Gross margin slightly improved to 36.1%, attributed to better product cost management despite increased promotional activities. SG&A expenses rose by 4.6% to $368,639, reflecting strategic investments in new stores and technology, resulting in a 9.9% decline in operating income to $190,086. Net income fell 9.2% to $142,588, with diluted earnings per share at $1.95. Interest expenses decreased 19.8% to $9,071 due to lower debt levels following a $100 million prepayment. Cash flows from operating activities rose to $291,023, while cash used in investing activities decreased due to lower capital expenditures. The company maintains a strong liquidity position with $324,568 in cash and $990,742 available under its ABL facility. Future growth is anticipated through new store openings and enhanced omnichannel capabilities, despite ongoing economic uncertainties.