Academy Sports earnings beat expectations, guidance raised

Academy Sports & Outdoors Inc.
stock rose 1.4% after the retailer reported second-quarter earnings that Chief Executive Ken Hicks called the “best” in the company’s history and raised its full-year guidance. Net income totaled $190.5 million, or $1.99, compared with $167.7 million, or $2.25 per share, last year. Adjusted EPS of $2.34 beat the FactSet consensus for $1.42. Sales totaled $1.792 billion, up from $1.606 billion last year and also ahead of the FactSet consensus for $1.658 billion. Comparable sales grew 11.4%, well ahead of the FactSet consensus for 6.2% growth. Academy Sports has approved a new three-year, $500 million share repurchase program. And the company raised its guidance. Academy expects sales of $6.465 billion to $6.620 billion. Comparable sales are forecast to grow 14% to 17%, up from previous guidance for 6%-to-9% growth. And the company is guiding for EPS of $5.45 to $5.80, up from $4.15 to $4.50. The FactSet consensus is for sales of $6.153 billion, comparable sales growth of 10.1% and EPS of $4.67. Academy Sports stock has more than doubled, up 109.4% for the year to date, while the S&P 500 index
has run up 20.2% for the period.