Academy Sports + Outdoors, Inc. (NASDAQ: ASO) has reported its financial results for the third quarter ended November 2, 2024. The company's net sales for the quarter were $1,343.3 million, representing a decrease of 3.9% compared to the same period last year. Comparable sales also saw a decline of 4.9% in the third quarter.
In terms of year-to-date results, Academy's net sales for the thirty-nine weeks ended November 2, 2024, amounted to $4,256.5 million, down 2.5% from the previous year. Comparable sales for the same period decreased by 5.9%.
The company reported GAAP diluted earnings per share (EPS) of $0.92 for the third quarter, while adjusted diluted EPS stood at $0.98. In comparison to the previous year, this represents a decrease of 29.8% and 29.0% respectively.
Academy's year-to-date GAAP operating cash flow increased by 29% to $372.9 million, while adjusted free cash flow surged by 67% to $284.8 million compared to the same period last year.
Cash and cash equivalents at the end of the third quarter totaled $296.0 million, showing an increase of 7.7% from the prior year. Merchandise inventories, net of $1,525.0 million, rose by 2.2% compared to the same period in 2023. However, long-term debt, net decreased by 17.2% to $483.1 million.
During the quarter, Academy repurchased approximately one million shares of its outstanding common stock at a weighted average purchase price of $51.19 per common share for a total cost of $53 million. The company has also authorized a new $700 million share repurchase program, reflecting confidence in its business model and growth strategy.
In terms of store expansion, Academy opened eight new stores during the third quarter and an additional five new stores early in the fourth quarter, bringing the total store count to 298. The company plans to open 20 to 25 new stores in 2025.
Looking ahead, Academy is narrowing its full-year sales and earnings guidance. The updated guidance for fiscal 2024 includes net sales in the range of $5,895.0 million to $5,940.0 million, with adjusted net income expected to be between $420.0 million and $445.0 million. Adjusted earnings per common share, diluted, are projected to be in the range of $5.80 to $6.10.
Academy will host a conference call to discuss its results, and the call will be webcast at investors.academy.com.
Academy Sports + Outdoors, Inc., founded in 1938, is a leading full-line sporting goods and outdoor recreation retailer operating 298 stores across 19 states. The market has reacted to these announcements by moving the company's shares 5.2% to a price of $53.05. For the full picture, make sure to review Academy Sports and Outdoors's 8-K report.
