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Academy Sports jumps after earnings beat and raised guidance

By Liz Moyer

Investing.com -- Academy Sports Outdoors Inc (NASDAQ:ASO) beat expectations on per-share earnings, sending the stock to a new 52-week high on Wednesday.

The Texas-based sports apparel and outdoor retailer reported adjusted earnings of $1.69 a share, beating the consensus by 8 cents. Revenue of $1.49 billion was slightly below consensus and down 6.2% from the same period last year. Comparable sales were down 7.2%.

But the company raised its 2022 outlook for adjusted earnings per share, now forecasting a range of $7.50 to $7.65 from an earlier forecast of $6.75 to $7.50.

The shares jumped more than 15%. They are up more than 30% so far this year.

“Our team continues to execute at a high level in an uncertain environment, delivering results well above pre-pandemic levels on all measures," said CEO Ken Hicks. "Our focus is on our long-term growth opportunities in stores and online.”

Academy opened four new stores in the third quarter and has already opened three new stores in the fourth quarter, bringing the total number of stores opened in 2022 to nine. It plans to add 80 to 100 more stores over the next five years.

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