Why Academy Sports And Outdoors Shares Are Trading Lower Today
Portfolio Pulse from Shivani Kumaresan
Academy Sports And Outdoors Inc (NASDAQ:ASO) shares dropped after reporting Q4 FY23 sales of $1.794 billion, slightly missing estimates of $1.796 billion. Comparable sales fell by 3.6%, and adjusted EPS of $2.21 missed the consensus of $2.30. Despite a gross margin increase to 33.3% and a 4.3% rise in gross profit, operating income slightly decreased. The company announced a dividend increase and provided a FY24 outlook with sales and EPS below consensus estimates, leading to a 7.17% decline in share price.
March 21, 2024 | 2:57 pm
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Academy Sports And Outdoors Inc reported Q4 FY23 sales slightly below estimates and provided a FY24 outlook with lower expected sales and EPS, leading to a 7.17% drop in share price.
The slight miss in Q4 FY23 sales and the lower-than-expected FY24 outlook directly impact investor sentiment towards ASO, leading to a significant drop in share price. The increase in dividend payment indicates a positive move but was overshadowed by the earnings miss and cautious outlook.
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