Why Is Academy Sports And Outdoors Stock Falling Today?
Portfolio Pulse from Shivani Kumaresan
Academy Sports And Outdoors Inc (NASDAQ:ASO) shares are trading lower after reporting worse-than-expected first-quarter FY24 earnings. The company missed analyst estimates on sales and EPS, and saw declines in comparable sales, gross margin, and operating income. Despite this, ASO reiterated its FY24 sales and net income guidance, and raised its EPS outlook. The company also declared a quarterly cash dividend and plans to open 15-17 new stores in 2024.
June 11, 2024 | 2:44 pm
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Academy Sports And Outdoors Inc (NASDAQ:ASO) shares are down 3.04% after missing Q1 FY24 earnings estimates. The company reported a sales decline, lower EPS, and reduced margins. Despite these setbacks, ASO raised its FY24 EPS outlook and plans to open new stores.
The negative earnings report, including missed sales and EPS estimates, along with declines in comparable sales and margins, is likely to drive the stock price down in the short term. However, the raised EPS outlook and plans for new store openings may provide some long-term optimism.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100