Academy Sales Fall in Q1 as CEO Cites ‘Pressure’ on Consumers

For the first quarter, net sales at the Katy, Texas-based retailer fell 1.4 percent to $1.36 billion, down from $1.38 billion in 2023. Net income for the quarter was $76.5 million, down 18.6 percent from $94 million the year prior. Adjusted earnings per diluted share were $1.08, down 16.9 percent from the prior year. Comparable sales were down 5.7 percent. Earnings and sales results in the first quarter fell short of analysts’ projection from Yahoo Finance, which targeted EPS of $1.

Academy opened two new stores during the first quarter. In 2024, the company plans on opening 15 to 17 new stores as part of ain fiscal 2024 to be between $6.07 billion and $6.35 billion, which ranges from a 1.5 percent loss to a 3 percent gain for the year. The company updated itsper share guidance in light of share repurchase activity in the first quarter and now expects EPS to between $6.05 and $7.05.

Chief financial officer Carl Ford said Academy generated $200 million in cash from operations during the quarter, which is being invested into the company’s long-range plan. “We are focused on driving traffic, managing our inventory to maintain margins and controlling expenses as we invest in our growth initiatives,” Ford said.Heidi Klum Celebrates Her 51st Birthday, A Look Back at Her Career Highlights: Sports Illustrated Swimsuit Model, Victoria's Secret Angel and MoreAlix Earle and Lele Pons in Cult Gaia and More Arrivals at Sports…. We use vendors that may also process your information to help provide our services.

Source: News Formal (newsformal.com)

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