Academy Sports + Outdoors Q2 2024 Results and Outlook
KATY, Texas — Academy Sports and Outdoors, Inc. (NASDAQ: ASO) reported second-quarter results showing softer demand versus last year. Net sales decreased 2.2% compared with the prior year, and comparable sales were down 6.9%. Even so, GAAP diluted EPS was $1.95 and adjusted diluted EPS was $2.03. Put simply: sales eased, while earnings per share held up.
Operational Highlights
The quarter centered on execution. Academy opened nine new stores, expanded its omni-channel options with services like Door Dash, and rolled out a new loyalty program to deepen customer engagement. CEO Steve Lawrence emphasized the push to improve both traffic and conversion online and in stores. He noted, “Our inventory discipline has led to a gross margin expansion of 50 basis points, and we have successfully reduced units per store by 5%.” These moves, he said, support long-term growth through responsible investment and tighter operations.
Key Financial Metrics
Second-quarter results included:
Net Sales: $1,549.0 million
Comparable Sales: Decreased by 6.9%
Income Before Income Tax: $186.5 million
Net Income: $142.6 million
Overall, the company navigated lower sales with disciplined inventory management and steady profitability.
Year-to-Date Performance and Guidance
For the year-to-date period ending August 3, 2024, net sales totaled $2,913.2 million, with comparable sales down 6.4%. Management’s focus for the balance of the year is straightforward: invest where returns are clearest, manage expenses, and keep the balance sheet strong to support growth.
Updated Financial Guidance
Academy Sports + Outdoors revised its fiscal 2024 outlook. Full-year net sales are expected to land between $5,895.0 million and $6,075.0 million. The company continues to anticipate pressure on sales growth given ongoing economic challenges and shifting customer behavior.
Shareholder Value and Capital Returns
The board of directors declared a quarterly cash dividend of $0.11 per share. The payout reflects the company’s cash generation and its commitment to returning capital to shareholders.
Store Expansion
Academy added three new stores in the first half of 2024 and plans to open a total of 15 to 17 stores this year. New locations are intended to reinforce existing markets and, where it makes sense, open the door to new ones.
Looking Ahead
CFO Carl Ford acknowledged Q2 hurdles but pointed to strong cash generation and disciplined inventory management as a foundation for future growth. “We are committed to managing our operating expenses while investing in our future. With a healthy balance sheet, we look forward to deploying our capital to enhance shareholder value strategically.” The near-term focus remains clear: protect gross margin, sharpen store operations, and strengthen customer engagement. The plan is steady—protect margins, stay disciplined, and invest where it counts.
Frequently Asked Questions
What were Academy Sports + Outdoors’ net sales for Q2 2024?
Net sales were $1,549.0 million in the second quarter of 2024.
How did comparable sales trend in Q2 2024?
Comparable sales declined by 6.9% versus the prior year.
What is the company’s outlook for fiscal 2024?
Academy expects full-year net sales between $5,895.0 million and $6,075.0 million, reflecting continued macro and consumer headwinds.
What initiatives did the company roll out in Q2?
The quarter included nine new store openings, omni-channel enhancements with services like Door Dash, and the launch of a new loyalty program.
How much is the quarterly dividend?
The board declared a quarterly cash dividend of $0.11 per share.
