Academy Sports and Outdoors down after trimming annual sales forecast

Academy Sports and Outdoors

10/09/2024 13:31

** Shares of sporting goods retailer Academy Sports and
Outdoors  ASO.O  down 2.1% at $51.51 premarket
    ** Company cuts annual sales forecast and misses Q2 sales
estimates on weak consumer demand for outdoor gears and products
    ** ASO now expects fiscal 2024 net sales between $5.90
billion and $6.08 billion, compared with prior expectation of
$6.07 billion to $6.35 billion 
    ** Company sees comparable sales falling between 3% and 6%,
compared with prior forecast of between a 1% rise and 4% fall
    ** ASO reaffirmed its annual adjusted profit forecast, while
Q2 adjusted profit of $2.03 came in line with LSEG estimates
    ** "Sales for the second quarter were more challenging than
expected, impacted by a tough economy, a temporary distribution
center backlog related to going live with a new warehouse
management system and by a very active storm season across key
portions of our footprint," CFO Carl Ford says
    ** Up to Monday's close, stock had fallen over 20% so far
this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))