Academy Sports and Outdoors up on profit forecast raise, Q2 beat

Academy Sports and Outdoors

31/08/2023 15:03

(Updates)
    ** Shares of sporting goods retailer Academy Sports and
Outdoors  ASO.O  rise as much as 15.3% to $57.57 in early
trading
    ** Co headed for best day since Dec. 7 if current gains hold
    ** ASO lifts annual profit forecast after topping Q2
earnings estimates
    ** Now expects adj EPS between $6.95 and $7.65 for the full
year vs earlier forecast of $6.80/shr to $7.50/shr
    ** Q2 operating margin improves sequentially by 420 bps
    ** Gross margin expanded ~26 bps YoY to 35.6%, which points
to relatively stable promotions YoY and supply chain benefits -
brokerage Tesley Advisory Group
    ** Q2 adj EPS of $2.09 tops estimates of $1.99 - Refinitiv 
    ** Up to last close, stock down ~5% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))