Academy Sports and Outdoors up on upgraded annual profit target

Academy Sports and Outdoors

31/08/2023 13:52

** Shares of sporting goods retailer Academy Sports and
Outdoors  ASO.O  rise 10.7% to $55.27 premarket
    ** Co lifts annual profit forecast after topping Q2 earnings
estimates
    ** Q2 operating margin improves sequentially by 420 bps from
Q1 helped by higher gross margin and improving inventory
    ** Now expects adj EPS between $6.95 and $7.65, vs. earlier
forecast between $6.80/shr and $7.50/shr
    ** 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;))