Academy Sports dips to 6-week low on Q1 results miss

Academy Sports and Outdoors

11/06/2024 16:41

** Shares of sporting goods retailer Academy Sports and
Outdoors  ASO.O  tumble 7.8% to $49.22, its lowest level in six
weeks
    ** Co posts Q1 adj. earnings of $1.08​​/shr, down 17% from a
year earlier and below analysts' avg. est. of $1.22/shr - LSEG
data
    ** Quarterly revenue declines 1.4% to $1.36 bln, missing
expectations of $1.38 bln
    ** "As expected, our first quarter results reflect that our
customers remain under pressure in the current economic
environment," says CEO Steve Lawrence
    ** 16 of 19 brokerages rate stock "buy" or higher, three
"hold"; their median PT is $77
    ** Including session's losses, ASO stock is down 25.13% YTD,
compared with 14.28% increase in Nasdaq index  .IXIC 

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))