Academy Outdoor & Sports reported 3rd Revenue for the 2023 quarter was $1,398 million, down -6.4% compared to last year’s $1,494 million. Net income was $100 million, a decrease of -24.7& compared to $132 million a year ago. Diluted earnings per share were $1.31 this year compared to $1.62 for the same period in 2022, a decrease of 19.1%. Adjusted earnings were $104.7 million compared to $136 million a year ago, and adjusted earnings per share decreased to $1.38 from $1.67 a year ago.
Academy opened five new stores in the quarter and 14 new stores during the fiscal year. The company currently operates 278 stores in the South and plans to open 120 to 140 new stores by 2027. Warmer weather and lack of consumer confidence were two reasons for the decline in sales.
Despite these disappointing results, management spoke confidently about the future and the opportunity for additional stores. In the short term, he cited much cooler weather in the region and strong Thanksgiving sales. Although sales figures were not disclosed, management predicted that they were confident in the sales of the four companies.th The third quarter will be better than the third quarter. The company believed that its value promotions resonated with consumers.
SG&A expenses increased from $342.9 million to $345.9 million, but the increase was actually minimal from 23.0% to 24.7%, primarily due to store openings. Management said transportation costs have come down significantly.
“Our sales and net income were lower than expected, primarily due to weaker consumer sentiment and warmer-than-normal temperatures, which negatively impacted demand for fall products,” CEO Steve Lawrence said in a statement. It’s because of that,” he said. Over the past year, we’ve seen customers change their shopping patterns and consolidate their trips around key shopping times on the calendar. We expect this pattern to continue this holiday season. During the fourth quarter, we will focus on providing superior customer service with new and innovative gifts. ”
Today, Academy Outdoors and Sports delivers everyday value and quality through private label brands such as Magellan Outdoors, Freely, ROW, Redfield, and Mosaic. These brands offer a wide range of outdoor apparel and supplies, women’s and men’s apparel, training wear, and more. Of course, you can also find famous national brands such as NikeNKE, addidas, LLBean, The North Face, YETI, Titleist, Carhartt and Stanley.
postscript: We are a young management team. You have great ideas for growth. Management emphasizes the values of doing well in this environment.It appears that progress can be made in four important areas.th quarter.