Academy Sports and Outdoors narrows full year sales, income outlook

Academy-Sports-and-Outdoors
Academy Sports and Outdoors narrowed its full fiscal year guidance. (Source: Bigstock)

Academy Sports and Outdoors narrowed its full fiscal year guidance after posting lower net income and sales in the fiscal third quarter that ended November 2.

The sporting goods retailer now estimates its full-year net sales to range from $5.89 billion to $5.94 billion and net income to be between $400 million and $425 million.

The new outlook comes as third-quarter net income plunged 34.2 per cent to $65.8 million as net sales dipped 3.9 per cent to $1.34 billion.

“We delivered third-quarter sales in line with expectations and were encouraged to see an improvement in comp sales trends versus the first half of the year,” said Steve Lawrence, Academy Sports and Outdoors CEO.

Year-to-date, the company has opened 16 new stores, with eight of them opened in the third quarter and another five in the early fourth quarter.

“We are excited that the 16 new stores that we have opened this year are exceeding our expectations and that our prior year vintages continue to grow,” said Lawrence.

For the next fiscal year, the company plans to open 20 to 25 stores, reflecting a 7.5 per cent annual unit growth in midpoint.

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