The following is a summary of the Academy Sports and Outdoors, Inc. (ASO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Academy Sports and Outdoors reported Q3 sales of $1.34 billion with a comparable sales decline of 4.9%, in line with previous guidance and reflecting improvement over the first half of the year.

• Gross margin rate in Q3 was 34.0%, a decrease of 50 basis points primarily due to increased supply chain costs and a shift in outdoor merchandise mix.

• GAAP net income was $65.8 million with GAAP diluted earnings per share of $0.92; adjusted net income was $70.5 million with adjusted earnings per share of $0.98.

Business Progress:

• The company opened 16 new stores in 2024, reflecting a 6% unit growth and expanding into new markets including Ohio, marking entry into their 19th state.

• Academy's e-commerce and omnichannel efforts saw positive results from the partnership with DoorDash, enhancing same-day delivery capabilities for online orders.

• Academy is implementing a customer data platform to refine targeted marketing efforts, aiming to reengage lapsed customers, with over 11 million members expected in the My Academy Rewards by year-end.

Opportunities:

• Increase in store openings planned for 2025, targeting 20 to 25 new stores as part of ongoing geographic expansion.

• Continued investment in e-commerce and omnichannel strategies to enhance customer engagement and sales.

Risks:

• Unseasonably warm weather impacted seasonal merchandise sales negatively in Q3, particularly affecting apparel sales.

• Economic uncertainties and fluctuating consumer spending patterns are influencing shopping behavior, with increased use of credit and 'buy now, pay later' services noted.

More details: Academy IR

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