Academy Sports and Outdoors, Inc. (ASO) reported second-quarter fiscal 2024 (ended Aug. 3) results, wherein adjusted earnings met the Zacks Consensus Estimate but net sales missed the same. The bottom and top lines declined on a year-over-year basis.The quarterly results reflect lower sales across the sports and recreation merchandise and the apparel merchandise divisions due to ongoing macroeconomic uncertainties and a decline in consumers’ discretionary spending. Also, a temporary reduction in outbound sh ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended August 3, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File No. 001-39589 Academy Sports and Outdoors, Inc. (Exact name of registrant as specified in its charter) (State or o ...

Financial Data and Key Metrics Changes - Sales for Q2 2024 were $1.55 billion, down 2.2% year-over-year, translating to a negative 6.9% comparable sales on a shifted basis [5][23] - Gross margin rate was 36.1%, a 50 basis point increase compared to the previous year, driven by inventory cost management and lower freight expenses [16][25] - Net income for the quarter was $142.6 million, with diluted earnings per share of $1.95, and adjusted net income of $148.6 million or $2.03 in adjusted earnings per share [25][27] Business Line Data and Key Metrics Changes - Footwear sales increased by 1%, driven by strong performance in kids and athletic footwear, while the outdoor division also saw a 1% increase [11][12] - Apparel sales decreased by 2%, with strong results in the kids segment but underperformance in licensed team sports [12][13] - Sports and recreation division faced a 7% decline, with challenges in big-ticket items like pools and fitness equipment [13][14] Market Data and Key Metrics Changes - Year-to-date sales through August were down 2.9%, translating to a negative 5.4% comparable sales on a shifted basis [15] - The company faced significant sales impacts from weather events, estimating a $16 million loss due to storms and $32 million from distribution center issues [7][8] Company Strategy and Development Direction - The company aims to grow market share despite a challenging retail environment, focusing on value leadership and innovative product offerings [9][10] - New store growth remains a primary sales driver, with plans to open 15 to 17 new stores in 2024 and 160 to 180 over the next five years [17][49] - The launch of the My Academy Rewards program aims to enhance customer loyalty and engagement, with early sign-ups exceeding expectations [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that economic factors suppressing consumer spending are expected to persist, leading to a revision of annual sales guidance to a range of $5.9 billion to $6.07 billion [15][29] - The company remains focused on aligning expenses and inventory with revised forecasts while maintaining profitability [16][30] Other Important Information - The company generated approximately $91 million in cash from operations and repurchased about 1.8 million shares for $99 million during the quarter [27] - The Board approved a dividend of $0.11 per share payable on October 17, 2024 [27] Q&A Session Summary Question: What is the sales trajectory in the business? - Management indicated that August saw a positive comp, rebounding from earlier disruptions caused by weather events [34][36] Question: Is there a thought to become more promotional given the state of the consumer? - Management stated that extra promotions during lulls tend to erode average unit retail (AUR) and that they will focus on everyday value instead [38][39] Question: What is the competitive landscape like? - Management observed a slight increase in promotions but noted that it is not back to pre-pandemic levels [41][42] Question: What are the drivers of potential improvement for the back half of the year? - Management highlighted new store contributions, the loyalty program, and improved customer engagement as key drivers [45][46] Question: How are the 2023 stores performing? - Management reported that the 2023 stores are performing better than the 2022 vintage stores [48][49] Question: What is the impact of the calendar shift on sales? - Management noted a $35 million benefit from the calendar shift in Q2, which will reverse in the following quarters [60][61]

Adam GaultAcademy Sports and Outdoors: A Buy or a Sell? Until a year ago, investors holding sporting goods retailer Academy Sports and Outdoors' shares (NASDAQ:ASO) appeared rightfully pleased with their pick, especially comparing it against its main and largest peer Dick's Sporting Goods (DKS): Academy's stock almost tripled Dick's returns. Data by YChartsBut YTD, things have reversed and Academy has returned nothing but lackluster performance, with ASO shares down almost 17%, while DKS shares have gai ...

Key TakeawaysAcademy Sports + Outdoors reported a second-quarter sales decline as it faced "a tough economy."The company also cut its full-year outlook.CFO Carl Ford said quarterly sales were "more challenging than expected."Still, adjusted EPS beat estimates and shares rose in intraday trading Tuesday. Academy Sports + Outdoors (ASO) shares advanced in intraday trading Tuesday after the sporting goods and recreational products retailer beat second-quarter adjusted profit expectations, even though it posted ...

Pgiam/iStock via Getty Images Academy Sports and Outdoors, Inc. (NASDAQ:ASO) is rising slightly after just-reported Q2 earnings. The report was mixed, all things considered, and the stock still has about 10% short interest. This one has certainly been a short target many times in the last few years. This time, as we head toward Q4, with the stock down for the year, it could be one for tax loss harvesting, which suggests a better price may be in store. Below, we are setting up a new 'sample' trade for ne ...

Academy Sports and Outdoors, Inc. (ASO) came out with quarterly earnings of $2.03 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $2.09 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $1.23 per share when it actually produced earnings of $1.08, delivering a surprise of -12.20%.Over the last four quarters, the company has not been able to surpass consensus EPS estimates.Academy ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Second Quarter 2024 Performance Overview](index=1&type=section&id=Second%20Quarter%202024%20Performance%20Overview) Academy Sports + Outdoors reported a **decline in net sales and comparable sales** for Q2 2024, with **GAAP diluted EPS of $1.95** and **Adjusted diluted EPS of $2.03**; despite sales challenges, the company achieved a **60% increase in year-to-date Adjusted Free Cash Flow**, which was used to **return $107 million to shareholders** | Metric | Q2 2024 | Q2 2023 | Change % | | :------------------------------------ | :------ | :------ | :------- | | Net sales | $1,549.0M | $1,583.1M | (2.2)% | | Comparable sales | (6.9)% | (7.5)% | | | Income before income tax | $186.5M | $203.3M | (8.2)% | | Net income | $142.6M | $157.1M | (9.2)% | | Adjusted net income | $148.6M | $163.6M | (9.2)% | | Earnings per common share, diluted | $1.95 | $2.01 | (3.0)% | | Adjusted earnings per common share, diluted | $2.03 | $2.09 | (2.9)% | - Year-to-Date Adjusted Free Cash Flow **increased by** **60%**[1](index=1&type=chunk) - The company **returned $107 million to shareholders** in Q2[1](index=1&type=chunk) [CEO's Strategic Commentary](index=1&type=section&id=CEO%27s%20Strategic%20Commentary) CEO Steve Lawrence highlighted progress in strategic initiatives, including new store openings, omni-channel enhancements, and a new loyalty program launch, while inventory discipline led to gross margin expansion and reduced units per store, with future focus on increasing traffic and conversion through targeted marketing and loyalty program expansion - **Opened nine new stores** in the upcoming quarter and **enhanced omni-channel capabilities**, including **DoorDash integration**[2](index=2&type=chunk) - Launched a **new loyalty program** to leverage customer excitement[2](index=2&type=chunk) - **Inventory discipline** **resulted in** a **50 basis points gross margin expansion** and a **5% reduction in units per store**[2](index=2&type=chunk) - **Future focus includes increasing traffic and conversion** for stores and website through **improved targeted marketing** and **expanding the new loyalty program**[2](index=2&type=chunk) [Financial Results](index=1&type=section&id=Financial%20Results) [Second Quarter Operating Results](index=1&type=section&id=Second%20Quarter%20Operating%20Results) For the thirteen weeks ended August 3, 2024, Academy Sports + Outdoors reported a **decrease in net sales and net income** compared to the prior year, with a **slight decline in diluted EPS** | Metric | Thirteen Weeks Ended Aug 3, 2024 | Thirteen Weeks Ended July 29, 2023 | Change % | | :------------------------------------ | :------------------------------- | :------------------------------- | :------- | | Net sales | $1,549.0M | $1,583.1M | (2.2)% | | Comparable sales | (6.9)% | (7.5)% | | | Income before income tax | $186.5M | $203.3M | (8.2)% | | Net income | $142.6M | $157.1M | (9.2)% | | Adjusted net income | $148.6M | $163.6M | (9.2)% | | Earnings per common share, diluted | $1.95 | $2.01 | (3.0)% | | Adjusted earnings per common share, diluted | $2.03 | $2.09 | (2.9)% | [Year-to-Date Operating Results](index=1&type=section&id=Year-to-Date%20Operating%20Results) **Year-to-date operating results for the twenty-six weeks ended August 3, 2024, show a decrease in net sales, income before income tax, and net income compared to the previous year** | Metric | Twenty-Six Weeks Ended Aug 3, 2024 | Twenty-Six Weeks Ended July 29, 2023 | Change % | | :------------------------------------ | :------------------------------- | :------------------------------- | :------- | | Net sales | $2,913.2M | $2,966.7M | (1.8)% | | Comparable sales | (6.4)% | (7.4)% | | | Income before income tax | $284.2M | $322.0M | (11.7)% | | Net Income | $219.1M | $251.0M | (12.7)% | | Adjusted net income | $230.3M | $266.6M | (13.6)% | | Earnings per common share, diluted | $2.93 | $3.19 | (8.2)% | | Adjusted earnings per common share, diluted | $3.08 | $3.39 | (9.1)% | [Balance Sheet Highlights](index=3&type=section&id=Balance%20Sheet%20Highlights) As of August 3, 2024, the company's **cash and cash equivalents increased**, **merchandise inventories saw a slight rise**, and **long-term debt decreased significantly** compared to July 29, 2023 | Balance Sheet Item | August 3, 2024 | July 29, 2023 | Change % | | :----------------- | :------------- | :------------ | :------- | | Cash and cash equivalents | $324.6M | $311.3M | 4.3% | | Merchandise inventories, net | $1,366.6M | $1,309.0M | 4.4% | | Long-term debt, net | $483.6M | $583.7M | (17.1)% | [Capital Allocation & Store Expansion](index=3&type=section&id=Capital%20Allocation%20%26%20Store%20Expansion) **Academy Sports + Outdoors increased share repurchases and dividends paid year-over-year, and declared a quarterly cash dividend**; the company also **continued its store expansion strategy, opening one new store in Q2 and three year-to-date** | Capital Allocation Item | Twenty-Six Weeks Ended Aug 3, 2024 | Twenty-Six Weeks Ended July 29, 2023 | Change % | | :---------------------- | :------------------------------- | :------------------------------- | :------- | | Share repurchases | $222.3M | $157.6M | 41.1% | | Dividends paid | $16.1M | $13.8M | 16.7% | - A **quarterly cash dividend of $0.11 per share was declared on September 5, 2024**, **payable on October 17, 2024**[7](index=7&type=chunk) - One new store was opened during the second quarter, bringing the **total to three stores, with plans for 15 to 17 new stores in fiscal 2024**[7](index=7&type=chunk) [Fiscal 2024 Outlook](index=3&type=section&id=Fiscal%202024%20Outlook) [Revised Full Year Guidance](index=3&type=section&id=Revised%20Full%20Year%20Guidance) **Academy Sports + Outdoors revised its fiscal 2024 guidance downwards for net sales, sales growth, comparable sales, net income, and EPS, while reaffirming its gross margin rate guidance** | Metric | Updated Guidance (Low end) | Updated Guidance (High end) | Previous Guidance (Low end) | Previous Guidance (High end) | | :------------------------------------ | :------------------------- | :-------------------------- | :-------------------------- | :--------------------------- | | Net sales | $5,895.0M | $6,075.0M | $6,070.0M | $6,350.0M | | Sales growth | (4.3)% | (1.4)% | (1.5)% | 3.0% | | Comparable sales | (6.0)% | (3.0)% | (4.0)% | 1.0% | | Gross margin rate | 34.3% | 34.7% | 34.3% | 34.7% | | GAAP net income | $400.0M | $460.0M | $455.0M | $530.0M | | Adjusted net income | $420.0M | $480.0M | - | - | | GAAP earnings per common share, diluted | $5.45 | $6.20 | $6.05 | $7.05 | | Adjusted earnings per common share, diluted | $5.75 | $6.50 | - | - | | Capital expenditures | $175M | $225M | $225M | $275M | | Adjusted free cash flow | $290M | $340M | $290M | $375M | - The earnings per common share guidance reflects a **tax rate of approximately 23.0%** and **does not include any potential future share repurchases using the $476 million remaining authorization**[10](index=10&type=chunk) [CFO's Commentary on Outlook](index=3&type=section&id=CFO%27s%20Commentary%20on%20Outlook) CFO Carl Ford attributed challenging Q2 sales to a tough economy, a temporary distribution center backlog, and an active storm season, emphasizing continued expense and inventory management by leveraging a healthy balance sheet and strong cash flow for capital allocation - **Q2 sales were impacted by a tough economy**, a **temporary distribution center backlog due to a new warehouse management system**, and an **active storm season**[8](index=8&type=chunk) - The company will **continue to manage expenses and inventory levels while focusing on driving top-line growth**[8](index=8&type=chunk) - The company **maintains a healthy balance sheet and top quartile cash flow generation, which will be deployed towards its capital allocation strategy**[8](index=8&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) [About Academy Sports + Outdoors](index=5&type=section&id=About%20Academy%20Sports%20%2B%20Outdoors) **Academy Sports + Outdoors is a leading full-line sporting goods and outdoor recreation retailer in the U.S., operating 285 stores across 19 states**, with a **mission to provide 'Fun for All'** through localized merchandising and a broad assortment of brands - **Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States**[13](index=13&type=chunk) - As of the end of the quarter, **Academy operates 285 stores across 19 states**[13](index=13&type=chunk) - The company's **mission is to provide 'Fun for All' with a localized merchandising strategy and a product assortment focusing on outdoor, apparel, footwear, and sports & recreation categories, including national and private label brands**[13](index=13&type=chunk) [Conference Call Details](index=5&type=section&id=Conference%20Call%20Details) Academy hosted a conference call on September 10, 2024, to discuss its financial results, with webcast and dial-in options available, and a replay accessible on the company's website - A **conference call was hosted on September 10, 2024, at 10:00 a.m. Eastern Time**[12](index=12&type=chunk) - The **call was webcast at investors.academy.com**[12](index=12&type=chunk) - **Dial-in information: U.S. callers 1-877-407-3982, International callers 1-201-493-6780, Passcode 13748429**[12](index=12&type=chunk) - A **replay of the conference call will be available for approximately 30 days on the Company's website**[12](index=12&type=chunk) [Financial Statements (GAAP)](index=7&type=section&id=Financial%20Statements%20%28GAAP%29) [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) The **consolidated statements of income provide a detailed breakdown of the company's revenues, costs, and profits for both the thirteen-week and twenty-six-week periods ended August 3, 2024, compared to the prior year** [Thirteen Weeks Ended August 3, 2024](index=7&type=section&id=Thirteen%20Weeks%20Ended%20August%203%2C%202024) | Metric | August 3, 2024 (in thousands) | Percentage of Sales (Aug 3, 2024) | July 29, 2023 (in thousands) | Percentage of Sales (Jul 29, 2023) | | :------------------------------------ | :---------------------------- | :-------------------------------- | :--------------------------- | :--------------------------------- | | Net sales | $1,548,980 | 100.0% | $1,583,077 | 100.0% | | Cost of goods sold | $990,255 | 63.9% | $1,019,631 | 64.4% | | Gross margin | $558,725 | 36.1% | $563,446 | 35.6% | | Selling, general and administrative expenses | $368,639 | 23.8% | $352,483 | 22.3% | | Operating income | $190,086 | 12.3% | $210,963 | 13.3% | | Income before income taxes | $186,546 | 12.0% | $203,273 | 12.8% | | Net income | $142,588 | 9.2% | $157,075 | 9.9% | | Earnings Per Common Share: Basic | $1.99 | | $2.06 | | | Earnings Per Common Share: Diluted | $1.95 | | $2.01 | | [Twenty-Six Weeks Ended August 3, 2024](index=8&type=section&id=Twenty-Six%20Weeks%20Ended%20August%203%2C%202024) | Metric | August 3, 2024 (in thousands) | Percentage of Sales (Aug 3, 2024) | July 29, 2023 (in thousands) | Percentage of Sales (Jul 29, 2023) | | :------------------------------------ | :---------------------------- | :-------------------------------- | :--------------------------- | :--------------------------------- | | Net sales | $2,913,200 | 100.0% | $2,966,686 | 100.0% | | Cost of goods sold | $1,898,681 | 65.2% | $1,936,125 | 65.3% | | Gross margin | $1,014,519 | 34.8% | $1,030,561 | 34.7% | | Selling, general and administrative expenses | $722,050 | 24.8% | $693,402 | 23.4% | | Operating income | $292,469 | 10.0% | $337,159 | 11.4% | | Income before income taxes | $284,198 | 9.8% | $321,952 | 10.9% | | Net income | $219,053 | 7.5% | $251,045 | 8.5% | | Earnings Per Common Share: Basic | $3.00 | | $3.28 | | | Earnings Per Common Share: Diluted | $2.93 | | $3.19 | | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) The **consolidated balance sheets show the company's financial position, with total assets increasing to $4.87 billion as of August 3, 2024, compared to $4.68 billion on July 29, 2023. Key changes include increases in merchandise inventories and accounts payable, and a decrease in long-term debt** | Balance Sheet Item | August 3, 2024 (in thousands) | February 3, 2024 (in thousands) | July 29, 2023 (in thousands) | | :------------------------------------ | :---------------------------- | :------------------------------ | :--------------------------- | | Total assets | $4,874,358 | $4,676,713 | $4,675,416 | | Total liabilities | $2,921,964 | $2,722,063 | $2,937,377 | | Stockholders' equity | $1,952,394 | $1,954,650 | $1,738,039 | | Cash and cash equivalents | $324,568 | $347,920 | $311,336 | | Merchandise inventories, net | $1,366,616 | $1,194,159 | $1,309,033 | | Accounts payable | $704,578 | $541,077 | $669,832 | | Long-term debt, net | $483,617 | $484,551 | $583,729 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The **consolidated statements of cash flows indicate that net cash provided by operating activities increased year-over-year for the twenty-six weeks ended August 3, 2024, while net cash used in investing and financing activities also increased, resulting in a net decrease in cash and cash equivalents** | Cash Flow Activity | Twenty-Six Weeks Ended Aug 3, 2024 (in thousands) | Twenty-Six Weeks Ended July 29, 2023 (in thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Net cash provided by operating activities | $291,023 | $243,566 | | Net cash used in investing activities | ($73,739) | ($107,846) | | Net cash used in financing activities | ($240,636) | ($161,529) | | NET DECREASE IN CASH AND CASH EQUIVALENTS | ($23,352) | ($25,809) | | CASH AND CASH EQUIVALENTS AT END OF PERIOD | $324,568 | $311,336 | [Non-GAAP Financial Measures & Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) [Definition of Non-GAAP Measures](index=6&type=section&id=Definition%20of%20Non-GAAP%20Measures) **Academy Sports + Outdoors presents non-GAAP financial measures like Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per Common Share, and Adjusted Free Cash Flow to provide additional insights into financial performance and comparability between periods, excluding certain items** - **Non-GAAP measures (Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted EPS, Adjusted Free Cash Flow) are presented as supplemental measures of financial performance**[14](index=14&type=chunk) - These measures are **useful to investors by providing additional information on comparisons between periods, excluding certain items that affect overall comparability**[14](index=14&type=chunk) - **Non-GAAP financial measures should be considered in addition to, and not as an alternative for, GAAP results**[14](index=14&type=chunk) [Adjusted EBITDA and Adjusted EBIT Reconciliation](index=12&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBIT%20Reconciliation) The company **reconciles GAAP net income to Adjusted EBITDA and Adjusted EBIT by adding back interest expense, income tax expense, depreciation and amortization, equity compensation, and write-off of deferred loan costs** | Metric | Thirteen Weeks Ended Aug 3, 2024 (in thousands) | Thirteen Weeks Ended July 29, 2023 (in thousands) | Twenty-Six Weeks Ended Aug 3, 2024 (in thousands) | Twenty-Six Weeks Ended July 29, 2023 (in thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net income | $142,588 | $157,075 | $219,053 | $251,045 | | Interest expense, net | $9,071 | $11,313 | $18,557 | $22,543 | | Income tax expense | $43,958 | $46,198 | $65,145 | $70,907 | | Depreciation and amortization | $28,918 | $25,760 | $57,771 | $52,021 | | Equity compensation | $7,955 | $8,501 | $14,093 | $19,883 | | Write off of deferred loan costs | — | — | $449 | — | | Adjusted EBITDA | $232,490 | $248,847 | $375,068 | $416,399 | | Less: Depreciation and amortization | ($28,918) | ($25,760) | ($57,771) | ($52,021) | | Adjusted EBIT | $203,572 | $223,087 | $317,297 | $364,378 | [Adjusted Net Income and Adjusted EPS Reconciliation](index=13&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20EPS%20Reconciliation) This section **reconciles GAAP net income and EPS to their adjusted non-GAAP counterparts by accounting for equity compensation, write-off of deferred loan costs, and their tax effects**; it also **provides a reconciliation for the fiscal 2024 guidance** | Metric | Thirteen Weeks Ended Aug 3, 2024 (in thousands) | July 29, 2023 (in thousands) | Twenty-Six Weeks Ended Aug 3, 2024 (in thousands) | July 29, 2023 (in thousands) | | :------------------------------------ | :---------------------------------------------- | :--------------------------- | :---------------------------------------------- | :--------------------------- | | Net income | $142,588 | $157,075 | $219,053 | $251,045 | | Equity compensation | $7,955 | $8,501 | $14,093 | $19,883 | | Write off of deferred loan costs | — | — | $449 | — | | Tax effects of these adjustments | ($1,901) | ($2,008) | ($3,333) | ($4,378) | | Adjusted Net Income | $148,642 | $163,568 | $230,262 | $266,550 | | Earnings per common share: Basic | $1.99 | $2.06 | $3.00 | $3.28 | | Earnings per common share: Diluted | $1.95 | $2.01 | $2.93 | $3.19 | | Adjusted earnings per common share: Basic | $2.07 | $2.15 | $3.16 | $3.49 | | Adjusted earnings per common share: Diluted | $2.03 | $2.09 | $3.08 | $3.39 | | Metric | Fiscal Year Ending Feb 1, 2025 (Low Range) | Fiscal Year Ending Feb 1, 2025 (High Range) | | :------------------------------------ | :----------------------------------------- | :------------------------------------------ | | Net Income | $400.0M | $460.0M | | Equity compensation | $27.0M | $27.0M | | Tax effects of these adjustments | ($7.0M) | ($7.0M) | | Adjusted Net Income | $420.0M | $480.0M | | Earnings Per Common Share, Diluted | $5.45 | $6.20 | | Adjusted Earnings Per Common Share, Diluted | $5.75 | $6.50 | [Adjusted Free Cash Flow Reconciliation](index=14&type=section&id=Adjusted%20Free%20Cash%20Flow%20Reconciliation) **Adjusted Free Cash Flow is calculated by subtracting net cash used in investing activities from net cash provided by operating activities**; for the twenty-six weeks ended August 3, 2024, **Adjusted Free Cash Flow was $217.3 million** | Metric | Thirteen Weeks Ended Aug 3, 2024 (in thousands) | July 29, 2023 (in thousands) | Twenty-Six Weeks Ended Aug 3, 2024 (in thousands) | July 29, 2023 (in thousands) | | :------------------------------------ | :---------------------------------------------- | :--------------------------- | :---------------------------------------------- | :--------------------------- | | Net cash provided by operating activities | $91,346 | $191,431 | $291,023 | $243,566 | | Net cash used in investing activities | ($41,384) | ($67,299) | ($73,739) | ($107,846) | | Adjusted Free Cash Flow | $49,962 | $124,132 | $217,284 | $135,720 | [Additional Information](index=6&type=section&id=Additional%20Information) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains a **disclaimer regarding forward-looking statements**, **emphasizing that they are based on current expectations** and are **subject to various risks and uncertainties** that **could cause actual results to differ materially**; the **company undertakes no obligation to update these statements** - Forward-looking statements are **not guarantees of future performance**[16](index=16&type=chunk) - Actual results may **differ materially** due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors, many of which are beyond Academy's control[16](index=16&type=chunk) - Academy **undertakes no obligation to publicly update or review** any forward-looking statement, except as required by applicable securities laws[16](index=16&type=chunk) [Investor & Media Contacts](index=6&type=section&id=Investor%20%26%20Media%20Contacts) **Contact information for investor relations and media inquiries is provided for stakeholders** - **Investor Contact: Matt Hodges, VP, Investor Relations, 281-646-5362, matt.hodges@academy.com**[17](index=17&type=chunk) - **Media Contact: Allan Rojas, Director, Communications, 281-944-6048, allan.rojas@academy.com**[18](index=18&type=chunk)

Net Sales Decline (2.2)%; Comparable Sales of (6.9)% GAAP Diluted EPS of $1.95, or $2.03 Adjusted Diluted EPS Year-to-Date Adjusted Free Cash Flow +60%; Utilized to Return $107 Million to Shareholders in Q2 Fiscal 2024 Guidance Revised; Reaffirming Gross Margin Rate Guidance KATY, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the "Company") today announced its financial results for the second quarter ended August 3, 2024. "Academy continues to make p ...

Academy Sports and Outdoors, Inc. ASO will release earnings results for its second quarter, before the opening bell on Tuesday, Sept. 10.Analysts expect the Katy, Texas-based company to report quarterly earnings at $2.03 per share, down from $2.09 per share in the year-ago period. Academy Sports and Outdoors is projected to post revenue of $1.57 billion, according to data from Benzinga Pro.On Sept. 5, Academy Sports and Outdoors' board approved the declaration of a quarterly cash dividend of 11 cents per sh ...