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These Analysts Slash Their Forecasts On Academy Sports And Outdoors After Weak Q1 Earnings

Academy Sports And Outdoors Inc (NASDAQ:ASO) reported worse-than-expected first-quarter FY24 earnings on Tuesday. The sports goods retailer reported a first-quarter sales decline of 1.4% year-on-year to $1.36 billion, missing the analyst consensus estimate of $1.38 billion. Comparable sales declined 5.7%. Adjusted EPS of $1.08 missed the analyst consensus estimate of $1.24, according to data from Benzinga Pro. "As expected, our first quarter results reflect that our customers remain under pressure in the current economic environment," said CEO Steve Lawrence. Academy reiterated its previous sales and net income guidance for fiscal 2024, while updating its EPS forecast to reflect the share repurchase activity completed in the first quarter. Academy expects FY24 sales of $6.070 billion – $6.350 billion versus the consensus estimate of $6.24 billion. ASO ...