In This Story
Academy Sports and Outdoors Inc. (ASO+0.46%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $1,343,330,000 for the third quarter of 2024, a decrease from $1,397,777,000 in the same period of 2023. The decline is attributed to lower comparable sales across most merchandise divisions.
Gross margin for the quarter was $456,713,000, down from $482,641,000 in the previous year, with a gross margin percentage decrease to 34.0% from 34.5%. This decrease is primarily due to increased supply chain costs and changes in merchandise margins.
Selling, general, and administrative expenses rose to $365,239,000 from $345,910,000, driven by investments in new stores and technology.
Operating income fell to $91,474,000 from $136,731,000, reflecting the impact of lower sales and higher expenses.
Net income for the quarter was $65,763,000, compared to $99,978,000 in the previous year. The decrease is attributed to reduced operating income and increased other income.
Cash provided by operating activities was $96,891,000, while cash used in investing and financing activities was $62,707,000 and $303,391,000, respectively.
As of November 2, 2024, Academy Sports and Outdoors had $296,000,000 in cash and cash equivalents and a total debt of $489,500,000.
The company repurchased 1,044,027 shares during the quarter, with $423,016,153 remaining under its share repurchase program.
Academy Sports and Outdoors declared a quarterly dividend of $0.11 per share, payable on January 15, 2025, to shareholders of record as of December 18, 2024.
The company continues to focus on expanding its store footprint and enhancing its e-commerce capabilities to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Academy Sports and Outdoors Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.