Academy Sports and Outdoors, Inc. - ASO STOCK NEWS

Academy Sports and Outdoors (ASO) reported a significant financial performance for Q2 2021, with net sales up 11.5% to $1.79 billion, an all-time high. Year-to-date, net sales increased 22.9% to $3.37 billion. Pre-tax income saw a 42.8% rise to $240.9 million, while diluted EPS was $1.99. The company also announced a new $500 million share repurchase program, reflecting confidence in its future. For FY 2021, ASO raised its EPS guidance to a range of $5.45 to $5.80, indicating a positive outlook amidst a dynamic market.

Academy Sports and Outdoors (ASO) will release its second quarter fiscal 2021 financial results before the market opens on September 9, 2021. A live conference call is scheduled for 11:00 a.m. ET on the same day, with access available via phone or through a webcast on the company's investor relations website. The company has expanded to 259 stores across 16 states, focusing on outdoor, apparel, sports & recreation, and footwear products through national brands and 19 private label brands. A replay of the call will be available for 30 days.

Academy Sports and Outdoors (Nasdaq: ASO) has appointed Sharen J. Turney to its Board of Directors, effective immediately. Turney will also join the Compensation and Nominating and Governance Committees. This decision follows Nate Taylor's departure from the Governance Committee. With this change, the Board now consists of nine directors, all independent in the Governance Committee. Turney brings over 30 years of experience in retail and e-commerce, having previously served as CEO of Victoria's Secret and various other executive roles. Her expertise is expected to enhance Academy's growth phase.

Academy Sports and Outdoors (NASDAQ: ASO) will participate in the Evercore ISI Consumer & Retail Summit on June 15, 2021, at 10:15 AM ET. The event will be conducted as a virtual fireside chat and include small group meetings.

Key participants include Ken Hicks (Chairman, President and CEO), Michael Mullican (CFO), and Matt Hodges (VP of Investor Relations). A link to the webcast will be available at investors.academy.com.

Academy is a leading sporting goods retailer with 259 stores across 16 states, dedicated to providing a localized merchandising strategy.

Academy Sports and Outdoors (ASO) reported a 39.1% increase in net sales to $1.58 billion for Q1 2021, with comparable sales up 38.9%. Gross margin rose 950 basis points to 35.7%, driven by improved merchandise margins. Pre-tax income soared to $225 million, compared to a loss of $9.5 million in the prior year. The company raised its diluted EPS guidance to $4.15 to $4.50. However, e-commerce sales fell 21% due to high comparisons from 2020's pandemic surge.

Academy Sports and Outdoors has successfully reduced its term loan by $99 million, leaving a remaining balance of $300 million. The interest rate has been lowered by 125 basis points to LIBOR + 3.75%, translating to an annual savings of approximately $9 million in interest expenses. Additionally, S&P Global upgraded Academy's credit rating from B to B+, citing improved financial metrics and decreased ownership of the largest stockholder. The company aims to strengthen its balance sheet and position for future growth opportunities.

Academy Sports and Outdoors plans to announce its first quarter fiscal 2021 financial results on June 8, 2021, before market opening. A live conference call will be held at 11:00 a.m. ET that same day to discuss these results. Interested participants can join by dialing 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) with the passcode 13719814. A replay of the call will be available for 30 days. Academy operates 259 stores across 16 states, focusing on providing a diverse range of sporting goods and outdoor products.

Academy Sports and Outdoors, Inc. (NASDAQ: ASO) announced the immediate appointment of Beryl B. Raff to its Board of Directors and Compensation Committee, while Wendy A. Beck becomes the chairperson of the Nominating & Governance Committee. The changes follow the resignation of Vishal V. Patel and Aileen X. Yan, who departed due to reduced KKR holdings. The Board now has nine members, including six independents, enhancing governance. Raff brings extensive retail leadership experience, having served at notable companies like Helzberg Diamonds and JC Penney.

Academy Sports and Outdoors (NASDAQ: ASO) has priced a secondary offering of 14 million shares of common stock at $32.00 per share, driven by certain stockholders, including affiliates of Kohlberg Kravis Roberts & Co. L.P. The underwriters have a 30-day option to purchase an additional 2.1 million shares. Academy plans to repurchase 3,229,974 of these shares concurrently at the same price, to be retired post repurchase. The offering will close on May 10, 2021, subject to customary conditions.