Shares of Academy Sports & Outdoors Inc. soared 8.7% in Tuesday premarket trading after the athletic retailer swung to a profit and raised its guidance. Net income totaled $177.8 million, or $1.84 per share, after a loss of $10.0 million, or 14 cents per share, last year. Adjusted EPS was $1.89, blowing past the FactSet consensus for 83 cents. Sales of $1.580 billion were up from $1.136 billion last year and just ahead of the FactSet consensus for $1.579 billion. Comparable sales growth of 38.9% beat the FactSet consensus for 32.4% growth. Apparel, shoes and team sports drove sales. E-commerce sales fell 21% after triple-digit growth the prior year. For 2021, the company now expects comparable sales growth of 6% to 9%, up from a 2% decline to 2% growth previously. And EPS is now expected to be $4.15 to $4.50, up from $2.70 to $2.95. The FactSet consensus is for full-year comparable sales growth of 4.6% and EPS of $3.34. Academy Sports stock has gained 82.3% over the year to date while the S&P 500 index is up 12.5% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
