ASO - Academy Sports and Outdoors Inc. (ASO) Q4 2023 Earnings Call Transcript

2024-03-21 18:08:05 ET

Academy Sports and Outdoors, Inc. (ASO)

Q4 2023 Earnings Conference Call

March 21, 2024, 10:00 AM ET

Company Participants

Matt Hodges - VP, IR

Steve Lawrence - CEO

Carl Ford - CFO

Conference Call Participants

Simeon Gutman - Morgan Stanley

Kate McShane - Goldman Sachs

Greg Melich - Evercore ISI

Chris Horvers - JPMorgan

Robbie Ohmes - Bank of America

Michael Lasser - UBS

Anthony Chukumba - Loop Capital Markets

John Heinbockel - Guggenheim Securities

Will Gaertner - Wells Fargo

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors Fourth Quarter and Fiscal Year and 2023 Results Conference Call. At this time, this call is being recorded. [Operator Instructions]

I would now like to turn the conference over to Matt Hodges, Vice President of Investor Relations for Academy Sports and Outdoors. Matt, please go ahead.

Matt Hodges

Good morning, everyone. And thank you for joining the Academy Sports and Outdoors' fourth quarter and fiscal 2023 financial results call. Participating on the call are Steve Lawrence, Chief Executive Officer; and Carl Ford, Chief Financial Officer.

As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results, to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to the factors identified in the earnings release and in our SEC filings. The company undertakes no obligation, to revise any forward-looking statements.

Today's remarks also refer to certain non-GAAP financial measures, reconciliations to the most comparable GAAP measures are included in today's earnings release, which is available at investors.academy.com. Please note that we have posted a supplemental slide presentation on our website, to accompany today's earnings release.

I'll now turn the call over to Steve Lawrence for his remarks. Steve?

Steve Lawrence

Thanks, Matt. Good morning to everyone, and thank you for joining us on our fourth quarter earnings call.

During our call today, will provide details on the results for both Q4 and 2023 full year. We'll also share a progress update on achieving our long-range goals, and our thoughts on initial guidance for 2024.

First, I'd like to start with our Q4 performance. As you saw from the results we announced earlier this morning, we had an improvement in our trend during the fourth quarter, with sales coming in at $1.8 billion, which was up 2.8% in total, and translated into a negative 3.6% comp. This was a 400 basis point improvement in comp sales trend, versus the negative 7.6%, we ran during the first three quarters of the year....

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