ASO - Academy Sports and Outdoors rallies after guidance cut comes better than expected Q1 earnings topper

Academy Sports and Outdoors (NASDAQ:ASO) trades higher 9% on Tuesday after reporting beat on both lines in its first quarter earnings' report. Revenue of $1.47B (-7.0% Y/Y) beats by $20M; E-commerce sales grew 18.8%. Comparable sales declined 7.5%.  The decline in sales is attributed to its comparison with 38.9% comparable sales in the prior year quarter, partially driven by government stimulus payments. When compared with Q1 2019, revenue increased 36.3%. Gross margin was $521.4M, or 35.5% of net sales, compared to gross margin of $563.7M, or 35.7% of net sales in Q1 2021. GAAP EPS of $1.69. Non-GAAP EPS of $1.73 beats by $0.32. The company ended the quarter with $472.4M in cash and cash equivalents with no borrowings under the $1B credit facility. Merchandise inventories were $1.3B, an increase of 22.5% compared to the first quarter 2021 and 8.8% higher than the first quarter of 2019. FY 2022 Guidance Updated: Revenue is expected to range

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Academy Sports and Outdoors rallies after guidance cut comes better than expected, Q1 earnings topper