ASO - PlaybyPlay Podcast: Lululemon and Academy Sports and Outdoors Post Q2 Results

2023-09-01 15:00:00 ET

September 1, 2023 (Investorideas.com Newswire) Investorideas.com, a global investor news source issues today's edition of Play by Play covering what's new in sports and esports headlines plus recent news from publicly traded companies.

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Lululemon Athletica Inc. ( NYSE:LULU ) has announced its financial results for the second quarter of its fiscal 2023. Highlights include an 18 percent increase in net revenue to $2.2 billion, a total comparable sales increase of 11 percent, and the opening of 10 new company-operated stores during the period making for 672 stores in total. The company's CFO, Meghan Frank, explained:

"Our performance remained strong in Q2 as both revenue and EPS exceeded our expectations. Our ongoing momentum is a reflection of our portfolio approach to growth, differentiated business model, and innovative product assortment. We are excited about our opportunities in the second half of the year and look forward to continue delivering on our Power of Three x2 growth plan."

Academy Sports and Outdoors, Inc. ( NasdaqGS:ASO ) has also posted its financial results for the second quarter ended July 29, 2023. Highlights include net sales of $1.58 billion and a net income of $157.1 million. The company opened one new store in the quarter, making for a total of 270, but "expects to open six stores in the third quarter and five to six in the fourth quarter" this year. The company's CEO, Steve Lawrence, said:

"The team is working hard on thoughtfully managing through our short-term challenges and remains focused on delivering against our long range plan objectives. Moving forward, we believe that Academy is well positioned to continue to capture market share as a leader in the sports and outdoors space. We are planting the seeds for future growth by opening 11-12 new stores this Fall, building out our omnichannel capabilities and expanding our portfolio of new and exciting brands that resonate with our core customer."

ACC Adds Three Schools and USA Team Advances to Quarterfinals of Basketball World Cup

ESPN reports that the Atlantic Coast Conference (ACC) has added three schools - Stanford, Cal and SMU - bringing the league to 18 members. These additions are in all sports and will begin in the 2024-25 school year. ACC Commissioner Jim Phillips said:

"We are thrilled to welcome three world-class institutions to the ACC, and we look forward to having them compete as part of our amazing league. Throughout the evaluation process, the ACC Board of Directors, led by [University of Virginia] President [James] Ryan, was deliberate in prioritizing the best possible athletic and academic experience for our student-athletes and in ensuring that the three universities would strengthen the league in all possible ways. Cal, SMU and Stanford will be terrific members of the ACC and we are proud to welcome their student-athletes, coaches, staff and entire campus community, alumni and fans."

The USA team struggled but obtained a 85-73 victory over Montenegro at the World Cup, advancing to the quarter-finals. The Associated Press reports that "they trailed by a point at the half, didn't take the lead for good until midway through the third quarter and still had a contest on their hands until the final minutes." U.S. coach Steve Kerr said:

"These games are going to happen. And you have to be able to fight through them. I thought our guys did a great job of that."

Sam Mowers, Investorideas.com

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