ASO - Why Academy Sports and Outdoors Stock Jumped This Week
2023-09-01 09:05:52 ET
Week to date, shares of Academy Sports and Outdoors (NASDAQ: ASO) were up 9.7% through Thursday's market close, according to data provided by S&P Global Market Intelligence .
Earnings season can usually cause stocks to move sharply in one direction or another, and that was the case this week. The sports apparel retailer reported financial results for the fiscal second quarter ended in July that were not as bad as expected, which lifted the stock.
It's been a difficult year for retailers. Many industry leaders are reporting consumers are trading down to lower-priced items, and Academy Sports is seeing the same. The company reported a 6.2% year-over-year decline in total net sales. Comparable sales , which measures the change in sales of stores open after 13 fiscal months, fell 7.5%.
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Why Academy Sports and Outdoors Stock Jumped This Week