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Academy Sports + Outdoors Reports Third Quarter 2023 Results

Third Quarter GAAP Diluted EPS of $1.31 , or $1.38 Adjusted Diluted EPS

Net Sales Decline (6.4)% ; Comparable Sales Decline (8.0)%

The Company Opened Five New Stores During the Third Quarter and a Total of 14 in 2023

New $600 Million Share Repurchase Program Announced

KATY, Texas , Nov. 30, 2023 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the "Company") today announced its financial results for the third quarter date ended October 28, 2023 .

"Our sales and net earnings for the third quarter came in below expectations, primarily driven by weakening consumer sentiment coupled with above normal temperatures that negatively impacted demand for Fall product. Over the past year we have seen customers change their shopping patterns and aggregate trips into the key shopping moments on the calendar and we expect to see this pattern continue this holiday season," said Chief Executive Officer, Steve Lawrence . "During the fourth quarter, we are focused on providing excellent customer service, offering new and innovative gifts and driving traffic to our stores and website with aggressive marketing that features the outstanding values we are offering our customers to help them stretch their wallets as they celebrate this holiday season with their families. Beyond this holiday, we remain focused on executing our long-term strategy and investing in our growth initiatives. We believe that we have a solid operating model, a strong value position and deep customer affinity that will allow us to continue to grow and expand our footprint.”

Subsequent to the end of the third quarter, on November 29, 2023 , Academy's Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock. The dividend is payable on January 10, 2024 , to stockholders of record as of the close of business on December 13, 2023 . The Board also approved a new, three-year, $600 million share repurchase program, bringing the total amount currently available under both share repurchase programs to approximately $700 million .

Carl Ford , Chief Financial Officer, said, "In this challenging macro-economic environment, Academy remains focused on expense control and inventory management in order to maintain healthy margins and optimize cash flow. This strategy enables us to maintain a strong balance sheet as well as self-fund our strategic initiatives. We are also focused on creating shareholder value, demonstrated by the $44 million of share buybacks and $7 million of dividends paid to shareholders during the quarter."

New Store Openings Academy opened five new stores during the third quarter and seven new stores in November, completing its annual openings for 2023. The Company opened a total of 14 stores in 2023.

2023 Outlook Based on year-to-date results and current business trends, Academy is narrowing its guidance for fiscal 2023 as follows:

The earnings per common share guidance reflects a tax rate of approximately 22.0% and does not include any potential future share repurchases.

Conference Call Info Academy will host a conference call today at 10:00 a.m. Eastern Time to discuss its financial results. The call will be webcast at investors.academy.com . The following information is provided for those who would like to participate in the conference call:

A replay of the conference call will be available for approximately 30 days on the Company's website.

About Academy Sports + Outdoors Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States . Originally founded in 1938 as a family business in Texas , Academy has grown to 275 stores across 18 states as of quarter end. Academy’s mission is to provide “Fun for All” and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy’s product assortment focuses on key categories of outdoor, apparel, footwear and sports & recreation through both leading national brands and a portfolio of private label brands.

Non-GAAP Measures Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per Common Share, and Adjusted Free Cash Flow have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles (“GAAP”). The Company believes that the presentation of these non-GAAP measures is useful to investors as it provides additional information on comparisons between periods by excluding certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes, to consider underlying trends of its business, and in measuring its performance relative to others in the market, and believes presenting these measures also provides information to investors and others for understanding and evaluating trends in the Company’s operating results or measuring performance in the same manner as the Company’s management. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The calculation of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. For additional information on these non-GAAP financial measures, please see our Annual Report for the fiscal year ended January 28, 2023 (the "Annual Report"), which may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov .

See “Reconciliations of GAAP to Non-GAAP Financial Measures” below for reconciliations of non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures.

Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy’s current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as “believe,” “expect,” “forward,” “ahead,” “opportunities,” “plans,” “priorities,” “goals,” “future,” “short/long term,” “will,” “should,” or the negative version of these words or other comparable words. The forward-looking statements include, among other things, statements regarding the Company’s fiscal 2023 outlook, the Company’s strategic plans and financial objectives, growth of the Company’s business and operations, the Company’s payment of dividends and declaration of future dividends, including the timing and amount thereof, share repurchases by the Company, the Company's expectations regarding its future performance, and future financial condition, and other such matters, and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and increases in interest rates, or changes to the financial health of our customers, many of which are beyond Academy's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Academy's filings with the SEC , including the Annual Report and the Company’s Quarterly Report for the thirteen and thirty-nine weeks ended October 28, 2023 , under the caption "Risk Factors," as may be updated from time to time in our periodic filings with the SEC . Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

(1) Column may not add due to rounding

ACADEMY SPORTS AND OUTDOORS, INC. RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)

Adjusted EBITDA and Adjusted EBIT We define “Adjusted EBITDA” as net income (loss) before interest expense, net, income tax expense and depreciation, amortization, and impairment, and other adjustments included in the table below. We define “Adjusted EBIT” as Adjusted EBITDA less depreciation and amortization. We describe these adjustments reconciling net income (loss) to Adjusted EBITDA and Adjusted EBIT in the following table (amounts in thousands):

Adjusted Net Income and Adjusted Earnings Per Common Share

We define “Adjusted Net Income” as net income (loss) plus other adjustments, less the tax effect of these adjustments. We define “Adjusted Earnings per Common Share, Basic” as Adjusted Net Income divided by the basic weighted average common shares outstanding during the period and “Adjusted Earnings per Common Share, Diluted” as Adjusted Net Income divided by the diluted weighted average common shares outstanding during the period. We describe these adjustments reconciling net income (loss) to Adjusted Net Income, and Adjusted Earnings Per Common Share in the following table (amounts in thousands, except per share data):

Adjusted Net Income and Adjusted Earnings Per Common Share, Diluted, Guidance Reconciliation (amounts in millions, except per share data)

Adjusted Free Cash Flow

We define “Adjusted Free Cash Flow” as net cash provided by (used in) operating activities less net cash used in investing activities. We describe these adjustments reconciling net cash provided by operating activities to Adjusted Free Cash Flow in the following table (amounts in thousands):

Adjusted Free Cash Flow, Guidance Reconciliation (amounts in millions)

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Academy Sports + Outdoors Announces 2023 Analyst + Investor Event

KATY, Texas , March 20, 2023 /PRNewswire/ -- Academy Sports and Outdoors, Inc. ("Academy" or the "Company") (Nasdaq: ASO), a leading full-line sporting goods and outdoor recreation retailer, plans to host its first-ever Analyst + Investor Event on April 3 and 4, 2023.

On April 3, 2023 , Academy will conduct an afternoon store walk at a local-area store, followed by a dinner with management.

On April 4, 2023 , beginning at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time , the Academy management team will present and discuss its new long-range strategy plan, at its corporate headquarters in Katy, Texas . A second store tour will be conducted on the afternoon of April 4, 2023 , for those who are unable to participate in the tour on April 3, 2023 .

Due to limited capacity, in-person attendance at each of these events is by invitation only by the Company's investor relations team.

A live webcast of the management presentation on April 4, 2023 will be accessible on the Company's website at investors.academy.com from the "News & Events" dropdown menu, under the "Events" tab.

The management presentation materials will be posted promptly following the management presentation and a replay of the webcast will be available on the Company's website at investors.academy.com for ninety days after the event.

About Academy Sports + Outdoors Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States . Originally founded in 1938 as a family business in Texas , Academy has grown to 268 stores across 18 states. Academy's mission is to provide "Fun for All" and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy's product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com .

Media inquiries: Elise Hasbrook , Vice President Communications 281.253.8200 [email protected]

Investor inquiries: Matt Hodges , Vice President Investor Relations 281.646.5362 [email protected]

SOURCE Academy Sports + Outdoors

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Academy sports + outdoors announces participation in upcoming investor conferences.

KATY, Texas , Aug. 24, 2023 /PRNewswire/ -- Academy Sports and Outdoors, Inc. (the "Company") (Nasdaq: ASO) today announced its participation in the following upcoming investor conferences:

2023 Goldman Sachs Annual Global Retailing Conference Format: Fireside chat and small group meetings on September 12-13, 2023 Fireside Chat Presentation: Tuesday, September 12, 2023 , at 8:55 a.m. Eastern Time Participants: Steve Lawrence , CEO; Michael Mullican , President; and Carl Ford , CFO

2023 Wells Fargo 6 th Annual Consumer Conference Format: Fireside chat and small group meetings on September 20-21, 2023 Fireside Chat Presentation: Wednesday, September 20, 2023 , at 3:40 p.m. Eastern Time Participants: Steve Lawrence , CEO; Michael Mullican , President; and Carl Ford , CFO

Presentation materials utilized during these events, as well as a live and replay webcast (for 30 days) of the Goldman Sachs fireside chat, will be made available on the Company's investor relations website at  https://investors.academy.com .

About Academy Sports + Outdoors Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States . Originally founded in 1938 as a family business in Texas , Academy has grown to 271 stores across 18 states. Academy's mission is to provide "Fun for All" and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy's product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com .

Media inquiries: Elise Hasbrook , Vice President Communications 281.253.8200 [email protected]

Investor inquiries: Matt Hodges , Vice President Investor Relations 281.646.5362 [email protected]

View original content to download multimedia: https://www.prnewswire.com/news-releases/academy-sports--outdoors-announces-participation-in-upcoming-investor-conferences-301909590.html

SOURCE Academy Sports + Outdoors

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Just announced on Prime Video: The 14 biggest TV series, films, and sports events coming in 2024 and 2025

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Amazon hosted its first-ever upfront presentation in New York on May 14, showcasing the breadth and depth of Prime Video , the world’s largest ad-supported premium streaming service, with help from the most acclaimed talent in film, television, and sports.

“No other streaming service can reach the number of customers with premium entertainment that we can,” said Mike Hopkins, senior vice president and head of Prime Video and Amazon MGM Studios. “And our audience is not just a number on a page. They're highly engaged viewers who are passionate about the deep and broad selection of programming we deliver including live sports, series, and films.”

Prime Video has a monthly ad-supported reach of more than 200 million worldwide and more than 115 million in the United States.

“Welcome to the next hundred years of Amazon MGM Studios,” said Jennifer Salke, head of Amazon MGM Studios. “Only Amazon has the ability to dive into IP and spark new obsessions across books, podcasts, music, fashion, and games. No other studio offers creators so many ways to engage with an audience. And this has made Amazon MGM Studios the home for talent."   Here is a look at the upfront’s biggest moments and announcements across TV, films, and sports.

Road House sequel

Star Jake Gyllenhaal joined Salke onstage to celebrate the success of Amazon MGM Studios’ original film Road House , which has been watched by nearly 80 million viewers since its premiere March 21 on Prime Video. Salke revealed that Gyllenhaal will return for a second round as ex-UFC fighter Dalton in a sequel that the studio is developing.

The Boys has been picked up for a fifth season, ahead of its Season Four premiere June 13 on Prime Video.

The pulse-pounding thriller Cross , starring Aldis Hodge and based on the characters from James Patterson’s best-selling Alex Cross book series, was renewed for a second season ahead of its debut later this year.

Mr. & Mrs. Smith

The acclaimed series Mr. & Mrs. Smith , from co-creators and executive producers Donald Glover and Francesca Sloane, has been picked for a second season. The eight-episode series debuted on February 2 and quickly became a top series on Prime Video in more than 130 countries.

The Lord of the Rings: The Rings of Power

Attendees were transported back to Middle-earth with a first look at the upcoming second season of the hit series. The series’ first season was an unprecedented global success and one of the top original series for Prime Video, viewed by more than 100 million people worldwide, and driving more Prime sign-ups worldwide during its launch window than any other previous content to date.

Watch the trailer

Get an inside look at the costumes in the show

The Legally Blonde prequel series Elle follows the origin story of Elle Woods and comes from Reese Witherspoon’s Hello Sunshine, a part of Candle Media. Creator Laura Kitrell ( High School, Insecure ) is set as showrunner and executive producer, with Reese Witherspoon, Lauren Neustadter, Lauren Kisilevsky, and Marc Platt also serving as executive producers.

Academy Award winner Nicolas Cage will star in Noir , a new live-action original series from the producers of Spider-Man: Into the Spider-Verse . Based on the Marvel comic Spider-Man Noir , the series will debut on the MGM+ linear channel, then globally on Prime Video in more than 240 countries and territories.

Tomb Raider

Phoebe Waller-Bridge will write and executive produce a new series, based on the iconic video game franchise. Tomb Raider follows the adventures of world-famous archaeologist and adventurer Lara Croft. Amazon MGM Studios will soon begin a worldwide search to cast this iconic role. The project comes as part of a deal between Crystal Dynamics and Amazon MGM Studios, originating through dj2’s first-look deal with the studio, to develop additional Tomb Raider series and films.

Crystal Dynamics and Amazon Games have previously announced a collaboration to develop and publish a new multiplatform Tomb Raider game.

You’re Cordially Invited

Reese Witherspoon and Will Ferrell revealed a first look at their new comedy film, You’re Cordially Invited .

Witherspoon plays a woman planning her sister’s perfect wedding, and Ferrell the father of a young bride-to-be, who find out that they are double booked for destination weddings at a remote resort on an island off the Georgia coast.

Thursday Night Football

The 2024-25 season of Thursday Night Football will kick off with a huge AFC rivalry match-up, as Josh Allen and the Buffalo Bills visit Tua Tagovailoa and the Miami Dolphins on Thursday, September 12.

Prime Video also announced it will drop the green flag May 25, 2025 with the iconic night race, the Coca-Cola 600, as its first exclusive NASCAR Cup Series race, live from Charlotte Motor Speedway.

Sports documentaries

Prime Video greenlit four new sports documentaries, including:

• A four-part documentary on NASCAR icon Dale Earnhardt Sr.
• A four-part series chronicling the history of the Madden video game franchise
• An anthology series about the most epic Game 7s throughout sports history
• A true-crime documentary about ChiefsAholic, the notorious Kansas City Chiefs superfan and serial bank robber

Prime Video also announced a June 20 premiere date and released a teaser trailer for Federer: Twelve Final Days , a feature-length documentary chronicling the final 12 days of Roger Federer’s professional tennis career.

Amazon Music

Amazon Music Live , Amazon Music’s concert series airing after Thursday Night Football , will return for its third season this fall. The livestream event has become a massive stage for artists to share culture-defining new music after the game.

Amazon Ads is creating The Glitch, a galaxy of brand-customized, playable worlds distributed in Fortnite . The Glitch is being built specifically for our gaming communities on Twitch. Fortnite is among the top games on Twitch; it is one of the most frequently requested games brands seek to partner on.

Prime has all your entertainment and streaming needs in a single membership .

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