Chief Executive Steve Lawrence confirmed the company's upward trajectory remains cautious, operating under the assumption that inflationary pressures will continue to weigh on household budgets throughout the year. Despite these headwinds, the company lifted the floor of its annual sales forecast to $6.23 billion, while holding the ceiling at $6.36 billion. Comparable sales, a key metric for retail health, are now expected to be flat or up to 2%, a notable shift from previous projections of a potential 1% decline.
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Academy Sports Boosts Annual Forecast Following Strong Quarter
Retailer Academy Sports & Outdoors is betting on sustained consumer demand, raising its annual sales and earnings outlook after a first-quarter performance that outpaced expectations. The sporting-goods chain reported a 6.7% jump in net sales to $1.44 billion, fueled by a combination of higher store traffic and larger average transactions.
Profitability metrics also moved higher, with adjusted earnings now anticipated to land between $6.40 and $6.80 per share. This revision follows a productive quarter ending May 2, where the company netted $52.7 million in profit, or 93 cents per share on an adjusted basis, beating the consensus estimate of 91 cents. Investors reacted positively to the update, pushing shares up 2.7% to $53.04 in premarket trading.
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