Academy Sports reports Q1 adjusted EPS 76c, consensus 89c

Reports Q1 revenue $1.35B, consensus $1.37B. Comparable Sales Declined 3.7%. “During the first quarter we saw continued progress across our strategic initiatives, including the opening of five new stores, and the biggest brand launch in the Company’s history with the addition of the Jordan Brand,” said Steve Lawrence, CEO. “We saw sequential improvement across each month of the quarter, despite a choppy macro-economic backdrop, which resulted in a positive comp in April. Moving forward we are balancing our optimism about our strategic initiatives against the uncertain environment that our customers will face in the back half of the year. As a result of this, we are widening our annual comp sales guidance range to -4% to +1% to account for a potential downside that may be created by inflationary pressures the remainder of the year. Our team has performed extensive work to mitigate tariff pressures at the current levels and we will remain nimble as the situation evolves. We continue to see strong growth in traffic from higher income consumers, and we believe our focus on remaining the value player in our space will allow us to continue to take market share as we move through the year.”