Academy Sports and Outdoors, Inc. (ASO), a prominent sporting goods retail chain, has revised its annual financial outlook, falling short of what analysts had predicted, due to its third-quarter results.
For the entire fiscal year, ASO now forecasts a net profit ranging from $400 million (equating to $5.50 per share) to $425 million (or $5.80 per share). This is a reduction from their earlier projection, which estimated net profits from $400 million ($5.45 per share) to as much as $460 million ($6.20 per share).
When excluding specific items, ASO anticipates earnings between $420 million ($5.80 per share) and $445 million ($6.10 per share), against a previous range of $420 million ($5.75 per share) to $480 million ($6.50 per share).
The company has adjusted its estimated sales range, now expecting revenue between $5.895 billion and $5.940 billion, down from its former guidance of $5.895 billion to $6.075 billion.
Analysts from Thomson Reuters had, on average, anticipated ASO's earnings to amount to $6.14 per share, with total revenues hitting $6 billion for the year. It's worth noting that the analysts' predictions typically exclude any exceptional items.
Additionally, ASO has updated its forecast for annual capital expenditure, which is now set between $185 million and $210 million, refining its previous estimate of $175 million to $225 million.
In pre-market trading on the Nasdaq, ASO's share price decreased by 4.11%, standing at $48.34.
