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By Liz Moyer
Investing.com — Academy Sports activities Outside Inc (NASDAQ:) beat expectations on per-share earnings, sending the inventory to a brand new 52-week excessive on Wednesday.
The Texas-based sports activities attire and out of doors retailer adjusted earnings of $1.69 a share, beating the consensus by 8 cents. Income of $1.49 billion was barely beneath consensus and down 6.2% from the identical interval final yr. Comparable gross sales had been down 7.2%.
However the firm raised its 2022 outlook for adjusted earnings per share, now forecasting a spread of $7.50 to $7.65 from an earlier forecast of $6.75 to $7.50.
The shares jumped greater than 15%. They’re up greater than 30% up to now this yr.
“Our workforce continues to execute at a excessive stage in an unsure surroundings, delivering outcomes nicely above pre-pandemic ranges on all measures,” mentioned CEO Ken Hicks. “Our focus is on our long-term progress alternatives in shops and on-line.”
Academy opened 4 new shops within the third quarter and has already opened three new shops within the fourth quarter, bringing the full variety of shops opened in 2022 to 9. It plans so as to add 80 to 100 extra shops over the following 5 years.
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