What's Going On With Academy Sports + Outdoors Shares Today

Academy Sports And Outdoors Inc ASO reported a first-quarter FY22 sales decline of 7.1% year-on-year to $1.47 billion, beating the consensus of $1.45 billion.
Adjusted EPS of $1.73 beat the analyst consensus of $1.41.
The gross margin contracted 20 basis points Y/Y to 35.5%, and the gross profit fell 7.5% to $521.4 million.
The operating margin compressed from 15.1% to 14%, and operating income for the quarter fell 14% to $205.5 million.
The company held $472.4 million in cash and equivalents as of April 30, 2022. Cash provided by operating activities for the quarter totaled $97.1 million.
"We expect to open at least eight new stores in 2022 as part of our plan to open 80 to 100 stores over the next five years," said Chairman and CEO Ken Hicks.
Dividend: ASO recently declared a quarterly cash dividend of $0.075 per share, payable on July 14, 2022, to stockholders of record on June 16, 2022.
Outlook: Academy sees FY22 sales of $6.43 billion - $6.63 billion (prior view $6.56 billion - $6.77 billion) versus the consensus of $6.66 billion.
The company lowered the FY22 EPS outlook to $6.55 - $7.25 from $6.70 - $7.25, against the consensus of $6.93.
CFO Michael Mullican said, "While our internal initiatives continue to drive operational improvements and consistent execution, we believe it is prudent to revise our full year outlook to reflect the current macroeconomic challenges."
Price Action: ASO shares traded higher by 4.98% at $37.34 on the last check Tuesday.