5 Notable Quarterly Reports to Watch

3. Academy Sports and Outdoors, Inc. (NASDAQ:ASO)

Number of Hedge Fund Holders: 40

Shares of Academy Sports and Outdoors, Inc. (NASDAQ:ASO) recently rose to a one-month high after announcing better-than-expected financial results for its fiscal first quarter. The sporting goods store chain reported adjusted earnings of $1.73 per share, crushing expectations of $1.41 per share.

Revenue came in at $1.47 billion, while analysts were expecting Academy Sports and Outdoors, Inc. (NASDAQ:ASO) to generate revenue of $1.45 billion. On the downside, comparable sales for the quarter dropped 7.1 percent amid tougher comparisons versus the same period of 2021.

Academy Sports and Outdoors, Inc. (NASDAQ:ASO) also revised its financial outlook for the full year. The company now anticipates adjusted earnings of $6.55 – $7.25 per share and revenue of $6.43 – $6.63 billion for its fiscal 2022.

Speaking on the results, CEO Michael Mullican said:

“Academy continues to effectively manage costs through this inflationary environment and generate strong cash flow, allowing us to fund investments in our strategic initiatives and new store growth.”