US firm Academy Sports + Outdoors' sales at $1.36 bn in Q1 FY24

Income before income tax was $97.7 million, reflecting a 17.7 per cent decrease from the $118.7 million reported in the same period last year. Net income for Q1 FY24 stood at $76.5 million, down 18.6 per cent from the $94.0 million recorded in the corresponding period of the previous year. Adjusted net income, which excludes certain items, was $81.6 million, a 20.8 per cent decrease from the $103.0 million reported last year.

Earnings per common share, diluted, were $1.01, a 15.1 per cent decline from the $1.19 per share reported in Q1 FY23. Adjusted earnings per common share, diluted, were $1.08, a 16.9 per cent decrease from the $1.30 reported in the previous year, the company said in a press release.

"As expected, our first quarter results reflect that our customers remain under pressure in the current economic environment. We will navigate through the remainder of the year by continuing to lean into our position as the value leader in our space, while also inspiring customers to shop through introductions and expansions of new and innovative products. We will also continue making strategic investments in our long-range growth initiatives," said Steve Lawrence, chief executive officer.

Fibre2Fashion News Desk (DP)