Academy Sports & Outdoors Inc. (ASO) stock faced negativity in the early session on Thursday, April 8, 2021, and lost 5.62% but in the after-hours session, it gained 7.23%
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Participation in the upcoming virtual investor conference
On April 8, 2021, Academy Sports & Outdoors Inc. (ASO) announced that the company will participate in the upcoming J.P Morgan 7th Annual Retail Round-Upvirtual investor conference. The company presentation will start at 1:00 pm CT on Wednesday, April 14, 2021.
Recent financial result announcement
On March 30, 2021, Academy Sports and Outdoors, Inc. announced its financial results for the fourth quarter and fiscal year ended January 30, 2021.
Fourth Quarter 2020 highlights
- The ASO had a record increase of 16.6% in and its sales were$1.60 billion in the fourth quarter.
- Gross profit for the Q4 was $499.1 million
- For Q4, 2020, Net income was $91.5 million or diluted earnings per share of $0.97 compared to $17.7 million or diluted earnings per share of $0.24 in the prior-year quarter.
- Pro forma adjusted net income was $103.1 or $1.09Pro form diluted earnings per share compared with pro forma adjusted net income of $17.6 million or $0.23earnings per share in the prior-year quarter.
The fiscal Year 2020 highlights
- The ASO net sales for the FY 2020 were $5.69 billion
For FY 2020,Gross profit was a record $1.73 billion
- ASO net income was $308.8 million or diluted earnings per share of $3.79 in the FY 2020 compared with $1.60 per share diluted earnings in 2019.
- Pro forma adjusted net income was $311.7 million or pro forma adjusted diluted earnings per share of $3.83for FY 2020 compared to pro forma adjusted net income of $75.9 million or pro forma adjusted diluted earnings per share of $1.02 in 2019
- The Company’s cash and cash equivalents totaled $377.6 million, as of the end of fiscal 2020, compared to $149.4 million at the end of fiscal 2019.
New member to Board of Directors
On March 3, 2021, Academy Sports and Outdoors appointed Tom M. Nealon to its Board of Directors, effective immediately.
Tom M. Nealon has more than 20 years of executive management experience in the airline, retail, and consumer packaged goods industries.
Eliminating the chief operating officer role
On January 21, 2021, Academy Sports & Outdoors Inc. eliminated the chief operating officer role, and current COO, Kenneth Attaway, left the company in January. 29, 2021. The COO duties are now given to the company’s chief financial officer, Michael Mullican, and executive vice president, Sam Johnson.
Conclusion
There is no such recent development to justify its loss on Thursday Morning. Recently company reported record financial figures and its share soared significantly in past few days. It might be just a market mood that ASO stock faced early morning negativity.