12:59 PM EST, 12/10/2024 (MT Newswires) -- Academy Sports and Outdoors ( ASO ) reported bigger-than-expected declines in fiscal third-quarter results and lowered the midpoint of its full-year revenue guidance on Tuesday.

Revenue dipped to $1.34 billion for the three months ended Nov. 2 from $1.4 billion the year earlier and missed the $1.39 billion average analyst estimate on FactSet. Adjusted earnings per share fell to $0.98 from $1.38 and was 24% below the $1.28 consensus.

Comparable store sales were down 4.9%, worse than the 3.5% Street view but slightly improved from the 6.4% decline recorded over the first half of the year ended Aug. 3. Shares of Academy Sports increased 4.6% in midday trade.

"We delivered third quarter sales in line with expectations and were encouraged to see an improvement in comp sales trends versus the first half of the year," Chief Executive Steve Lawrence said in a statement.

Sales in the sporting goods retailer's outdoor division were up 7% year over year, according to Lawrence.

Truist Securities said in a note that unfavorable weather including hurricanes and a warm October likely impacted results while "financial pressures facing (Academy Sports') core middle-income customer base remained a key headwind."

For the full year, Academy Sports now forecasts revenue between $5.895 billion and $5.94 billion, lowering the high end of its previous range from $6.08 billion. It expects comparable sales to decline 5% to 6% compared with a prior expected decrease of 3% to 6%. Analysts in the FactSet poll are modeling for revenue of $6.03 billion and a 5% comparable sales decline.

The company's adjusted EPS guidance was tweaked to a range of $5.80 to $6.10 from between $5.75 and $6.50 previously. The consensus is for adjusted EPS of $6.23 in the ongoing year.

Price: 52.17, Change: +1.76, Percent Change: +3.49