12:22 PM EDT, 03/21/2024 (MT Newswires) -- Academy Sports & Outdoors (ASO) issued a downbeat full-year outlook on Thursday as the sporting goods retailer logged lower-than-expected fiscal fourth-quarter results.

The company anticipates earnings between $5.90 and $6.90 per share for fiscal 2024 and pegged sales at $6.07 billion to $6.35 billion. The consensus on Capital IQ is for EPS of $7.31 and revenue of $6.39 billion. In the just-ended fiscal year, earnings fell 11% to $6.70 a share, and sales decreased 3.7% to $6.16 billion.

Comparable sales are expected to range from a 4% decline to a 1% increase. The Street is looking for growth of 0.4%. Same-store sales dropped 6.5% in fiscal 2023. The stock dropped 7.6% in midday trading.

"In 2023, topline sales did not meet our expectations, but we were pleased with the (fourth-quarter) trajectory change," Chief Financial Officer Carl Ford said in a statement. "In 2024, we are focused on our long-range strategy of growing the Company by opening new stores, growing omnichannel sales, customer data acquisition and utilization, and improving our supply chain."

For the quarter ended Feb. 3, the retailer's adjusted earnings advanced to $2.21 per share from $2.04 a year earlier but missed the Street's view of $2.30. Sales rose 2.8% to $1.79 billion but were just shy of analysts' $1.8 billion estimate. Comparable sales slipped 3.6% versus the market forecast for a 5.3% slide.

Gross margin as a percentage of sales was 33.3% for the quarter versus 32.8% last year. Selling, general and administrative expenses widened to $393 million from $367.7 million. The company opened seven new stores in the quarter, taking its tally to 14 for the year. It plans to launch 15 to 17 new stores in fiscal 2024.

"We have been working through a choppy macro-economic backdrop while putting in place the building blocks for our future," according to Chief Executive Steve Lawrence. "We remain committed to our long-range plan goals and will continue to invest in our future growth."

The company's board increased its quarterly dividend by 22% to $0.11 per share. The dividend is payable on April 18 to shareholders of record on March 26.

Price: 64.78, Change: -6.47, Percent Change: -9.08