Academy Sports and Outdoors, Inc. (NASDAQ:ASO) Q2 2024 Earnings Call Transcript September 10, 2024 10:00 AM ET

Company Participants

Matt Hodges - VP of IR
Steve Lawrence - CEO
Carl Ford - CFO

Conference Call Participants

Brian Nagel - Oppenheimer
Anthony Chukumba - Loop Capital Markets
Seth Basham - Wedbush Securities
Simeon Gutman - Morgan Stanley
Justin Kleber - Baird
Cristina Fernandez - Telsey Advisory Group
Christopher Horvers - JPMorgan
Henry Carr - UBS
Robby Ohmes - Robby Ohmes
John Kernan - Cowen

Operator

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors Second Quarter Fiscal 2024 Results Conference Call. At this time, this call is being recorded and all participants are in listen-only mode. Following the prepared remarks, there will be a brief question-and-answer session. [Operator Instructions] I'll now turn the call over to Matt Hodges, Vice President of Investor Relations for Academy Sports and Outdoors. Matt, please go ahead.

Matt Hodges

Good morning, everyone and thank you for joining the Academy Sports and Outdoors second quarter 2024 financial results call. Participating on the call are Steve Lawrence, Chief Executive Officer, and Carl Ford, Chief Financial Officer.

As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the earnings release and in our SEC filings. The company undertakes no obligation to revise any forward-looking statements. Today's remarks also refer to certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included in today's earnings release, which is available at investors.academy.com.

I will now turn the call over to Steve Lawrence for his remarks. Steve?

Steve Lawrence

Thanks, Matt. Good morning to everyone, and thank you for joining our second quarter 2024 earnings call. We truly appreciate your interest and support of Academy Sports and Outdoors. Sales for the second quarter came at $1.55 billion, which was down 2.2% versus the second quarter of last year and which translated into a negative 6.9% comp on a shifted basis. The active young families that we primarily serve remain under financial pressure. They are struggling with reduced spending power, driven by price inflation coupled with higher credit card debt and delinquencies, both of which remain well above pre-pandemic levels. We continue to see these factors constrain household spending on discretionary goods in the near term.