Q: What is Academy Sports And Outdoors (ASO) Q1 2024 Earnings Call Transcript Summary?
**Academy Sports & Outdoors, Inc. (ASO) Q1 2024 Earnings Call Summary**
**Here are the specific viewpoints from the earnings call:**
**Bullish Points:**
1. The dot-com business posted an 8% sales increase over last year, comprising 9% of total merchandise sales versus 8.2% last year.
2. BOPUS (Buy Online, Pick Up in Store) and ship-from-store represented more than 80% of total dot-com sales for Q1, highlighting a true omnichannel approach.
3. The outdoor division within hard goods saw a 2% increase, with significant gains in camping driven by brands like Stanley and YETI.
4. The company is in the best inventory position for hunting and fishing categories over the past four years, setting up well for the summer and fall seasons.
5. Athletic footwear had the strongest performance for the quarter, driven by increases in performance running brands such as Nike, Brooks, and New Balance.
6. Plans to open 15 to 17 new stores in 2024, with three new stores already opened this year, expanding presence to 19 states and 285 stores.
7. The company generated $200 million in cash from operations during the quarter.
8. The board approved a dividend of $0.11 per share payable on July 18th, 2024.
9. The company repurchased $124 million worth of shares and paid out $8 million in dividends.
10. The company remains on track to achieve its full-year gross margin guidance of 34.3% to 34.7%.
**Bearish Points:**
1. Sales for Q1 came in at $1.36 billion, a 1.4% decline versus the first quarter of last year.
2. Comparable sales for the first quarter were down 5.7%.
3. The gross margin rate came in at 33.4% for the quarter, a 40-basis-point decline versus last year, primarily driven by an 80-basis-point decline in merchandise margins.
4. SG&A dollars as a percentage of sales increased by 130 basis points compared to Q1 of last year.
5. The company expects the economic environment to remain challenging.
6. Apparel and footwear categories are still lagging, although they showed some improvement in Q1.
7. The start of May was softer than expected due to tough weather conditions, impacting store performance.
8. There is skepticism about the company's ability to hit the low end of the guidance for the rest of the year, implying a need for significant improvement in comps.
9. Customers are becoming more discerning and value-oriented, which may impact sales.
10. The competitive promotional environment is becoming more promotional each year, though still rational.
For more information about Academy Sports & Outdoors, Inc.'s earnings call, you can read the relevant news: Academy Sports And Outdoors (ASO) Q1 2024 Earnings Call Transcript
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