Academy Sports + Outdoors Announces New $700 Million Share Repurchase Program and Quarterly Cash Dividend
Rhea-AI Summary
Academy Sports and Outdoors (ASO) has announced two significant shareholder initiatives. First, the Board of Directors approved a new $700 million share repurchase program, replacing the previous program which had $423 million remaining. The new program will be effective from December 4, 2024, for three years. Second, the company declared a quarterly cash dividend of $0.11 per share for the fiscal quarter ended November 2, 2024, payable on January 15, 2025, to stockholders of record as of December 18, 2024.
Positive
- Authorization of larger $700 million share repurchase program
- Continuation of quarterly dividend payments showing financial stability
- Long-term commitment with 3-year buyback timeframe
Negative
- Early termination of previous buyback program with $423 million still unused
News Market Reaction – ASO
In the trading session that priced this news, ASO declined 0.30%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
KATY, Texas, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (the “Company” or “Academy”) (Nasdaq: ASO) announced today that its Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to
The Company also announced today that its Board of Directors approved the declaration of a quarterly cash dividend with respect to the fiscal quarter ended November 2, 2024, of
About Academy Sports + Outdoors
Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to 298 stores across 19 states. Academy’s mission is to provide “Fun for All” and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy’s product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current expectations and are not guarantees of future performance. The forward-looking statements include, among other things, statements regarding the payment of the dividend, including the timing and amount thereof, share repurchases by the Company, the Company's expectations regarding its future performance, and the Company's future financial condition to support future dividend and share repurchase program growth, and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to factors that are set forth in Academy's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement in this press release speaks only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statement, except as may be required by any applicable securities laws.
| Investor Contact | Media Contact |
| Brad Morris | Meredith Klein |
| Director of Strategic Initiatives | Vice President of Communications |
| 832-739-4373 | 346-823-6615 |
| brad.morris@academy.com | meredith.klein@academy.com |
