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    Jolie Wasserman • Stifel

    Jolie Wasserman's questions to Academy Sports and Outdoors Inc (ASO) leadership

    Jolie Wasserman's questions to Academy Sports and Outdoors Inc (ASO) leadership • Q3 2024

    Question

    Jolie Wasserman of Stifel inquired about the quarter-to-date holiday performance, including Black Friday and Cyber Week, and how it aligns with Q4 guidance given the compressed holiday calendar. She also asked for a breakdown of the Q3 gross margin decline drivers and the outlook for freight costs in Q4.

    Answer

    CEO Steve Lawrence noted that after a slow start to November, business accelerated significantly for Black Friday, which was the largest sales day in company history. He explained the calendar shift's impact and confirmed they are tracking to their forecast. CFO Carl Ford detailed the Q4 guidance, expecting a -4.5% comp and a 50 basis point gross margin improvement. Ford also quantified the Q3 margin decline, attributing 30 basis points to merchandise mix (strong outdoor sales) and 20 basis points to supply chain costs, which are not expected to persist at the same level in Q4.

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    Jolie Wasserman's questions to DICK'S Sporting Goods Inc (DKS) leadership

    Jolie Wasserman's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q3 2024

    Question

    Jolie Wasserman, on for Christopher Horvers, asked for the updated view on Q4 merchandise margin, how Q3 shrink performed, and about the sales cadence during the quarter considering factors like weather and the election.

    Answer

    CFO Navdeep Gupta stated the expectation is for merchandise margin to increase again in Q4, and noted that Q3 shrink results came in slightly better than or in line with expectations. President and CEO Lauren Hobart clarified that despite warmer weather late in the quarter, it did not have a material impact, every month was strong, and no meaningful impact was seen from the election.

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