Business
American Outdoor Brands, Inc. Reports Fourth Quarter and Full Fiscal 2023 Financial Results
• FY23 Net Sales $191.2 Million • FY23 Gross Margin 46.1% • FY23 e-Commerce Sales $87.2 Million – Traditional Sales $104.0 Million • FY23 Operating Cash Flow
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"• FY23 Net Sales $191.2 Million \n• FY23 Gross Margin 46.1%\n• FY23 e-Commerce Sales $87.2 Million – Traditional Sales $104.0 Million\n• FY23 Operating Cash Flow of $30.7 Million\nCOLUMBIA, Mo., June 28, 2023 /PRNewswire/ -- American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT), an industry leading provider of products and accessories for rugged outdoor enthusiasts, today announced financial results for the fourth quarter and full year fiscal 2023 ended April 30, 2023.\n\n \n \n \n \n \n \n\n \nFull Year Fiscal 2023 Financial Highlights\nFull year net sales were $191.2 million, a decrease of $56.3 million, or 22.8%, compared with net sales of $247.5 million for the prior year. Compared with pre-COVID levels in fiscal 2020, total net sales grew 14.2%, while e-commerce sales grew 60.6% and traditional channel net sales declined by 8.0%.Full year gross margin was 46.1%, a decrease of 10 basis points, from gross margin of 46.2% for the prior year.Full year GAAP net loss was $12.0 million, or $0.90 per diluted share, compared with a GAAP net loss of $64.9 million, or $4.66 per diluted share, last year. The net loss last year included a $67.8 million non-cash goodwill impairment charge.Full year non-GAAP net income was $6.6 million, or $0.48 per diluted share, compared with non-GAAP net income of $24.7 million, or $1.77 per diluted share, for the prior year. GAAP to non-GAAP adjustments for net income exclude a non-cash impairment of goodwill, acquired intangible amortization, stock compensation, and other costs. For a detailed reconciliation, see the schedules that follow in this release.Full year Adjusted EBITDAS was $12.8 million, or 6.7% of net sales, compared with Adjusted EBITDAS of $35.0 million, or 14.2% of net sales, for the prior year. For a detailed reconciliation, see the schedules that follow in this release.Fourth Quarter Fiscal 2023 Financial Highlights \nQuarterly net sales were $42.2 million, a decrease of $3.7 million, or 8.0%, compared with net sales of $45.9 million for the comparable quarter last year. Compared with pre-COVID levels in fiscal 2020, quarterly net sales declined 2.0%, while e-commerce sales grew 0.7% and traditional channel net sales declined by 4.3%.Quarterly gross margin was 45.2%, an increase of 140 basis points, compared with quarterly gross margin of 43.8% for the comparable quarter last y...