Business
American Outdoor Brands, Inc. Reports Second Quarter Fiscal 2023 Financial Results
Net Sales $54.4 Million Gross Margin 47.7% (+ 100 Basis Points)E-commerce Sales $22.7 Million -- Traditional Sales $31.7 MillionDirect-to-Consumer Sales
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"Net Sales $54.4 Million Gross Margin 47.7% (+ 100 Basis Points)E-commerce Sales $22.7 Million -- Traditional Sales $31.7 MillionDirect-to-Consumer Sales Growth of 119.1%COLUMBIA, Mo., Dec. 1, 2022 /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 second quarter of fiscal 2023 ended October 31, 2022.\n\n \n \n \n \n \n \n\n \nSecond Quarter Fiscal 2023 Financial Highlights\nQuarterly net sales were $54.4 million, a decrease of $16.3 million, or 23.1%, compared with net sales of $70.8 million for the comparable quarter last year. E-commerce channel net sales of $22.7 million declined 17.5% from the comparable quarter last year, resulting primarily from reduced demand in the shooting sports category, partially offset by a 119.1% increase in direct-to-consumer sales, which are primarily in the outdoor lifestyle category. Traditional channel net sales of $31.7 million declined 26.6% from the comparable quarter last year, reflecting the impact of lower foot traffic at retail and retailers' efforts to reduce their overall inventory levels, as well as lower shooting sports sales to OEM customers. Compared with pre-COVID levels in the second quarter of fiscal 2020, total net sales grew 14.0%, while e-commerce channel net sales grew by 171.3% and traditional channel net sales declined by 19.4%.Quarterly gross margin was 47.7% compared with quarterly gross margin of 46.7% for the comparable quarter last year.Quarterly GAAP net income was $370,000, or $0.03 per diluted share, compared with net income of $4.6 million, or $0.32 per diluted share, for the comparable quarter last year.Quarterly non-GAAP net income was $4.0 million, or $0.29 per diluted share, compared with non-GAAP net income of $8.3 million, or $0.58 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for net income exclude acquired intangible amortization, stock compensation, technology implementation, stockholder cooperation agreement costs, and facility consolidation costs. For a detailed reconciliation, see the schedules that follow in this release.Quarterly Adjusted EBITDAS was $6.4 million, or 11.8% of net sales, compared with $11.7 million, or 16.5% of net sales, for the comparable ...