Business
American Outdoor Brands, Inc. Reports Second Quarter Fiscal 2024 Financial Results
• Net Sales $57.9 Million – Up 6.4%• Gross Margin 45.7%• Traditional Channel Sales $34.5 Million – Up 8.7%• E-Commerce Channel Sales $23.4 Million – Up 3.3%
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"• Net Sales $57.9 Million – Up 6.4%• Gross Margin 45.7%• Traditional Channel Sales $34.5 Million – Up 8.7%• E-Commerce Channel Sales $23.4 Million – Up 3.3%\nCOLUMBIA, Mo., Nov. 30, 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 second quarter of fiscal 2024 ended October 31, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter Fiscal 2024 Financial Highlights \nQuarterly net sales were $57.9 million, an increase of $3.5 million, or 6.4%, compared with net sales of $54.4 million for the comparable quarter last year. Traditional channel net sales increased 8.7%, while e-commerce net sales increased 3.3%. Compared with pre-COVID levels in fiscal 2020, quarterly net sales increased 21.3%.Quarterly gross margin was 45.7%, a decrease of 200 basis points, compared with quarterly gross margin of 47.7% for the comparable quarter last year.Quarterly GAAP net income was $77,000, or $0.01 per diluted share, compared with GAAP net income of $370,000, or $0.03 per diluted share, for the comparable quarter last year.Quarterly non-GAAP net income was $3.3 million, or $0.25 per diluted share, compared with non-GAAP net income of $4.0 million, or $0.29 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, and other costs. For a detailed reconciliation, see the schedules that follow in this release.Quarterly non-GAAP Adjusted EBITDAS was $5.2 million, or 9.0% of net sales, compared with $6.4 million, or 11.8% of net sales, for the comparable quarter last year. For a detailed reconciliation, see the schedules that follow in this release.Brian Murphy, President and Chief Executive Officer, said, \"Our second quarter results reflect solid performance in net sales and capital management, as well as ongoing progress against our long-term strategic objectives. Net sales grew by 6.4% compared with the second quarter last year, a result that exceeded our expectations and represented growth of more than 21% over our pre-pandemic second quarter of fiscal 2020. Our shooting sports category saw a slight decline in net sales compared with the prior year, consistent with...