Business
American Outdoor Brands, Inc. Reports Third Quarter Fiscal 2023 Financial Results
• Net Sales $50.9 Million · Gross Margin 47.1% (+ 130 Basis Points)• E-commerce Sales $24.5 Million -- Traditional Sales $26.4 Million• Operating Cash Flow of
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"• Net Sales $50.9 Million · Gross Margin 47.1% (+ 130 Basis Points)• E-commerce Sales $24.5 Million -- Traditional Sales $26.4 Million• Operating Cash Flow of $18.1 Million\nCOLUMBIA, Mo., March 9, 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 third quarter of fiscal 2023 ended January 31, 2023.\n\n \n \n \n \n \n \n\n \nThird Quarter Fiscal 2023 Financial Highlights\nQuarterly net sales were $50.9 million, a decrease of $19.2 million, or 27.4%, compared with net sales of $70.1 million for the comparable quarter last year. E-commerce channel net sales of $24.5 million declined 30.8% from the comparable quarter last year, resulting primarily from reduced demand in the Shooting Sports category. Despite the year-over-year decline, e-commerce net sales benefitted from a 37.5% increase in direct-to-consumer sales, which are primarily in the Outdoor Lifestyle category, and which include sales resulting from the acquisition of Grilla Grills. Traditional channel net sales of $26.4 million declined 23.9% 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 third quarter of fiscal 2020, total net sales grew 17.4%, while e-commerce channel net sales grew by 53.9% and traditional channel net sales declined by 3.7%.Quarterly gross margin was 47.1%, an increase of 130 basis points, compared with quarterly gross margin of 45.8% for the comparable quarter last year.Quarterly GAAP net loss was $2.9 million, or $0.21 per diluted share, compared with net income of $3.8 million, or $0.27 per diluted share, for the comparable quarter last year.Quarterly non-GAAP net income was $1.7 million, or $0.13 per diluted share, compared with non-GAAP net income of $7.4 million, or $0.52 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 ...