Business
American Outdoor Brands, Inc. Reports Third Quarter Fiscal 2024 Financial Results
• Net Sales $53.4 Million – Up 5.0%• Gross Margin 42.7%• Traditional Channel Sales $28.5 Million – Up 8.1%• E-Commerce Channel Sales $24.9 Million – Up 1.6%
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"• Net Sales $53.4 Million – Up 5.0%• Gross Margin 42.7%• Traditional Channel Sales $28.5 Million – Up 8.1%• E-Commerce Channel Sales $24.9 Million – Up 1.6%\nCOLUMBIA, Mo., March 7, 2024 /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 2024 ended January 31, 2024.\n\n \n \n \n \n \n \n\n \nThird Quarter Fiscal 2024 Financial Highlights \nQuarterly net sales were $53.4 million, an increase of $2.5 million, or 5.0%, compared with net sales of $50.9 million for the comparable quarter last year. Traditional channel net sales increased 8.1%, while e-commerce net sales increased 1.6%. Compared with pre-COVID levels in fiscal 2020, quarterly net sales increased 23.3%.Quarterly gross margin was 42.7%, a decrease of 440 basis points, compared with quarterly gross margin of 47.1% for the comparable quarter last year. Gross margin in the quarter was impacted by the amortization in the second half of fiscal 2024 of tariff and freight costs stemming from higher inventory purchases that occurred in the first half of fiscal 2024.Quarterly GAAP net loss was $2.9 million, or ($0.23) per diluted share, compared with GAAP net loss of $2.9 million, or ($0.21) per diluted share, for the comparable quarter last year.Quarterly non-GAAP net income was $1.0 million, or $0.08 per diluted share, compared with non-GAAP net income of $1.7 million, or $0.13 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 $2.4 million, or 4.4% of net sales, compared with $3.3 million, or 6.4% 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, \"We delivered a solid quarter, and I am very pleased with our results, which included top line sales growth, disciplined capital management, and the unveiling of several strategically important product introductions that we believe expand our brands' ru...