Business
American Outdoor Brands, Inc. Reports First Quarter Fiscal 2023 Financial Results
Net Sales $43.7 Million Gross Margin 43.6%e-commerce Sales $20.5 Million -- Traditional Sales $23.1 MillionFacility Consolidation UnderwayCOLUMBIA, Mo., Sept.
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"Net Sales $43.7 Million Gross Margin 43.6%e-commerce Sales $20.5 Million -- Traditional Sales $23.1 MillionFacility Consolidation UnderwayCOLUMBIA, Mo., Sept. 8, 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 first quarter fiscal 2023 ended July 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2023 Financial Highlights\nQuarterly net sales were $43.7 million, a decrease of $17.1 million, or 28.1%, compared with net sales of $60.8 million for the comparable quarter last year. E-commerce net sales of $20.5 million, which were driven by increased direct-to-consumer net sales, grew by 23.7%, while traditional net sales of $23.1 million, which were impacted by lower foot traffic at retail and lower shooting sports sales to OEM customers, declined by 47.6%. Compared with pre-COVID levels in the first quarter of fiscal 2020, total net sales grew 31.5%, while e-commerce net sales grew by 92.2% and traditional net sales grew by 2.7%.Quarterly gross margin was 43.6%, compared with quarterly gross margin of 47.7% for the comparable quarter last year, a decrease driven primarily by lower sales volumes and increased freight expenses.Quarterly GAAP net loss was $5.7 million, or ($0.42) per diluted share, compared with net income of $3.5 million, or $0.24 per diluted share, for the comparable quarter last year.Quarterly non-GAAP net income was $84,000, or $0.01 per diluted share, compared with non-GAAP net income of $6.8 million, or $0.48 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 acquisition costs. For a detailed reconciliation, see the schedules that follow in this release.Quarterly Adjusted EBITDAS was $1.4 million, or 3.2% of net sales, compared with $9.6 million, or 15.7% 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, \"Given recent industry and economic conditions, I am pleased with our first quarter results, which reflect our ability to del...