Business
American Outdoor Brands, Inc. Reports First Quarter Fiscal 2024 Financial Results
Net Sales $43.4 Million Gross Margin 45.4% (+180 Basis Points) Traditional Channel Sales $25.0 Million – E-Commerce Channel Sales $18.4 MillionOperating Cash
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"Net Sales $43.4 Million Gross Margin 45.4% (+180 Basis Points) Traditional Channel Sales $25.0 Million – E-Commerce Channel Sales $18.4 MillionOperating Cash Flow of $5.2 MillionCOLUMBIA, Mo., Sept. 7, 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 first quarter of fiscal 2024 ended July 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2024 Financial Highlights \nQuarterly net sales were $43.4 million, a decrease of $231,000, or (0.5%), compared with net sales of $43.7 million for the comparable quarter last year. Traditional channel net sales increased 8.4%, while e-commerce net sales declined 10.6%. Compared with pre-COVID levels in fiscal 2020, quarterly net sales increased 30.8%.Quarterly gross margin was 45.4%, an increase of 180 basis points, compared with quarterly gross margin of 43.6% for the comparable quarter last year.Quarterly GAAP net loss was $4.1 million, or ($0.31) per diluted share, compared with a GAAP net loss of $5.7 million, or ($0.42) per diluted share, for the comparable quarter last year.Quarterly non-GAAP net income was $98,000, or 0.01 per diluted share, compared with non-GAAP net income of $84,000, or $0.01 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 Adjusted EBITDAS was $1.1 million, or 2.6% of net sales, compared with $1.4 million, or 3.2% 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, \"I am pleased with our first quarter fiscal 2024 results, which reflected solid execution in sales, profitability, and capital management, combined with ongoing progress against our long-term strategic objectives. Net sales were generally flat compared with the prior year, a result that met our expectations and reflected growth of nearly 31% over our pre-pandemic first quarter of fiscal 2020. Our shooting sports category saw a slight decline in net sales compared ...