Business
Sportsman’s Warehouse Holdings, Inc. Announces First Quarter 2023 Financial Results
Five new stores opened so far this year On track to open 10 additional stores during the remainder of fiscal year 2023, as previously announced WEST JORDAN,
About this update from Sportsman's Warehouse Holdings, Inc.
[{"type":"text","content":"Five new stores opened so far this year On track to open 10 additional stores during the remainder of fiscal year 2023, as previously announced WEST JORDAN, Utah, May 30, 2023 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen weeks ended April 29, 2023. “Our results for the first quarter were impacted by tough macroeconomic conditions, extreme snow levels and unusually wet weather in the Western United States,” said Joseph Schneider, interim CEO and Chair of the Board. “Despite these challenges, the investments we made in our strategic initiatives, specifically e-commerce and customer engagement, have strengthened the business and we remain positive about our medium-to-long term outlook and our ability to capture additional share of the outdoor sporting goods market.” “A primary focus of the Board continues to be finding a permanent, long-term CEO to lead Sportsman’s Warehouse. We are working expeditiously to find the right person to lead this company and create value for our stockholders. That search process is moving forward and I’m optimistic that we will find a strong leader to take Sportsman’s Warehouse to the next level of growth.” For the thirteen weeks ended April 29, 2023: Net sales were $267.5 million, compared to $309.5 million in the first quarter of fiscal year 2022. The net sales decrease was primarily due to lower sales demand from weather-related headwinds in the Western United States leading to decreased outdoor participation, consumer inflationary pressures and recession concerns, partially offset by the opening of 11 new stores since April 30, 2022.Same store sales decreased 17.8% during the first quarter of fiscal year 2023, compared to the first quarter of fiscal year 2022.Gross profit was $80.0 million, or 29.9% of net sales, compared to $99.1 million, or 32.0% of net sales, in the corresponding period of fiscal year 2022. This decrease as a percentage of net sales was primarily driven by changes in product mix and reduced product margins in our ammunition category.Selling, general, and administrative (SG&A) expenses were $99.0 million, or 37.0% of net sales, compared to $96.1 million, or 31.0% of net sales, in the first quarter of fiscal year 2022. The increase, as a percentage of net sales, ...