Business
Sportsman’s Warehouse Holdings, Inc. Announces First Quarter 2024 Financial Results
Reaffirms full-year 2024 Guidance WEST JORDAN, Utah, June 04, 2024 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the
About this update from Sportsman's Warehouse Holdings, Inc.
[{"type":"text","content":"Reaffirms full-year 2024 Guidance\nWEST JORDAN, Utah, June 04, 2024 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen weeks ended May 4, 2024. “Although our results continue to be affected by a challenging macroenvironment, we continue to execute on our efforts on resetting the organization to focus on providing our passionate customers with great gear and exceptional service,” said Paul Stone, President and Chief Executive Officer of Sportsman’s Warehouse. “Our stores are beginning to come to life visually, with improved store layouts, sightlines and feature space, making for an improved customer experience. We will continue to emphasize both newness and a value-driven assortment that aligns with our key outdoor seasons. Our focus remains on the areas of the business where we have the greatest control, closely managing our expenses and balance sheet, and using excess cash to pay down debt.” For the thirteen weeks ended May 4, 2024: Net sales were $244.2 million, compared to $267.5 million in the first quarter of fiscal year 2023. The net sales decrease was primarily due to lower sales demand due to the impact of consumer inflationary pressures, decreasing discretionary spending, partially offset by the opening of 11 new stores over the last year.Same store sales decreased 13.5% during the first quarter of fiscal year 2024, compared to the first quarter of fiscal year 2023.Gross profit was $73.8 million, or 30.2% of net sales, compared to $80.0 million, or 29.9% of net sales, in the corresponding period of fiscal year 2023. The increase as a percentage of net sales was primarily driven by improved product mix and rate in our fishing category.Selling, general, and administrative (SG&A) expenses were $94.4 million, or 38.7% of net sales, compared to $99.0 million, or 37.0% of net sales, in the first quarter of fiscal year 2023. The decrease in absolute dollars was largely due to our expense management initiatives which reduced overall payroll and lower new store pre-opening expenses compared with the prior year. This decrease was partially offset by higher rent and depreciation expenses primarily due to the opening of 11 new stores since April 29, 2023.Net loss was $(18.1) million, compared to a net loss of $(15.6) m...