Business
Sportsman's Warehouse Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results
- On track to open 15 new stores during fiscal 2023 - Jon Barker to retire as CEO and Director - Board announces leadership succession plan and search for new
About this update from Sportsman's Warehouse Holdings, Inc.
[{"type":"text","content":"- On track to open 15 new stores during fiscal 2023 - Jon Barker to retire as CEO and Director - Board announces leadership succession plan and search for new CEO - Appoints Erica Fortune as a new Independent Director of the Board WEST JORDAN, Utah, April 12, 2023 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (\"Sportsman's Warehouse\" or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen and fifty-two weeks ended January 28, 2023. For the thirteen weeks ended January 28, 2023: Net sales were $379.3 million, a decrease of 8.9%, compared to $416.3 million in the fourth quarter of fiscal year 2021. The net sales decrease was primarily due to lower sales demand from consumer inflationary pressures and recession concerns, partially offset by the opening of 9 new stores over the last year. Compared to the fourth quarter of fiscal year 2019, net sales increased 46.9% from $258.2 million.Same store sales decreased 12.5% during the fourth quarter of 2022, compared to the fourth quarter of 2021. Compared to the same period of 2019, same store sales increased 24.9%.Gross profit was $122.8 million or 32.4% of net sales, compared to $136.6 million or 32.8% of net sales in the comparable prior year period. The 40 basis point decrease as a percentage of net sales can be attributed to lower overall product margins due to promotional activity, partially offset by lower overall transportation and freight costs.Selling, general and administrative (SG&A) expenses were $106.7 million or 28.1% of net sales, compared to $113.4 million or 27.2% of net sales in the fourth quarter of fiscal year 2021. The decrease in absolute dollars is primarily due to lower total payroll and bonus expenses, partially offset by higher rent and depreciation expenses from the addition of 9 new stores opened during 2022.Net income was $11.0 million, compared to net income of $58.4 million in the fourth quarter of 2021. Adjusted net income was $12.7 million compared to adjusted net income of $22.0 million in the fourth quarter of 2021 (see “GAAP and Non-GAAP Measures”).Adjusted EBITDA was $28.9 million, compared to $38.5 million in the comparable prior year period (see \"GAAP and Non-GAAP Measures\").Diluted earnings per share were $0.29 compared to a diluted earnings per share of $1.31 in the comparable prior year period. Adjusted ...