Business
Sportsman's Warehouse Holdings, Inc. Announces Fourth Quarter and Record Fiscal Year 2021 Financial Results
WEST JORDAN, Utah, March 29, 2022 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse" or the “Company”) (Nasdaq: SPWH) today
About this update from Sportsman's Warehouse Holdings, Inc.
[{"type":"text","content":"WEST JORDAN, Utah, March 29, 2022 (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 29, 2022. “We are very pleased with our performance for the fourth quarter as we exceeded our guidance given earlier in the year,” said Jon Barker, Sportsman’s Warehouse CEO. “While there was some softening in our shooting sports category in 2021, our business fundamentals remain strong, with growth in all our other categories, led by double-digit growth in footwear and apparel. We also expanded our footprint by opening 10 new stores during the year, refurbished another 19 stores, and grew our e-commerce business to over 15% of net sales, successfully executing on our strategic initiatives.” Mr. Barker continued, “As we look ahead this year, it’s encouraging that we continue to see strong participation in outdoor activities. We will continue to improve our merchandising and overall customer experience, and believe we are well positioned to capture additional market share and further grow our omni-channel platform.” For the thirteen weeks ended January 29, 2022: Net sales were $416.3 million, a decrease of 5.0%, compared to $438.2 million in the fourth quarter of fiscal year 2020. The net sales decrease was primarily due to lower sales in our firearms and ammunition categories compared to the prior year period. Compared to the the fourth quarter of fiscal year 2019 net sales increased 61.3% from $258.2 million.Same store sales decreased 10.8% during the fourth quarter of 2021, compared to the fourth quarter of 2020. Compared to the same period of 2019, same store sales increased 38.2%.Gross profit was $136.6 million or 32.8% of net sales, compared to $142.0 million or 32.4% of net sales in the comparable prior year period. The 40 basis point improvement as a percentage of net sales can be attributed to favorable product sales mix and higher product margins, partially offset by higher overall transportation and freight costs. Selling, general and administrative (SG&A) expenses increased to $113.4 million, an increase of 10.5%, compared to $102.6 million in the fourth quarter of fiscal year 2020. This increase was primarily due to higher payroll expenses from the addition of 10 new stores during the ...