Business
Sportsman's Warehouse Holdings, Inc. Announces Second Quarter 2022 Financial Results
WEST JORDAN, Utah, Sept. 01, 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, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (\"Sportsman's Warehouse\" or the “Company”) (Nasdaq: SPWH) today announced second quarter financial results for the thirteen and twenty-six weeks ended July 30, 2022. “We delivered another strong quarter of operating results despite the challenging economic environment, exceeding the high end of guidance,” said Jon Barker, Sportsman’s Warehouse President and Chief Executive Officer. “Our core business fundamentals remain solid, with the team consistently responding with discipline and rigor, using data-driven metrics to drive decisions that best support changing consumer behaviors. We are confident in our competitive position within the outdoor sporting goods space, and believe we have the right team, strategies, and capabilities to successfully navigate through these challenging macro economic conditions.” For the thirteen weeks ended July 30, 2022: Net sales were $351 million, a decrease of 3.0%, compared to $361.8 million in the second quarter of fiscal year 2021. The net sales decrease was primarily due to lower demand across most product categories as we began to see the impact of consumer inflationary pressures and recessionary concerns. This decrease, however, was partially offset by the opening of 12 new stores since July 31, 2021. Compared to the second quarter of fiscal year 2019 net sales increased 65.7% from $211.8 million.Same store sales decreased 9.4% during the second quarter of 2022, compared to the second quarter of 2021. Compared to the same period of 2019, same store sales increased 31.7%.Gross profit was $117.5 million or 33.5% of net sales, compared to $120.1 million or 33.2% of net sales in the comparable prior year period. The 30 basis point improvement, as a percentage of net sales, can be attributed to favorable shipping, freight, and logistical expenses, as we slowed inventory receipts in response to consumer demand. Selling, general and administrative (SG&A) expenses were $97 million, an increase of 1.2%, compared to $95.9 million in the second quarter of fiscal year 2021. This increase was primarily due to resuming our pre-pandemic marketing-related activities during the quarter, and new store openings. These expenses were partially offset by increased store operating efficiencies.Net income was $14.6 million,...