Business
Sportsman’s Warehouse Holdings, Inc. Announces Second Quarter 2023 Financial Results
WEST JORDAN, Utah, Sept. 06, 2023 (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. 06, 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 July 29, 2023. “We were disappointed with our second quarter results and the slow-down in store traffic, as the challenging macroeconomic conditions continue to pressure consumer discretionary spending,” said Joseph Schneider, interim CEO and Chair of the Board. “Given results came in below our expectations, we are taking additional actions to reduce our overall expense structure to closer align with current sales trends. Additionally, we will be more aggressive and strategic with our promotional activity to drive foot traffic to our stores and leverage our omni-channel platform to provide consumers with an industry leading product assortment.” “The Board continues to search for a permanent, long-term CEO to lead Sportsman’s Warehouse,” continued Schneider. “This is our number one priority. The search is progressing well and we are pleased with the quality and experience we are seeing in the candidates and expect to fill the position soon.” For the thirteen weeks ended July 29, 2023: Net sales were $309.5 million, compared to $351.0 million in the second quarter of fiscal year 2022, a decrease of 11.8%. This net sales decrease was primarily due to lower demand across all product categories and a decline in store traffic resulting from the continued impact of consumer inflationary pressures on discretionary spending, partially offset by the opening of 14 new stores since July 30, 2022.Same store sales decreased 16.1% during the second quarter of fiscal year 2023, compared to the second quarter of fiscal year 2022, primarily as a result of the same factors noted above that impacted net sales.Gross profit was $100.8 million, or 32.6% of net sales, compared to $117.5 million, or 33.5% of net sales, in the corresponding period of fiscal year 2022. This decrease as a percentage of net sales was primarily driven by a greater portion of our sales from promotional activities and reduced product margins in our ammunition category.Selling, general, and administrative (SG&A) expenses were $102.3 million, or 33.1% of net sales, compared to $97.0 million, or 27.6% of net sales, in the second quarter of fiscal year 2022. The increase, ...