Business
Sportsman's Warehouse Holdings, Inc. Announces Third Quarter 2023 Financial Results
WEST JORDAN, Utah, Dec. 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, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the “Company”) (Nasdaq: SPWH) today announced third quarter financial results for the thirteen and thirty-nine weeks ended October 28, 2023. “During the third quarter the team successfully executed our near-term initiatives and I am pleased that we exceeded our prior guidance for both net sales and adjusted diluted earnings per share,” said Paul Stone, Sportsman’s Warehouse President and Chief Executive Officer. “While we continued to navigate macroeconomic headwinds, we made significant progress on our plan to clear through excess apparel and footwear inventory, allowing us to invest in the right merchandise that appeals to our core customer. Additionally, we realized meaningful financial benefits through the cost reduction plan that was laid out last quarter, as we reduced SG&A spend. We intend to continue to execute these plans, which in turn, are designed to lower our debt level, so we are well positioned as we begin 2024. In the short-term we look to further provide our customers with a positive holiday shopping experience, highlighted by our unmatched service and passion.” For the thirteen weeks ended October 28, 2023: Net sales were $340.6 million, a decrease of 5.3%, compared to $359.7 million in the third quarter of fiscal year 2022. The net sales decrease was primarily due to the continued impact of consumer inflationary pressures and recessionary concerns on discretionary spending, resulting in a decline in store traffic and lower demand across most product categories. This decrease, however, was partially offset by the opening of 15 new stores since October 29, 2022 and increased demand in certain categories as a result of social unrest.Same store sales decreased 11.4% during the third quarter of fiscal year 2023, compared to the third quarter of fiscal year 2022, primarily as a result of the impact of consumer inflationary pressures and recessionary concerns on discretionary spending.Gross profit was $103.2 million, or 30.3% of net sales, compared to $120.8 million or 33.6% of net sales in the third quarter of fiscal year 2022. The 330 basis point decrease, as a percentage of net sales, can be attributed to reduced product margins in our ammunition category and increased promotional efforts to drive ...