Sportsman’s Warehouse Holdings, Inc. reported lower-than-expected fourth quarter sales for the 14-week period ended February 3, but indicated it was successful in reducing excess inventory and ended the fiscal year in a significantly healthier inventory position.
Fourth quarter net sales were $370.4 million, a decrease of 2.3 percent, compared to $379.3 million in the 13-week fourth quarter period in fiscal year 2022. The net sales decrease was said to be primarily due to lower sales demand from consumer inflationary pressures and recession concerns, partially offset by the opening of 15 new stores over the last year and $15.4 million from the additional week of sales.
Same-store sales decreased 12.8 percent on a 13-week comparable basis, compared with the prior-year fourth quarter.
The net loss for the fourth quarter was $8.7 million, compared to net income of $11.0 million in the the prior-year fourth quarter. Diluted loss per share was 23 cents in Q4, compared to diluted earnings per share of 29 cents in the comparable prior-year period.
Adjusted net loss was $7.5 million in Q4, compared to adjusted net income of $12.7 million in the fourth quarter of fiscal year 2022. Adjusted diluted loss per share was 20 cents in Q4, compared to adjusted diluted earnings per share of 33 cents for the comparable prior-year period
Adjusted EBITDA was $5.3 million, compared to $28.2 million in the comparable prior year period.
See Below for more SGB Media coverage of Sportsman’s Warehouse, including executive conference call details, full-year results, 2024 outlook, Q4 category performance and inventory reduction efforts, and the retailer’s Spring Reset to 2024:
EXEC: Sportsman’s Warehouse Kicks Off ‘Spring Reset’ to Clean Inventory, Grow Sales
