Sportsman’s Warehouse Holdings, Inc. reported net sales were $244.2 million in the fiscal first quarter ended May 4, compared to $267.5 million in the first quarter of fiscal year 2023. The 8.7 percent ($23.3 million) year-over-year net sales decrease was said to be primarily due to lower sales demand due to the impact of consumer inflationary pressures, decreasing discretionary spending, partially offset by the opening of 11 new stores over the last year.
Same-store sales decreased 13.5 percent during the first quarter, on top of a 17.8 percent comp sale decline in the year-ago first quarter period.
Gross profit was $73.8 million, or 30.2 percent of net sales, for the quarter compared to $80.0 million, or 29.9 percent of net sales, in the corresponding period of fiscal year 2023. The increase as a percentage of net sales was said to be primarily driven by improved product mix and rate in our fishing category.
Selling, general, and administrative (SG&A) expenses were $94.4 million, or 38.7 percent of net sales, compared to $99.0 million, or 37.0 percent of net sales, in the first quarter of fiscal year 2023. The decrease in absolute dollars was largely due to our expense management initiatives which reduced overall payroll and lower new store pre-opening expenses compared with the prior year. This decrease was partially offset by higher rent and depreciation expenses primarily due to the opening of 11 new stores since April 29, 2023.
Net loss was $18.1 million, or a loss of 48 cents per diluted share, in Q1, compared to a net loss of $15.6 million, or a loss of 42 cents per diluted share, in the first quarter of fiscal year 2023.
Adjusted net loss was $17.8 million, or a loss of 47 cents per diluted share, compared to an adjusted net loss of $14.8 million, or a loss of 39 cents per diluted share, in the first quarter of fiscal year 2023.
Adjusted EBITDA was $8.7 million, compared to $7.8 million in the corresponding prior-year period.
The company is reaffirming its guidance for fiscal year 2024 and expects net sales to be in the range of $1.15 billion to $1.23 billion and adjusted EBITDA to be in the range of $45 million to $65 million. The Company also expects capital expenditures for 2024 to be in the range of $20 million to $25 million, primarily consisting of technology investments relating to merchandising and store productivity. No new store openings are currently anticipated.
Image courtesy Sportsman’s Warehouse
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EXEC: Sportsman’s Warehouse to Focus More on “Warehouse” and Value Moving Forward
