Wed, Jun 5, 12:36 PM (138 days ago)
Sportsman’s Warehouse Holdings, Inc. reported a net sales decrease of 8.7% to $244.2 million for Q1 FY2024, compared to $267.5 million in Q1 FY2023. Same-store sales declined by 13.5%, primarily due to consumer inflationary pressures impacting discretionary spending. Gross profit fell by $6.3 million to $73.8 million, though gross margin improved slightly to 30.2%. SG&A expenses decreased by $4.6 million to $94.4 million, attributed to cost reduction efforts and no new store openings. Interest expense rose by 45% to $2.9 million due to higher borrowings and interest rates. The company posted a net loss of $18.1 million, up from a $15.6 million loss in Q1 FY2023. Cash used in operating activities was $34.7 million, a slight improvement from $37.0 million in the prior year. Inventory levels were reduced, and capital expenditures were cut significantly. The company maintains $176.1 million in borrowings under its $350 million revolving credit facility, with $78.6 million available for borrowing. No new stores are planned for FY2024.