Wed, Dec 11, 4:25 PM (210 days ago)
In the third quarter of fiscal year 2024, Sportsman’s Warehouse Holdings, Inc. (SPWH) reported a net sales decline of 4.8% to $324.3 million compared to the same period in 2023, attributed to consumer inflation impacting discretionary spending. Same-store sales fell 5.7%, with notable decreases in the Apparel and Footwear segments. Gross profit remained stable at $103.1 million, resulting in a gross margin increase to 31.8%. Selling, general, and administrative expenses slightly decreased to $100 million, reflecting operational efficiencies despite increased rent and legal settlement costs. The company recorded a net loss of $364,000 for the quarter, with interest expenses decreasing to $3.3 million. Cash flow from operations was negative at $18.7 million, driven by reduced net income and working capital needs. Total current liabilities rose to $386.7 million, with total assets at $967.7 million. The company maintains significant debt, with $145.7 million drawn from its revolving credit facility and $25 million from a term loan, both subject to variable interest rates. Future operations may be impacted by ongoing macroeconomic uncertainties and a cautious approach to new store openings.