Q2 2024 Sportsmans Warehouse Holdings Inc Earnings Call Transcript
Key Points
- Implemented a culture change by referring to employees as 'outfitters' to enhance customer service.
- Fishing department saw a 6% increase in comp sales, highlighting effective merchandising strategies.
- E-commerce sales grew by 3%, driven by hunting and fishing departments, comprising 19% of total sales.
- Completed the reset of 87 stores, improving the customer shopping experience with minimal capital investment.
- Secured a $45 million term loan to bolster balance sheet and liquidity, allowing strategic inventory investments.
- Net sales for the second quarter were $288.7 million, down from $309.5 million in the prior year.
- Same store sales decreased by 9.8% compared to the previous year.
- Gross margin decreased to 31.2% from 32.6% in the prior-year period, driven by increased costs associated with shrink.
- Net loss for the second quarter was $5.9 million, compared to a net loss of $3.3 million in the prior year.
- Inventory levels were too low in the first half of the year, impacting sales due to insufficient stock of core items.
Greetings, and welcome to the Sportsman's Warehouse second-quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Riley Timmer, Vice President of Investor Relations. Thank you, Riley, you may begin.
Thank you, operator. Participating on our second quarter call today is Paul Stone, our Chief Executive Officer, and Jeff White, our Chief Financial Officer. I will now remind everyone of the company's safe harbor language. The statements we make today contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which includes statements regarding expectations about our future results of operations, demand for our products and growth of our industry.
Actual results may differ materially from
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