Q1 2024 Sportsmans Warehouse Holdings Inc Earnings Call Transcript
Key Points
- Sportsman's Warehouse Holdings Inc (SPWH) saw positive comp sales growth in the fishing category for Q1, driven by early store setups and relevant inventory.
- The company successfully reduced overall costs by $4.6 million year-over-year, reflecting effective expense management.
- Total inventory was down approximately $75 million compared to the same time last year, indicating improved inventory health.
- Sportsman's Warehouse Holdings Inc (SPWH) identified an additional $5 million to $7 million in annualized cost savings, primarily from renegotiated freight contracts.
- The company relaunched value-add service programs like the Firearm Service Plan and Safeguard Warranty Program, which are margin accretive.
- Net sales for the first quarter were $244 million, down from $267 million in the prior year, with same-store sales decreasing by 13.5%.
- Hunting department sales were down about 7% compared to the prior year, primarily due to fewer customers purchasing firearms and ammunition.
- Apparel and footwear sales were significantly down, by approximately 26% and 28% respectively, compared to the previous year.
- The company reported a net loss of $18.1 million for Q1 2024, compared to a net loss of $15.6 million in the same period last year.
- SG&A expenses as a percentage of net sales increased to 38.6% from 37% in the prior year, despite absolute dollar reductions.
Greetings, and welcome to the Sportsman's Warehouse First Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Riley Timmer, Vice President of Investor Relations. Thank you. You may begin.
Thank you, operator. Participating on the call today is Paul Stone, our Chief Executive Officer; and Jeff White, our Chief Financial Officer.
I'll 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 those suggested in such statements due to a number of risks and uncertainties, including those described in the company's most recent Form 10-K and the company's other filings made with
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