US-based sporting goods retailer Sportsman’s Warehouse has recorded net sales of $359.7m for the third quarter (Q3) of fiscal 2022 (FY22), which ended on 29 October.
The figure represents a 10.3% decline from $401.0m in the same period of the prior fiscal year (FY21).
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Sportsman’s Warehouse’s sales performance in the quarter declined due to lower demand across most product categories.
The company’s same-store sales also fell by 15.0% compared with Q3 2021, but increased by 19.5% against the same period of 2019.
Sportsman’s Warehouse reported a gross profit of $120.8m in the quarter, representing 33.6% of its net sales, against $129.6m a year earlier.
Its Q3 net income was $12.9m against a net income of $21.9m in the same period of FY21, while its adjusted net income was $13.1m.
The company’s diluted earnings per share (EPS) dropped from $0.49 to $0.33 year-over-year in the quarter.
Sportsman’s Warehouse president and CEO Jon Barker said: “We executed our strategic initiatives and reported strong sales and earnings results in the third quarter, despite the challenging macroeconomic environment.
“The investments made over the last few years to enhance our omnichannel capabilities have strengthened the overall foundation of the business.
“Moving forward, we will continue to closely manage the business with discipline and rigour and maintain focus on leveraging our investments while accelerating the growth of our store footprint to reach more customers nationwide.”
In the year to date, Sportsman’s Warehouse has recorded net sales of $1.02bn, down by 6.4% from $1.09bn in the first nine months of FY21.
The company’s same-store sales for this period also decreased by 12.1% against a year earlier.
Sportsman’s Warehouse has posted a total net income of $29.5m and gross profit of $337.5m in the first three quarters of FY22.
The retailer expects its net sales to be between $370m and $385m for the fourth quarter and $1.39bn to $1.41bn for the full year.
