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Sportsman's Warehouse Holdings Inc. (SPWH-1.60%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports a decrease in net sales to $324.3 million from $340.6 million in the same quarter the previous year, attributed to consumer inflationary pressures affecting discretionary spending.
Gross profit for the quarter was $103.1 million, consistent with the previous year, with a slight increase in gross margin to 31.8% due to improved product margins.
Selling, general, and administrative expenses remained nearly flat at $100 million, with a slight increase in rent expenses offset by reductions in payroll and pre-opening costs.
The company reported a net loss of $364,000 for the quarter, compared to a net loss of $1.3 million in the previous year.
Interest expense decreased to $3.3 million from $3.9 million, primarily due to decreased borrowings under credit facilities.
Cash used in operating activities was $18.7 million, an increase from $16.6 million in the previous year, driven by reduced net income.
The company highlighted macroeconomic factors such as inflation and recession concerns as significant impacts on its financial performance.
Sportsman's Warehouse plans to open one new store in fiscal year 2025 and has no plans for additional store openings in fiscal year 2024.
The filing also discusses various financial agreements, including a revolving credit facility and a term loan, with $145.7 million and $25 million outstanding, respectively.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sportsman's Warehouse Holdings Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.