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SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

(SPWH)
  Report
Delayed Nasdaq  -  04:00 2022-11-30 pm EST
9.820 USD   -.--%
11/24Sportsman's Warehouse Holdings, Inc. Announces Third Quarter Earnings Conference Call
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11/23Sportsman's Warehouse Holdings, Inc. AnnouncesáThird Quarter Earnings Conference Call
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10/19Sportsman's Warehouse Announces Successful Maintain the Terrain Events
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SPORTSMAN'S WAREHOUSE HOLDINGS, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

09/02/2022 | 08:33am EST
The discussion below contains forward-looking statements that involve risks and
uncertainties. Our actual results could differ materially from those anticipated
in these forward-looking statements as a result of various factors, including
those which are discussed in "Part I. Item 1A. Risk Factors" in our Fiscal 2021
Form 10-K. Also see "Statement Regarding Forward-Looking Statements" preceding
Part I in this 10-Q.

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in this 10-Q.


                                    Overview

We are an outdoor sporting goods retailer focused on meeting the everyday needs
of the seasoned outdoor veteran, the first-time participant and everyone in
between. Our mission is to provide outstanding gear and exceptional service to
inspire outdoor memories.

Our business was founded in 1986 as a single retail store in Midvale, Utah. Today, we operate 127 stores in 29 states, totaling approximately 4.8 million gross square feet. We list the locations of our stores on our website, www.sportsmans.com. We also operate an e-commerce platform at www.sportsmans.com.

Our stores and our e-commerce platform are aggregated into one operating and reportable segment.


                               COVID-19 Pandemic

Since the beginning of the COVID-19 pandemic in mid-March 2020 and continuing
into the second quarter of 2022, we experienced a significant increase in sales
from pre-pandemic sales. A larger than normal portion of those sales came from
certain product categories, particularly firearms and ammunition. While our same
store sales decreased by 9.4% during the second quarter of 2022 compared to the
second quarter of 2021, when compared to the second quarter of 2019, same store
sales increased by 31.7%.

In addition, we continue to see some interruption with various vendors as a
result of restrictions or limitations on their operations, including labor
shortages, due to the pandemic. We have been working closely with our vendors to
limit such disruption and we have been successful in building up our inventory
in recent months. The pandemic and current economic conditions have also
resulted in a short supply of qualified employees.

We cannot predict the future impact on us of the COVID-19 outbreak. The future
impact of the COVID-19 pandemic will depend on a number of future developments,
which are highly uncertain and cannot be predicted, including, but not limited
to the duration, spread and severity of the COVID-19 outbreak, any resurgence of
COVID-19, the effects of the outbreak on our customers and vendors and the
remedial actions and stimulus measures adopted by local and federal governments.
Further, we may experience a decrease in sales if the increased demand we
experienced during the pandemic subsides.

                 How We Assess the Performance of Our Business

In assessing the performance of our business, we consider a variety of
performance and financial measures. The key measures for determining how our
business is performing are net sales, same store sales, gross margin, selling,
general, and administrative expenses, income from operations and adjusted
earnings before interest, taxes, depreciation and amortization ("Adjusted
EBITDA").

Net Sales and Same Store Sales


Our net sales are primarily received from revenue generated in our stores and
also include sales generated through our e-commerce platform. When measuring
revenue generated from our stores, we review our same store sales as well as the
performance of our stores that have not operated for a sufficient amount of time
to be included in same store sales. We include net sales from a store in same
store sales on the first day of the 13th full fiscal month following the store's

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opening or acquisition by us. We exclude sales from stores that were closed
during the period from our same store sales calculation. We include net sales
from e-commerce in our calculation of same store sales. For fiscal years
consisting of 53 weeks, we exclude net sales during the 53rd week from our
calculation of same store sales. Some of our competitors and other retailers may
calculate same store sales differently than we do. As a result, data regarding
our same store sales may not be comparable to similar data made available by
other retailers.

Measuring the change in year-over-year same store sales allows us to evaluate how our retail store base is performing. Various factors affect same store sales, including:

? the impact of the COVID-19 pandemic;

? changes or anticipated changes to regulations related to some of the products

we sell;

? consumer preferences, buying trends and overall economic trends;

? our ability to identify and respond effectively to local and regional trends

and customer preferences;

? our ability to provide quality customer service that will increase our

conversion of shoppers into paying customers;

? the success of our omni-channel strategy and our e-commerce platform;

? competition in the regional market of a store;

? atypical weather;

? new product introductions and changes in our product mix; and

? changes in pricing and average ticket sales.

Opening new stores and acquiring store locations is also an important part of
our growth strategy. While our target is to grow square footage at a rate of
5%-10% annually, we may deviate from this target if attractive opportunities are
presented to open stores or acquire new store locations outside of our target
growth rate.

We also have been scaling our e-commerce platform and increasing sales through our website, www.sportsmans.com.

We believe the key drivers to increasing our total net sales include:

? increasing our total gross square footage by opening new stores and through

strategic acquisitions;

? continuing to increase and improve same store sales in our existing markets;

increasing customer visits to our stores and improving our conversion rate

? through focused marketing efforts and continually high standards of customer

service;

? growing our loyalty and credit card programs; and

? expanding our omni channel capabilities through larger assortment and

inventory, expanded content and expertise and better user experience.

Gross Margin


Gross profit is our net sales less cost of goods sold. Gross margin measures our
gross profit as a percentage of net sales. Our cost of goods sold primarily
consists of merchandise acquisition costs, including freight-in costs, shipping
costs, payment term discounts received from the vendor and vendor allowances and
rebates associated directly with merchandise and shipping costs related to
e-commerce sales.

We believe the key drivers to improving our gross margin are increasing the
product mix to higher margin products, particularly apparel and footwear,
increasing foot traffic within our stores and traffic to our website, improving
buying opportunities with our vendor partners and coordinating pricing
strategies among our stores and our merchandise group. Our ability to properly
manage our inventory can also impact our gross margin. Successful inventory
management ensures we have sufficient high margin products in stock at all times
to meet customer demand, while overstocking of items could lead to markdowns in
order to help a product sell. We believe that the overall growth of our business
will

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allow us to generally maintain or increase our gross margins, because increased
merchandise volumes will enable us to maintain our strong relationships with our
vendors.

Selling, General, and Administrative Expenses


We closely manage our selling, general, and administrative expenses. Our
selling, general, and administrative expenses are comprised of payroll, rent and
occupancy, depreciation and amortization, acquisition expenses, pre-opening
expenses and other operating expenses, including stock-based compensation
expense. Pre-opening expenses include expenses incurred in the preparation and
opening of a new store location, such as payroll, travel and supplies, but do
not include the cost of the initial inventory or capital expenditures required
to open a location.

Our selling, general, and administrative expenses are primarily influenced by
the volume of net sales of our locations, except for our corporate payroll, rent
and occupancy and depreciation and amortization, which are generally fixed in
nature. We control our selling, general, and administrative expenses through a
budgeting and reporting process that allows our personnel to adjust our expenses
as trends in net sales activity are identified.

We expect that our selling, general, and administrative expenses will increase
in future periods due to our continuing growth. In addition, we have experienced
increased payroll expenses due to increased minimum wages and generally
increasing salaries and wages due to a competitive labor market and inflation.

Income from Operations


Income from operations is gross profit less selling, general, and administrative
expenses. We use income from operations as an indicator of the productivity of
our business and our ability to manage selling, general, and administrative
expenses.

Adjusted EBITDA


We define Adjusted EBITDA as net income plus interest expense, income tax
expense, depreciation and amortization, stock-based compensation expense,
pre-opening expenses, and other gains, losses and expenses that we do not
believe are indicative of our ongoing expenses. In evaluating our business, we
use Adjusted EBITDA and Adjusted EBITDA margin as an additional measurement tool
for purposes of business decision-making, including evaluating store
performance, developing budgets and managing expenditures. See "-Non-GAAP
Measures."

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                             Results of Operations

The following table summarizes key components of our results of operations as a percentage of net sales for the periods indicated:

                                                  Thirteen Weeks Ended      Twenty-Six Weeks Ended
                                                 July 30,      July 31,     July 30,       July 31,
                                                   2022          2021         2022           2021
Percentage of net sales:
Net sales                                           100.0%       100.0%        100.0%         100.0%
Cost of goods sold                                    66.5         66.8          67.2           67.5
Gross profit                                          33.5         33.2          32.8           32.5
Selling, general, and administrative expenses         27.6         26.5    
     29.2           27.0
Income from operations                                 5.9          6.7           3.6            5.5
Interest expense                                       0.2          0.1           0.2            0.1
Income before income taxes                             5.7          6.6           3.4            5.4
Income tax expense                                     1.5          1.7           0.8            1.3
Net income                                            4.2%         4.9%          2.6%           4.1%
Adjusted EBITDA                                       8.7%         9.7%          6.6%           8.5%


The following table shows our sales during the periods presented by department:

                                                   Thirteen Weeks Ended      Twenty-Six Weeks Ended
                                                  July 30,      July 31,     July 30,       July 31,
Department             Product Offerings            2022          2021         2022           2021
Camping           Backpacks, camp essentials,
                  canoes and kayaks, coolers,
                  outdoor cooking equipment,
                  sleeping bags, tents and
                  tools                               16.9%        17.8%         14.0%          14.7%
Apparel           Camouflage, jackets, hats,
                  outerwear, sportswear,
                  technical gear and work wear         7.1%         6.6%          7.0%           6.5%
Fishing           Bait, electronics, fishing
                  rods, flotation items, fly
                  fishing, lines, lures,
                  reels, tackle and small
                  boats                               13.4%        15.1%         12.0%          13.4%
Footwear          Hiking boots, socks, sport
                  sandals, technical footwear,
                  trail shoes, casual shoes,
                  waders and work boots                6.7%         6.6%          6.5%           6.4%
Hunting and       Ammunition, archery items,
Shooting          ATV accessories, blinds and
                  tree stands, decoys,
                  firearms, reloading
                  equipment and shooting gear         50.5%        48.1%         55.1%          53.1%
Optics,           Gift items, GPS devices,
Electronics,      knives, lighting, optics,
Accessories,      two-way radios, and other
and Other         license revenue, net of
                  revenue discounts                    5.4%         5.8%          5.4%           5.9%
Total                                                100.0%       100.0%        100.0%         100.0%

Thirteen Weeks Ended July 30, 2022 Compared to Thirteen Weeks Ended July 31, 2021

Net Sales. Net sales decreased by $10.8 million, or 3.0%, to $351.0 million
during the 13 weeks ended July 30, 2022 compared to $361.8 million in the
corresponding period of fiscal year 2021. Our net sales decreased primarily due
to lower demand across most product categories as we began to see the impact of
consumer inflationary pressures and recessionary concerns, partially offset by
our opening of 12 new stores since July 31, 2021. Stores that have been open for
less than 12 months and were, therefore, not included in our same store sales,
contributed $25.1 million to net sales. Same store sales decreased by 9.4% for
the 13 weeks ended July 30, 2022 compared to the comparable 13-week period of
fiscal year 2021, primarily driven by a decrease in demand across most product
categories due to consumer inflationary pressures and recessionary concerns.

Our hunting and shooting and apparel categories saw increases of $3.3 million
and $1.2 million, respectively, in the second quarter of fiscal year 2022
compared to the comparable 13-week period of fiscal year 2021 due to the opening
of

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12 new stores since July 31, 2021. Our fishing, camping, optics, electronics and
accessories and footwear categories saw decreases of $7.7 million, $5.1 million,
$4.2 million and $0.6 million, respectively, in the second quarter of fiscal
year 2022 compared to the comparable 13-week period of fiscal year 2021. Within
the hunting and shooting department, our firearm category saw a decrease of $3.0
million or 4.2%, while our ammunition category saw an increase of $2.9 million
or 5.6% in the second quarter of fiscal year 2022 compared to the comparable
13-week period of fiscal year 2021. The decrease seen in the firearm category is
primarily due to the impact of consumer inflationary pressures and recessionary
concerns, partially offset by the opening of 12 new stores since July 31, 2021.
The increase in the ammunition category is due to a decrease in supply chain
disruptions in this category as well as the opening of 12 new stores since July
31, 2021.

With respect to same store sales, during the 13 weeks ended July 30, 2022, our
fishing, optics, electronics and accessories, camping, footwear, hunting and
shooting and apparel departments saw decreases of 18.5%, 18.1%, 13.5%, 7.1%,
6.1% and 1.4%, respectively, as we began to see the impact of consumer
inflationary pressures and recessionary concerns. As of July 30, 2022, we had
114 stores included in our same store sales calculation.

Gross Profit. Gross profit decreased to $117.5 million during the 13 weeks ended
July 30, 2022 compared to $120.1 million for the corresponding period of fiscal
year 2021. As a percentage of net sales, gross profit increased to 33.5% for the
13 weeks ended July 30, 2022, compared to 33.2% for the corresponding period of
fiscal year 2021 primarily driven by increased product margins and favorable
shipping, freight and logistical expenses during the period compared to the
prior year as we slowed inventory receipts in response to consumer demand. These
increases were partially offset by unfavorable product mix.

Selling, General, and Administrative Expenses. Selling, general, and
administrative expenses increased by $1.2 million, or 1.2%, to $97.0 million
during the 13 weeks ended July 30, 2022 from $95.9 million for the comparable
13-week period of fiscal year 2021. This increase was primarily due to an
increase in other selling, general and administrative expenses of $2.5 million,
which was largely the result of a return to pre-pandemic levels of marketing
activities compared to the comparable 13-week period of fiscal 2021. We also saw
increases in depreciation, rent and management recruiting expenses of $1.4
million, $1.3 million, and $0.7 million, respectively, during the 13 weeks ended
July 30, 2022 primarily related to the opening of 12 new stores since July 31,
2021 and the recruiting and hiring of key senior managers. These increases were
offset by a decrease in acquisition costs of $2.5 million due to the terminated
merger with Great Outdoors Group, a decrease in payroll expense of $1.7 million
primarily due to store operational efficiencies and by pre-opening expenses of
$0.6 million due to the timing of opening new stores. As a percentage of net
sales, selling, general, and administrative expenses increased to 27.6% of net
sales in the second quarter of fiscal year 2022, compared to 26.5% of net sales
in the second quarter of fiscal year 2021, due to the same reasons disclosed for
the increase in selling, general, and administrative expenses.

Interest Expense. Interest expense increased by $0.5 million, or 166.7%, to $0.8
million during the 13 weeks ended July 30, 2022 from $0.3 million for the
comparable 13-week period of fiscal year 2021. Interest expense increased
primarily as a result of increased borrowings and higher interest rates on our
revolving credit facility during the second quarter of fiscal year 2022 compared
to the second quarter of fiscal year 2021.

Income Taxes. We recognized income tax expense of $5.1 million during the 13
weeks ended July 30, 2022 compared to an income tax expense of $6.2 million
during the comparable 13-week period of fiscal year 2021. Our effective tax
rates for the 13 weeks ended July 30, 2022 and July 31, 2021 were 26.0% and
25.9%, respectively. Our effective tax rate will generally differ from the U.S.
Federal statutory rate of 21.0%, due to state taxes, permanent items, and
discrete items relating to stock award deductions.

Twenty-Six Weeks Ended July 30, 2022 Compared to Twenty-Six Weeks Ended July 31, 2021

Net Sales. Net sales decreased by $28.3 million, or 4.1%, to $660.5 million
during the 26 weeks ended July 30, 2022 compared to $688.8 million in the
corresponding period of fiscal year 2021. Our net sales decreased primarily due
to lower demand across most product categories as we anniversaried the increased
demand during the first half of fiscal 2021 driven by the COVID-19 economic
stimulus package (the American Rescue Plan) and social unrest and the impact of
current year consumer inflationary pressures and recessionary concerns. These
headwinds were partially offset by our opening of 12 new stores since July 31,
2021. Stores that have been open for less than 12 months and were, therefore,
not included in our same store sales, contributed $45.1 million to net sales.
Same store sales decreased by 10.4% for the

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26 weeks ended July 30, 2022 compared to the comparable 26-week period of fiscal year 2021, primarily driven by decreases in most of our categories.


Our apparel category saw an increase of $1.5 million during the 26 weeks ended
July 30, 2022 compared to the comparable 26-week period of fiscal year 2021
primarily due to the opening of 12 new stores since July 31, 2021. Our fishing,
camping, optics, electronics and accessories, hunting and shooting and footwear
categories saw decreases of $13.1 million, $8.5 million, $7.0 million, $1.9
million and $0.9 million, respectively, during the 26 weeks ended July 30, 2022
compared to the comparable 26-week period of fiscal year 2021. Within the
hunting and shooting department, our firearm category saw a decrease of $11.9
million or 7.3%, while our ammunition category saw an increase of $8.5 million
or 8.0% during the 26 weeks ended July 30, 2022 compared to the comparable
26-week period of fiscal year 2021. The decrease seen in the firearm category is
primarily due to lower demand across most product categories as we anniversaried
the increased demand during the first half of fiscal 2021 driven by the COVID-19
economic stimulus package (the American Rescue Plan) and social unrest and the
impact of current year consumer inflationary pressures and recessionary
concerns. These headwinds were partially offset by the opening of 12 new stores
since July 31, 2021. The increase in the ammunition category is due to a
decrease in supply chain disruptions in this category as well as the opening of
12 new stores since July 31, 2021.

With respect to same store sales, during the 26 weeks ended July 30, 2022, our
fishing, optics, electronics and accessories, camping, hunting and shooting,
footwear and apparel departments saw decreases of 18.9%, 17.1%, 14.0%, 8.1%,
7.0% and 2.8%, respectively, primarily due to lower demand across most product
categories as we anniversaried the increased demand during the first half of
fiscal 2021 driven by the COVID-19 economic stimulus package (the American
Rescue Plan) and social unrest and the impact of current year consumer
inflationary pressures and recessionary concerns. As of July 30, 2022, we had
114 stores included in our same store sales calculation.

Gross Profit. Gross profit decreased to $216.6 million during the 26 weeks ended
July 30, 2022 compared to $224.1 million for the corresponding period of fiscal
year 2021 primarily due to lower net sales. As a percentage of net sales, gross
profit increased to 32.8% for the 26 weeks ended July 30, 2022, compared to
32.5% for the corresponding period of fiscal year 2021 primarily driven by
increased product margins across most departments and decreased shipping,
freight and logistical expenses during the period compared to the prior year as
we slowed inventory receipts in response to consumer demand.

Selling, General, and Administrative Expenses. Selling, general, and
administrative expenses increased by $6.8 million, or 3.7%, to $193.1 million
during the 26 weeks ended July 30, 2022 from $186.3 million for the comparable
13-week period of fiscal year 2021. This increase was primarily due to an
increase in other selling, general and administrative expenses of $7.1 million,
which was largely the result of a return to pre-pandemic levels of marketing and
travel activities compared to the comparable 26-week period of fiscal 2021. We
also had increased pre-opening expenses of $0.1 million due to the timing of
opening new stores, as well as increases in depreciation, rent and management
recruiting expenses of $3.0 million, $1.9 million, and $0.9 million,
respectively, during the 26 weeks ended July 30, 2022 primarily related to the
opening of 12 new stores since July 31, 2021 and the recruiting and hiring of
key senior managers. These increases were offset by a decrease in acquisition
costs of $5.3 million due to the terminated merger with Great Outdoors Group and
a decrease in payroll expense of $0.9 million primarily due to store operational
efficiencies. As a percentage of net sales, selling, general, and administrative
expenses increased to 29.2% of net sales in the first 26 weeks of fiscal year
2022, compared to 27.0% of net sales in the first 26 weeks of fiscal year 2021,
due to the same reasons disclosed for the increase in selling, general, and
administrative expenses.

Interest Expense. Interest expense increased by $0.8 million, or 160.0%, to $1.3
million during the 26 weeks ended July 30, 2022 from $0.5 million for the
comparable 26-week period of fiscal year 2021. Interest expense increased
primarily as a result of increased borrowings and higher interest rates on our
revolving credit facility during the first 26 weeks of fiscal year 2022 compared
to the first 26 weeks of fiscal year 2021.

Income Taxes. We recognized income tax expense of $5.6 million compared to an
income tax expense of $9.1 million during the 26 weeks ended July 30, 2022 and
July 31, 2021, respectively. Our effective tax rate for the 26 weeks ended July
30, 2022 and July 31, 2021 was 25.1% and 24.5%, respectively. Our effective tax
rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to
state taxes, permanent items, and discrete items relating to stock award
deductions.

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                                  Seasonality

Due to the openings of hunting season across the country and consumers' holiday
buying patterns, net sales are typically higher in the third and fourth fiscal
quarters than in the first and second fiscal quarters. We also incur additional
expenses in the third and fourth fiscal quarters due to higher sales volume and
increased staffing in our stores. We anticipate that our net sales will continue
to reflect this seasonal pattern.

The timing of our new retail store openings also may have an impact on our
quarterly results. First, we incur certain non-recurring expenses related to
opening each new retail store, which are expensed as they are incurred. Second,
most store expenses generally vary proportionately with net sales, but there is
also a fixed cost component, which includes occupancy costs. These fixed costs
typically result in lower store profitability during the initial period after a
new retail store opens. Due to both of these factors, new retail store openings
may result in a temporary decline in operating profit, in dollars and/or as a
percentage of net sales.

Weather conditions affect outdoor activities and the demand for related apparel
and equipment. Customers' demand for our products, and, therefore, our net
sales, can be significantly impacted by weather patterns on a local, regional
and national basis.

                        Liquidity and Capital Resources

Overview; Sources and Uses of Cash


Our primary cash requirements are for seasonal working capital needs and capital
expenditures related to opening and acquiring new store locations. For both the
short-term and the long-term, our sources of liquidity to meet these needs have
primarily been borrowings under our revolving credit facility, operating cash
flows and short and long-term debt financings from banks and financial
institutions. We believe that our cash on hand, cash generated by operating
activities and funds available under our revolving credit facility will be
sufficient to finance our operating activities for at least the next twelve
months and beyond. In addition, on December 2, 2021, we received a $55.0 million
cash payment from Great Outdoors Group, LLC ("Great Outdoors Group") in
connection with the termination of our previously pending merger with a
subsidiary of Great Outdoors Group.

Material Cash Requirements

Our material cash requirements are primarily for opening and acquiring new store locations, along with our general operating expenses and other expenses discussed below.


Capital Expenditures. For the 26 weeks ended July 30, 2022, we incurred
approximately $22.6 million in capital expenditures primarily related to the
construction of new stores and the refurbishment of existing stores during the
period. We expect capital expenditures between $48 million and $55 million for
fiscal year 2022 primarily to refurbish some of our existing stores and to open
up to 10 new stores in fiscal year 2022. We intend to fund these capital
expenditures with our operating cash flows, cash on hand and funds available
under our revolving credit facility. Other investment opportunities, such as
potential strategic acquisitions or store expansion rates in excess of those
presently planned, may require additional funding.

Principal and Interest Payments. We maintain a $350.0 million revolving credit
facility. As of July 30, 2022, $105.7 million was outstanding under the
revolving credit facility. Assuming no additional repayments or borrowings on
our revolving credit facility after July 30, 2022 our interest payments would be
approximately $3.5 million for fiscal year 2022 based on the interest rate at
July 30, 2022. See below under "Indebtedness" for additional information
regarding our revolving credit facility, including the interest rate applicable
to any borrowing under such facility.

Operating Lease Obligations. Lease commitments consist principally of leases for
our retail stores, corporate office and distribution center. Our leases often
include options which allow us to extend the terms beyond the initial lease
term. For the remainder of 2022, our expected operating lease payments will be
$32.4 million and our total committed lease payments are $391.4 million as of
July 30, 2022. Other operating lease obligations consist of distribution center
equipment. Additional information regarding our operating leases is available in
our Fiscal 2021 Form 10-K.

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  Table of Contents

Purchase Obligations. In the ordinary course of business, we enter into
arrangements with vendors to purchase merchandise in advance of expected
delivery. We or the vendor can generally terminate the purchase orders at any
time. These purchase orders do not contain any termination payments or other
penalties if cancelled.

Share Repurchase Authorization. Our board authorized a share repurchase program
to allow for the repurchase of up to $75.0 million of outstanding shares of our
common stock for the period from March 31, 2022 to March 31, 2023. We may
repurchase shares of our common stock at any time or from time to time, without
prior notice, subject to market conditions and other considerations. Our
repurchases may be made through Rule 10b5-1 plans, accelerated share repurchase
transactions, open market purchases, privately negotiated transactions, tender
offers, block purchases or other transactions. We intend to fund repurchases
under the repurchase program using cash on hand or available borrowings under
our revolving credit facility. We have no obligation to repurchase any shares of
our common stock under the share repurchase program and we may modify, suspend
or discontinue it at any time. As of July 30, 2022, we had repurchased 5,348,000
shares of our common stock for $52.1 million, utilizing cash on hand.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2023 1 421 M - -
Net income 2023 44,4 M - -
Net Debt 2023 - - -
P/E ratio 2023 9,22x
Yield 2023 -
Capitalization 382 M 382 M -
Capi. / Sales 2023 0,27x
Capi. / Sales 2024 0,25x
Nbr of Employees 5 500
Free-Float 85,9%
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Average target price 13,40 $
Spread / Average Target 36,5%
EPS Revisions
Managers and Directors
Jonathan Barker President, Chief Executive Officer & Director
Jeff White Chief Financial Officer & Secretary
Joseph P. Schneider Chairman
Phil Stevens Chief Technology Officer
Sruti Patnaik Chief Information Officer
Sector and Competitors