Sportsmans Warehouse Holdings, Inc (SPWH) swung to a net loss for the quarter ended Apr. 29, 2017. The company has made a net loss of $4.51 million, or $ 0.11 a share in the quarter, against a net profit of $0.31 million, or $0.01 a share in the last year period. On an adjusted basis, net loss for the quarter was $3.44 million, when compared with $0.15 million in the last year period. Revenue during the quarter grew 3.48 percent to $156.90 million from $151.62 million in the previous year period. Gross margin for the quarter contracted 99 basis points over the previous year period to 30.99 percent. Operating margin for the quarter stood at negative 2.40 percent as compared to a positive 1.55 percent for the previous year period.
Operating loss for the quarter was $3.77 million, compared with an operating income of $2.36 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.02 million compared to operating profit of $2.50 million in prior year period.
John Schaefer, Chief Executive Officer, stated, "As expected, we saw continued softness in firearm demand during the first quarter as we anniversaried difficult compares post the San Bernardino shooting and executive orders that were issued at the beginning of 2016. The industry remained highly promotional and we increased our promotional activity in order to maintain our share position, resulting in slightly better than planned sales, and in-line adjusted earnings performance for the first quarter. We are pleased with the progress we continued to make on our key strategic initiatives of maximizing the potential of our loyalty program, growing our private label segment, enhancing our e-commerce platform, and investing in our store teams.”
For the second-quarter 2017, Sportsmans Warehouse Holdings, Inc expects revenue to be in the range of $189 million to $194 million and adjusted diluted earnings per share to be in the range of $0.12 to $0.14.
For fiscal year 2017, Sportsmans Warehouse Holdings, Inc expects revenue to be in the range of $825 million to $845 million and its net income to be in the range of $23.80 million to $27.50 million and adjusted net income to be in the range of $25.54 million to $29.24 million. and also its adjusted diluted earnings per share to be in the range of $0.60 to $0.68.
Operating cash flow remains negative
Sportsmans Warehouse Holdings, Inc has spent $8.85 million cash to meet operating activities during the quarter as against cash outgo of $15.65 million in the last year period. The company has spent $13.20 million cash to meet investing activities during the quarter as against cash outgo of $8.72 million in the last year period.
Cash flow from financing activities was $22.41 million for the quarter, down 9.11 percent or $2.25 million, when compared with the last year period.
Cash and cash equivalents stood at $2.27 million as on Apr. 29, 2017, down 5.62 percent or $0.13 million from $2.40 million on Apr. 30, 2016.
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