Sportsman’s Warehouse down 16% after quarterly guidance miss

Shares of Sportsman’s Warehouse (SPWH) are falling over 16% or $1.36 per share to $6.95 in after-hours trading after the company guided to a revenue downturn and loss on the bottom line in the current quarter. The company projected Q1 revenue of $265M to $270M, compared with the analyst expectations of $316.71M. The company sees Q1 EPS (40c)-(35c) against analyst consensus of 3c. Sportsman’s Warehouse sees Q1 same-store sales down 19% to 17% year over year. Jeff White, Chief Financial Officer of Sportsman’s Warehouse said, "While we believe outdoor participation remains strong, the macroeconomic environment and inflationary pressures are weighing on the consumer and their discretionary spending. Additionally, the unusually wet and cold weather in the western U.S., where a large portion of our stores are located, is creating a later than normal start to the spring shooting, fishing and camping seasons, negatively impacting our current business." Mr. White continued, "As we look forward, we believe we are on track to open 15 new stores during 2023, the highest number of stores we’ve ever opened in a single year. We remain committed to further expanding our merchandising and omni-channel strategies and capabilities, while maintaining financial discipline and rigor throughout the organization. Although we expect the first half of fiscal 2023 to be pressured, we anticipate improvements during the back half of the year." Other publicly listed companies that may be impacted by this include Vista Outdoor (VSTO), Big 5 Sporting (BGFV) and Sturm Ruger (RGR).