Sportsman’s Warehouse (NASDAQ:SPWH) stock is falling on Thursday after the company released earnings results for the second quarter of 2023.
The bad news for Sportsman’s Warehouse starts with its adjusted EPS of -4 cents for the quarter. That’s worse than Wall Street’s estimate of 8 cents per share. It’s also a negative switch from the 36 cents per share reported in Q2 2022.
Adding to that is Sportsman’s Warehouse reporting revenue of $309.5 million in Q2 2023. Yet again, that fails to reach analysts’ estimate of $325.31 million for the period. It also represents an 11.8% drop year-over-year (YOY) from $351 million.
Joseph Schneider, Chairman and interim CEO of Sportsman’s Warehouse, said the following in the earnings report:
“We were disappointed with our second quarter results and the slow-down in store traffic, as the challenging macroeconomic conditions continue to pressure consumer discretionary spending […] Given results came in below our expectations, we are taking additional actions to reduce our overall expense structure to closer align with current sales trends.”
SPWH Stock Drops on Q3 Outlook
More blows are coming to SPWH stock after the release of the company’s outlook for Q3 2023. The company expects adjusted EPS to come in between -20 cents and -5 cents alongside revenue ranging from $310 million to $330 million. For the record, Wall Street’s estimates are for adjusted EPS of 33 cents alongside revenue of $378.75 million.
SPWH stock is down 23.3% as of Thursday morning and down 51.1% year-to-date (YTD) as of Wednesday’s close.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
