Sportmans Warehouse jumps on annual sales forecast raise, Q3 surprise profit

Sportsmans Warehouse Holdings

11/12/2024 18:46

** Outdoor sporting goods retailer Sportsmans Warehouse's
 SPWH.O  shares jump ~24% to $3.04
    ** Co now expects annual sales to be between $1.18 bln and
$1.20 bln, up from earlier forecast of $1.13 bln to $1.17 bln
    ** SPWH reported Q3 surprise profit per share of 4 cents,
compared analysts' estimates of a loss of 2 cents 
    ** Q3 net sales fell nearly 5% to $324.3 mln but beat
estimates of $300.5 mln, according to data compiled by LSEG  
    ** Co says lower demand across most product categories due
to current consumer inflationary pressures on discretionary
spending impacted sales 
    ** CEO Paul Stone says co is trying to improve holiday
season relevancy and drive foot traffic with increased
promotions on gifting gears and items 
    ** "Our customers are shopping value and they're willing to
wait for the right promotion to make a purchase" — Stone 
    ** SPWH stock has fallen 29% YTD, including session's moves 

 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com))