Sportsman's Warehouse forecasts Q1 loss, says CEO to retire; shares plunge

Sportsmans Warehouse Holdings

12/04/2023 22:23

** Shares of Sportsman's Warehouse Holdings Inc  SPWH.O 
fall more than 16% to $6.96 in extended trade
    ** Sporting goods retailer's CEO, Jon Barkerm, to retire, 
effective April 14; Co names Joseph Schneider, current chair of
board, interim CEO
    ** SPWH also forecasts Q1 sales well below estimates and
projects a qtrly loss, while analysts were expecting a profit 
    ** Sees Q1 net sales between $265 mln and $270 mln, vs
estimate of $316.7 mln, per Refinitiv data 
    ** Expects Q1 loss of 35 cents to 40 cents per share, on an
adjusted basis; analysts expect profit of 3 cents/share 
    ** "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," CFO
Jeff White says
    ** SPWH also reports Q4 sales fell ~9% to $379.3 mln,
falling slightly short of est. Of $380 mln, as inflation and
recession concerns hit demand
    ** Stock down ~12% YTD 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))