Sportmans Warehouse (SPWH) Tops Q1 EPS by 2c; Comps Fell 2.2%

Sportmans Warehouse (NASDAQ: SPWH) reported Q1 EPS of $0.00, $0.02 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $158.98 million.

Same store sales decreased by 2.2% over the same period.

Guidance:

The Company has historically presented the sales of state fish and game licenses, duck stamps, and state government-mandated firearm background checks in net sales and cost of goods sold under the gross method. The Company’s management determined that the proper presentation for these transactions is under the net method, thereby recognizing only the commission received in net sales for acting as the agent under the principal versus agent model. This revision does not have any impact upon gross profit, net income or earnings per share. As a result of the revision, the Company has updated its sales outlook to conform to the net presentation.

For the second quarter of fiscal year 2016, net sales are expected to be in the range of $178.0 million to $183.0 million based on same store sales change in the range of (1.0%) to 1.0% compared to the corresponding period of fiscal year 2015. Net income is expected to be in the range of $6.5 million to $7.2 million, with diluted earnings per share of $0.15 to $0.17 on approximately 42.6 million estimated weighted average common shares outstanding.

For fiscal 2016, net sales are expected to be in the range of $770.0 million to $790.0 million based on opening eleven new stores for the full year and same store sales change in the range of 0.0% to 2.0% compared to fiscal year 2015. The Company reaffirms its previously provided annual guidance of adjusted net income in the range of $27.5 million to $31.1 million, with adjusted diluted earnings per share of $0.65 to $0.73 (see “GAAP and Non-GAAP Measures”), on approximately 42.5 million estimated weighted average common shares outstanding.

For earnings history and earnings-related data on Sportmans Warehouse (SPWH) click here.

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