Sportsmans Warehouse (NASDAQ: SPWH) reported Q2 EPS of $0.76, $0.47 better than the analyst estimate of $0.29. Revenue for the quarter came in at $381 million versus the consensus estimate of $286.06 million.

For the thirteen weeks ended August 1, 2020:

• Net sales were $381.0 million, an increase of $169.2 million, or 79.9%, as compared to the second quarter of fiscal year 2019. The net sales increase was primarily due to a surge in demand across all major categories, led by our hunting and shooting category, as well as strong growth in our eCommerce platform compared to the prior year period.
• Same store sales increased 61.0% during the second quarter of 2020 compared to the second quarter of 2019.
• Gross profit was $129.1 million or 33.9% of net sales, as compared to $73.2 million or 34.6% of net sales in the comparable prior year period, a year-over-year increase of $55.9 million in gross profit and a 70-basis point decrease in gross profit margin.
• Net income was $32.5 million compared to net income of $5.5 million in the second quarter of 2019. Adjusted net income was $33.6 million compared to adjusted net income of $5.7 million in the second quarter of 2019 (see “GAAP and Non-GAAP Measures”).
• Adjusted EBITDA was $53.6 million compared to $15.8 million in the comparable prior year period (see "GAAP and Non-GAAP Measures").
• Diluted earnings per share were $0.73 compared to a diluted earnings per share of $0.13 in the comparable prior year period. Adjusted diluted earnings per share were $0.76 compared to adjusted diluted earnings per share of $0.13 for the comparable prior year period (see "GAAP and Non-GAAP Measures").

“The second quarter was record-breaking for Sportsman’s Warehouse. I am very proud of the Sportsman’s Warehouse team as they worked to keep our associates and customers safe during this sustained surge in our business,” said Jon Barker, Sportsman’s Warehouse CEO. “Same store sales were up 61% in the second quarter of 2020 as compared to the same period last year, primarily due to market share gains, a significant increase in participants in outdoor activities, and social unrest.”

Mr. Barker continued, “We are very pleased with the growth of our ecommerce-driven business, which increased over 300% for the quarter versus prior year. We are also highly encouraged by the strong start of our new small-format store in Laramie, Wyoming that opened at the beginning of August. We believe this concept will facilitate our ability to profitably penetrate many small and mid-sized markets across the country.”

“Thanks to the strong financial performance of our business so far this year, we paid down a significant portion of our debt and ended the second quarter nearly debt-free. We see our financial flexibility as a competitive advantage enabling us to invest for long-term growth and profitability.”

Third Quarter and Fiscal Year 2020 Outlook:

We will not be issuing forward guidance at this time.

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