LONDON, UK / ACCESSWIRE / September 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Sportsman's Warehouse Holdings, Inc. (NASDAQ: SPWH), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SPWH, following the Company's announcement of its second quarter fiscal 2017 financial results on August 17, 2017. The outdoor sporting goods specialty retailer reported a y-o-y gain in revenue and gross profit. The Company also provided guidance for the upcoming quarter and fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the thirteen weeks ended July 29, 2017, Sportsman's Warehouse net sales grew 0.9% to $191.5 million from $189.8 million in Q2 2016. The Company's same store sales had decreased by 9.0% on a y-o-y basis. The Company's revenue number fell short of analysts' expectations of $191.9 million.

During Q2 2017, Sportsman's Warehouse' gross profit increased 3.7% to $68.6 million compared to $66.2 million in Q2 2016. During the reported quarter, gross profit as a percentage of net sales increased 90 basis points to 35.8% from 34.9% in the prior year's comparable period, primarily due to a sales mix shift towards higher margin products. Selling, general, and administrative expenses (SG&A) increased 9.8% to $54.4 million in Q2 2017 from $49.5 million in Q2 2016. As a percentage of net sales, SG&A increased approximately 230 basis points to 28.4% in the reported quarter from 26.1% due to the reduced leverage of fixed costs due to lower sales volumes.

For Q2 2017, Sportsman's Warehouse' income from operations was $14.2 million compared to $16.7 million in Q2 2016. The Company's adjusted EBITDA decreased to $20.4 million in the reported quarter from $22.3 million in the year ago corresponding period.

For Q2 2017, Sportsman's Warehouse' net income was $6.6 million compared to $8.3 million in Q2 2016. The Company's diluted earnings per share were $0.15 for the reported quarter compared to $0.20 per diluted share in the year ago same period. Sportsman's Warehouse' earnings beat Wall Street's expectations of $0.13 per share.

Store Update

During Q2 2017, Sportsman's Warehouse' opened four new stores and ended the quarter with 83 stores in 22 states, or square footage growth of 12.2% from the end of Q2 2016. The Company opened eight new stores in the first half of the fiscal year 2017.

Balance sheet highlights

As of July 29, 2017, Sportsman's Warehouse' total debt was $235.6 million consisting of $101.7 million outstanding under the Company's revolving credit facility and $133.8 million outstanding under the term loan, net of unamortized discount and debt issuance costs. Sportsman's Warehouse' total liquidity, cash plus $22.9 million of availability on revolving credit facility was $24.7 million

During Q2 2017, Sportsman's Warehouse exercised the available $15.0 million accordion feature on its senior secured revolving credit facility, increasing its line of credit to $150.0 million. As part of this amendment, the Company also extended the maturity date, decreased the interest rate by 25 basis points, and lowered certain fees on the line of credit.

Outlook

For Q3 2017, Sportsman's Warehouse is forecasting net sales to be in the range of $220.0 million to $225.0 million based on same store sales decline in the range of 6.0% to 8.0% compared to the corresponding period of the fiscal year 2016. The Company's net income for the upcoming quarter is expected to be in the range of $10.0 million to $11.2 million with diluted earnings per share of $0.23 to $0.26.

For the fiscal year 2017, Sportsman's Warehouse is projecting net sales to be in the range of $825.0 million to $835.0 million based on same store sales decline in the range of 5.0% to 6.0%. The Company's adjusted net income is expected to be in the band of $25.7 million to $28.4 million with adjusted earnings per diluted share of $0.60 to $0.66.

Stock Performance

On Thursday, September 07, 2017, Sportsman's Warehouse Holdings' stock closed the trading session at $4.35, rising 2.35% from its previous closing price of $4.25. A total volume of 894.97 thousand shares were exchanged during the session, which was above the 3-month average volume of 877.02 thousand shares. Shares of the Company have a PE ratio of 8.03 and currently have a market cap of $184.79 million.

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