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Sportsman’s Warehouse swings to Q1 loss
Midvale, Utah — Increased selling, general and administrative expenses were a key factor in Sportsman’s Warehouse Holdings Inc. swinging to a net loss of $3.37 million in the first quarter of fiscal 2014, compared to net profit of $4.46 million in the same period a year earlier. The retailer plans to open eight new stores during the fiscal year, including four in the second quarter.
Net sales dropped 3% to $132.4 million from $136.5 million. Same store sales decreased by 18.1%, primarily as a result of the decline in demand for firearms and ammunition.