Sportsman's Warehouse beats earnings expectations, CEO to retire

Shares of Sportsman's Warehouse Holdings Inc. (SPWH) dropped more than 8% in the extended session Wednesday after the retailer reported better-than-expected fourth-quarter earnings and said that Chief Executive and board member Jon Barker has decided to retire from both roles. Sportsman's Warehouse earned $11 million, or 29 cents a share, in the quarter, compared with $58.4 million, or $1.31 a share, in the year-ago period. Adjusted for one-time items, the company earned 33 cents a share. Sales fell 9% to $379.3 million, the company said, citing lower demand due to inflation and recession concerns. Analysts polled by FactSet expected adjusted EPS of 29 cents on sales of $379.1 million. Board Chair Joseph P. Schneider has been appointed interim CEO, the company said. The board has started a global search for a successor and plans to consider internal and external candidates, the company said.

-Claudia Assis

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04-12-23 1634ET

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