Sportsman’s Warehouse to open 15 new stores in 2023
Sales in the hunting and shooting department accounted for 54.2% of Sportsman’s Warehouse net sales in the 2022 fiscal year.
Ian Bivona/Basin Business Journal
WEST JORDAN, UTAH — After opening nine new stores across the country in its 2022 fiscal year, Sportsman’s Warehouse is pushing more into the eastern United States by announcing they are on track to opening 15 new stores in the 2023 fiscal year.
“As we look forward, we believe we are on track to open 15 new stores during 2023, the highest number of stores we’ve ever opened in a single year,” said Jeff White, chief financial officer of Sportsman’s Warehouse in a release accompanying the company’s 2022 annual report. “We remain committed to further expanding our merchandising and omnichannel strategies and capabilities, while maintaining financial discipline and rigor throughout the organization.” “Although we expect the first half of fiscal 2023 to be pressured, we anticipate improvements during the back half of the year,” White said.
Those pressures include inflation influencing consumer spending, as well as cold and wet weather conditions in the western U.S. – where most of Sportsman’s locations are – to delay the beginning of spring shooting, fishing and camping.
Ten of the 15 new stores opening are in the eastern United States, as well as one new location for the Pacific Northwest in Sequim, Washington.
Net sales for Sportsman’s Warehouse were a shade under $1.4 billion in the 2022 fiscal year ending Jan. 31, a 7.1% decrease from fiscal 2021. The accompanying release to the 2022 annual report credited the decrease in demand from the previous year, which was increased by COVID-19 stimulus package. Still, Sportsman’s Warehouse has seen an increase in net sales when compared to pre-pandemic amounts ($1.4 billion in fiscal 2022 compared with $886.4 in fiscal 2019).
Sportsman’s hunting and shooting department – which also includes items other than firearms and ammunition like decoys, blinds, tree stands and more – accounted for 54.9% of the company’s sales in its 2022 fiscal year, something that has been a historical precedent with Sportsman’s Warehouse due to its high price point. Sales in the hunting and shooting department accounted for 54.2% of the company’s sales in the 2021 fiscal year and 57.6% in the 2020 fiscal year.
Adjusted earnings before interest, taxes, depreciation and amortization (EBIDTA) for fiscal 2022 fell to $28.9 million, around 33 cents per share, compared with $38.5 million in fiscal 2021 or 44 cents per share, the release said.
Its second-biggest contributor in sales is the camping department, which includes items like tents, kayaks, coolers, backpacks and more, and made up 12.5% of sales in the 2022 fiscal year. The apparel (9.3%) and fishing (8.9%) departments followed by camping, and footwear (7.3%) and optics, electronics, accessories and more (7.1%) rounded out the company’s six departments.
Annual report
Accompanying release