Interactive Brokers shares jump as it secures spot in S&P 500
WEST JORDAN, Utah - On Tuesday, Sportsman's Warehouse (NASDAQ:SPWH) Holdings, Inc. (NASDAQ:SPWH) saw its stock jump 11% after the outdoor retailer reported better-than-expected third quarter results and raised its full-year outlook.
The company posted adjusted earnings per share of $0.04, beating analyst estimates for a loss of $0.02 per share. Revenue came in at $324.3 million, surpassing expectations of $300.5 million.
While sales declined 4.8% YoY due to inflationary pressures on consumer spending, Sportsman's Warehouse saw growth in its fishing, camping and gift bar categories during the quarter. Same-store sales fell 5.7% compared to the prior year period.
"Despite a pressured consumer and complex macroeconomic environment, we focused our efforts on driving sales and achieved growth in our fishing, camping and gift bar categories during the quarter," said CEO Paul Stone.
Looking ahead, the company raised its full-year revenue guidance to $1.18-1.20 billion, above the consensus estimate of $1.147 billion. Management cited progress on business reset initiatives focused on improving in-stocks, customer experience and its "Great Gear | Great Service" program.
"As we move through the balance of the holiday season and navigate a pressured consumer environment, we'll continue to prioritize traffic-driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management," Stone added.
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