Outdoor sports growth drives Sportsman’s Warehouse Q1 revenue surge
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The motivation among Americans to spend more time outdoors and enjoy sports like fishing helped Sportsman’s Warehouse to record a 41.8% surge in first quarter revenue.
Jon Barker, the CEO, said: “We introduced many new customers to our brand during Q1, and we believe this bodes well for our long-term growth. We are excited with our results and could not be more proud of the Sportsman’s Warehouse team as we navigated both a global pandemic and surging demand in our business.
“We were fortunate to be able to safely keep the majority of our stores open for business and also serve customers through our e-commerce platform.
“During the first quarter, same-store sales were up 28.6% compared to the same period last year, led by a surge in demand for firearms and ammunition.
“We believe the COVID-19 situation is impacting customer behaviour and motivating people to spend more time outdoors. Our products fit exceptionally well into an environment in which customers are spending time fishing, camping, biking, hiking and hunting.”
He added that because of the significant uncertainty and variability in the current economic climate, the company will not be providing forward guidance. “We will continue to be financially disciplined as we limit discretionary expenses, pay down debt and preserve our liquidity to effectively navigate these uncertain times.
“In the long-term, we believe we are uniquely positioned to capitalise on market share opportunities and changing consumer behaviour to become a larger and more profitable company.”