Records tumble as Sportsman’s Warehouse ends year and Fourth Quarter on all-time high
Sportsman’s Warehouse completed 2020 with record performances for both the full year and the fourth quarter. The US retail chain is in the process of being acquired by the Great Outdoors Group, the parent company of Bass Pro Shops, with completion of the deal expected in the second half of 2021.
The 112-store business reported same store sales increases of 58% for the quarter and 48% for the year as it capitalised on historic surges in outdoor activity.
Other highlights for the quarter ended January 30th included:
• Net sales of $438.2 million, an increase of $180 million, or 69.7%, compared to the same quarter last year. The increase came from an exceptional surge in demand across all major categories, as well as strong growth from e-commerce.
• Gross profit of $142 million (32.4% of net sales) compared to $85 million (32.9% of net sales) in the comparable prior year period, a year-over-year increase of $57 million in gross profit.
• Net income of $29.6 million compared to $9.7 million in the fourth quarter of 2019. Adjusted net income was $33.5 million compared to adjusted net income of $9.3 million in the fourth quarter of 2019.
Highlights for the year ended January 30th, 2021, included:
• Net sales of $1,451.8 million, an increase of $565.4 million, or 63.8%, compared to fiscal year 2019. The growth was primarily due to an exceptional surge in demand across all major categories, as well as strong e-commerce growth.
• Same store sales increased 48.3% compared to fiscal year 2019.
• Gross profit of $476.4 million or 32.8% of net sales, as compared to $296.6 million or 33.5% of net sales for the prior year, an of $179.8 million.
• Net income of $91.4 million compared to net income of $20.2 million in 2019. Adjusted net income was $99.1 million compared to $20.6 million in fiscal year 2019.
CEO Jon Barker said: “We continue to expand digitally as well as through additional brick-and-mortar stores. In 2020, we opened nine new Sportsman’s Warehouse outlets and one Legacy Shooting Center, taking our total store count to 112.”