Sportsman’s Warehouse stock falls sharply after it warns of coming loss and names interim CEO
Sportsman’s Warehouse Holdings Inc.
SPWH,
stock fell 16.5% in premarket trades after the outdoor specialty retailer warned it would fall short of analyst expectations in its coming quarter. The company also named chairman Joseph P. Schneider as interim CEO after Jon Barker announced plans to retire this Friday. The West Jordan, Utah-based company projected first-quarter sales of $265 million to $270 million, below the analyst estimate of $298.7 million, according to FactSet data. Sportsman’s Warehouse also expects an adjusted first-quarter loss of 35 to 40 cents a share, below the analyst target for a loss of 18 cents a share. The company said bad weather in the western U.S. is delaying the normal start to the spring shooting, fishing and camping seasons. The company remains on track to open 15 new stores in 2023, the highest number of stores it has opened in a single year.
