Shares of Sportsman’s Warehouse Holdings Inc. were down 9.3% to $7.54 in post-market trading Wednesday after the company projected a steep sales decline and unexpected loss in the current quarter.
The West Jordan, Utah-based sporting goods retailer said it expects first-quarter sales of $265 million to $270 million, compared with the $319.7 million estimated by analysts recently polled by FactSet. The company expects same-store sales to be down between 17% and 19% compared to last year.
Sportsman’s Warehouse expects an adjusted loss per share for the first quarter of 40 cents to 35 cents. Analysts were expecting earnings for the quarter of 3 cents a share.
Sales have been impacted by unusually cold and wet weather in the western part of the country where many of the company’s stores are located, said Chief Financial Officer Jeff White. The bad weather, said Mr. White, has delayed the start of shooting, fishing and camping seasons.
The outlook came after it reported a decline in fourth- quarter sales of about 9%, which it attributed to inflationary pressures and recession concerns of consumers.
The retailer also announced the retirement of its chief executive officer, Jon Barker, effective at the end of this week. The company said the chair of the board, Joseph P. Schneider, will assume the role of CEO on an interim basis while it conducts a search for a new chief executive.