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Nebraska offensive coordinator Dana Holgorsen has no shortage of memories of the Iowa football program. An Iowa native born in Davenport, Holgorsen’s days as a Hawkeye fan are long in the past — but he remembers what it’s like to coach against them. An experience that Holgorsen first underwent as a young Texas Tech assistant in 2001 will be reprised again this weekend. “Twenty-some years later, it’s the same scheme, the same coach, the same everything; this is crazy,” Holgorsen said of Iowa. “It’s going to take another good effort and more improvement to be able to go to Iowa and play in that atmosphere against a good football team.” Nebraska’s recent surge on offense will have the Huskers feeling confident about their upcoming matchup. While Nebraska may not have equaled its recent 44-point outburst against Wisconsin during a loss to USC two weeks prior, foundational improvements were there from the start in Holgorsen’s eyes. Despite scoring 13 points on offense against the Trojans, the Husker offense “just felt better” in that game, Holgorsen said, leading to a “very motivated team” during the week’s practice efforts. And when NU hit the field on Saturday, improvements were there. After struggling to finish drives against USC, Nebraska scored five touchdowns in its seven red zone attempts against Wisconsin. Nebraska threw the ball well, protected its quarterback and found a "difference-maker" in running back Emmett Johnson. “We ran the ball better; that’s the second week in a row I thought the O-line has played well,” Holgorsen said. “Dylan (Raiola) hasn’t been hit a whole lot, he feels good, he’s getting better and processing things well. We’re throwing it and catching it better and our receivers are in the right spots.” It’s been no easy task to drive those improvements in a short amount of time. Holgorsen has only been in Lincoln for a little over three weeks, having first been summoned by head coach Matt Rhule to evaluate the team’s offense before taking over control of it. Midseason coordinator changes may not be rare, but hiring a new face from outside the program is, and Holgorsen admits it made for a “rough” first week on the job. After all, none of the Husker coaches Holgorsen was joining and players he was beginning to coach knew exactly how the situation would play out. Instead, they had to go through it together. “I started getting into the offensive room and those coaches were looking at me crazy like, ‘What are you doing here?’ It’s just true, so we had to sit down and talk and start feeling things out and start working together,” Holgorsen said. “Give those assistant coaches a lot of credit because they didn’t bat an eye. I thought we were smart with how we handled it — I could’ve came in here and changed specific things and that wouldn’t have been the right thing to do for the coaches and the players. I was the one that had to learn.” A desire to challenge himself was one reason Holgorsen said he took the Nebraska job, something which showed up in the new offensive language he needed to familiarize himself with. Having come up as a young coach in the Air Raid offense, Holgorsen exclusively learned, mastered and taught those principles in the years since. It had been 35 years since he last had to learn a new offensive language, Holgorsen estimated. Flash cards with terminology from the Nebraska offense and help from other assistants have helped smooth over that process. Holgorsen may not have been able to stamp his identity all over the offense yet, but he has been able to tweak things, including the very playbook Nebraska operates from. Rhule’s original concepts of a pro-style offense have been added to, transformed and adjusted over the years, with current coaches Marcus Satterfield, Glenn Thomas and Donovan Raiola all bringing different principles and focuses to the playbook. “There’s just all kinds of ideas, so that playbook got pretty big,” Holgorsen said. “I was just like, ‘Look, there’s only one sheet and whatever’s on the sheet is what’s going to get called.’” Trimming down the number of plays Nebraska practices is one such adjustment Holgorsen has made, a process that is collaborative among the Husker coaching staff. Holgorsen also said Nebraska was “probably playing people in too many different spots,” something he’s looked to change so players can focus on their individual roles with more accuracy. “We’ve done a good job of coming together and coming up with a plan of what makes sense to our players,” Holgorsen said. “If it don’t make sense to me, it ain’t gonna make sense to them.” Those changes, and the potential Nebraska showed on offense last week, have excited Husker fans about what the future of a Holgorsen-led offense will look like. However, nothing is guaranteed yet. Holgorsen said that when taking the job he told Rhule he’d get the team ready for USC, Wisconsin and Iowa before figuring out what the future holds. “I don’t want to talk about it, and I don’t want to know what’s next,” Holgorsen. What Holgorsen does know is that he’s enjoying the opportunity in front of him. In part because of the responsibilities he had as a head coach compared to being an offensive coordinator, Holgorsen said he had “more fun on Saturday than I’ve had in a long time” overseeing the Husker offense. As Holgorsen continues furthering improvements within the Nebraska offense, the only guarantee Husker fans have is that he’ll be on the sidelines Friday. It’s currently “the plan” that he will continue as Nebraska’s playcaller during its bowl game, Holgorsen said. “My plan’s to focus on Iowa, try to beat Iowa and see what happens after that.” Get local news delivered to your inbox!None
GAINESVILLE — The Florida men’s basketball team remains unbeaten, but also has been untested. The No. 18 Gators will begin to gauge their considerable potential during this week’s ESPN Events Invitational in Kissimmee. UF (6-0) opens at 2:30 p.m. Thursday against Wake Forest (6-1) aiming to avenge a November 2023 loss to the Demon Deacons. Minnesota (5-1) and Wichita State (5-0) meet at noon, with the winners and losers squaring off Friday at the intimate, 5,000-seat State Farm Field House. “This 48 hours down in Orlando will give us a good experience to see what we’re made of in a different setting, playing two games back to back,” coach Todd Golden said Tuesday. The Gators last appeared in the event in 2016 when it featured eight teams, finishing third during a season that ended at the 2017 Elite Eight. Golden’s third Florida team could have the make-up for a postseason run. Before opening SEC play Jan. 4 at Kentucky, the Gators will have several growth opportunities, beginning with this week’s event followed by a Dec. 4 visit from Virginia and neutral-floor matchups with Arizona State (Dec. 14, Atlanta) and North Carolina (Dec. 17, Charlotte). “It’s a start of hopefully a little run in the next few weeks, when we have this tough schedule,” sophomore post player Alex Condon said. Following Friday’s 93-68 win against Southern Illinois, FAU transfer Alijah Martin said the Gators boast superior talent and depth to the Owls’ 2023 Final Four squad . Each aspect will be tested during consecutive games against quality opponents as UF seeks its first 7-0 start since 2012-13, when the Gators also reached the Elite Eight. The current Gators have proven to have a lot of pieces and answers winning by an average of 20.3 points. Five different players have led UF in scoring, with four averaging double figures — led by Martin (16.7 points per game) and Walter Clayton Jr. (16.5). Martin also leads the Gators in rebounding (6.7) and is second in assists (3.5) to Clayton (4.2). The 6-foot-2, 210-pound Martin, who has 12 steals, also sets the tone for a defense determined to improve after allowing 79.7 points — more than any Florida team other than the 1974-75 Gators who finished 12-16 under John Lotz. “He brings it defensively, which is a little bit different from last year,” Condon said. “It’s awesome to have, just bringing that dog mindset.” Martin is sure to cross paths Thursday with Wake Forest star Hunter Sallis, who scored 24 points to help his team erase a nine-point deficit during the second half of an 82-71 home win against the Gators last season. The 6-foot-5, 185-pound guard averages a team-leading 18.9 points and 4.3 assists. Everything runs through Sallis and senior Cameron Hildreth, a 6-foot-4, 195-pound guard averaging 11 points and 4.3 assists. “They are able to play with the ball in their hands quite a bit,” Golden said. “Those two guys make a majority of their decisions, whether it’s in transition or in the pick-and-roll.” The 6-foot-11, 230-pound Condon said the Gators will be ready for the Demon Deacons’ 1-2 punch after last year’s defeat. “Everyone who’s returning is carrying a chip on their shoulder,” he said. “We really need this game.” Edgar Thompson can be reached at egthompson@orlandosentinel.com Up next ... Florida vs. Wake Forest When: 2:30, Thursday, State Farm Field House in Kissimmee TV: ESPN
As the inauguration of Donald Trump approaches and the political crises in Germany and France unfold, Greece is bracing for a period of geopolitical uncertainty with potential regional implications. It is not a healthy development when the behavior of major pillars of the international political and economic order is uncertain, especially in areas of tension which include the Aegean and the East Med, as well as the Balkans. Greece, a member of both NATO and the European Union and a reliable ally of big powers with influence in our area, can only benefit from the latter being engaged. Obviously, Athens will continue to act responsibly, seeking cooperation and avoiding confrontation, and in that context, it will remain a stabilizing factor in Southeastern Europe and a dedicated participant in the ongoing dialogue with Turkey. The negotiations with our neighbor to the east may not have led to any breakthrough, but they have steadily created a positive atmosphere that has brought some tangible benefits to both sides. Despite all that, having an unpredictable superpower and the two largest European economies politically and economically weakened is not a prescription for ensuring regional stability, especially in an area which is simultaneously going through a number of wars and crises, the latest unfolding over the last few days in Syria. A country like Greece, which believes in international law and has invested diplomatically in a rules-based world, is naturally concerned when these critical parameters governing relations among nations are being challenged, and the major powers are unable or unwilling to enforce them.
The Kansas Jayhawks are in Vegas this week to take on the Duke Blue Devils in another neutral site game this season. And despite being the number one team in the land, they come into this game as underdogs. The Jayhawk faithful have plenty of reason to be skeptical of the lines and predictions, but is there something to the seeming lack of faith in Bill Self's squad? Our crew gives their thoughts below: Check out our Duke Preview for Kyle's full breakdown and prediction. Related: Duke vs Kansas Preview: A Feast Week Battle in Vegas I’m going to take the Jayhawks until I see any reason to do otherwise. Cooper Flag went off against Arizona in Duke’s latest win, scoring 24 of their 69 points, and in order to beat KU, they’re going to have to get other contributors. I specifically remember Bill Self employing a “let their star get his but stop everyone else strategy” when he faced another generational talent in Kevin Durant. Anything is possible, but I’d look for Kansas to use their depth and keep throwing bodies at Duke defensively. Offensively, feed Hunter Dickinson and hopefully this is the game that Rylen Griffen and AJ Storr go off against a high level opponent. Kansas 80, Duke 69. I do find it strange how little of a chance KU is being given by outsiders in this game. Advanced metrics, bloggers, writers, it’s a strange phenomenon in my opinion. Obviously Duke could win this game, the Blue Devils have a ton of talent and the best player in the country in Flagg. But I also think some of the analysis for this game essentially boils down to being attracted to shiny, new objects. Surprise, Kansas is also really good on the floor and, in my opinion, has a significant coaching advantage as well. I think the game plan has to be containing Flagg and living with whatever Duke’s other star freshmen do. I think Kansas has enough playmakers to put pressure on Duke’s top-rated defense (per KenPom), especially if we get the kind of Storr performance we all think he’s capable of offensively. I’ll take the Jayhawks, but I do think it’ll go right down to the wire. Kansas 77, Duke 75. To Brendan’s point, I think too many people are latching onto the star power of Cooper Flagg, completely ignoring what Kentucky did to them in the Champions Classic. It wasn’t a blow out by any means, but the reliance on Flagg allowed Kentucky to focus in on him and do just enough as a team to overcome it. Kansas has more college-ready talent than Kentucky, and they have shown the ability to play with many different styles. Kansas has a player just as impressive as Flagg in Hunter Dickinson, and the supporting cast is much deeper and more talented. The lack of Flory Bidunga will likely hurt Kansas a bit in this one, but that means we probably see more small-ball lineups, minutes from Zach Clemence and KJ sliding in to the 5 a bit more. None of those things are horrible for Kansas, and while a loss is definitely possible here, it’s crazy to think that Duke is 2:1 favorites right now. Kansas 82, Duke 76 Follow All Jayhawks1 on Twitter . Listen to the official podcast of All Jayhawks: The Rock Chalk Podcast .
WEST JORDAN, Utah, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse" or the "Company") SPWH today announced third quarter financial results for the thirteen and thirty-nine weeks ended November 2, 2024. "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 Paul Stone, Sportsman's Warehouse President and Chief Executive Officer. "We continue to make progress on our business reset initiatives with a focus on improved in-stocks, in-store and online customer experience and our Great Gear | Great Service program." "To improve our holiday relevancy and drive traffic during the season, we introduced an omni-channel marketing campaign highlighting gear perfect for gifting or for treating yourself, primarily centered around value," continued Stone. "This is a new approach to engaging our customers, which we coupled with an upgraded store experience creating a fully integrated customer experience. 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. Emphasizing the balance sheet and ending the year with positive free cash flow remain our primary objectives." For the thirteen weeks ended November 2, 2024: Net sales were $324.3 million, a decrease of 4.8%, compared to $340.6 million in the third quarter of fiscal year 2023. The net sales decrease was primarily due to the continued impact of consumer inflationary pressures on discretionary spending, resulting in a decline in store traffic and lower demand across most product categories, particularly in ammunition, apparel and footwear. This decrease, however, was partially offset by year-over-year sales growth in our fishing, camping and optics and accessories departments. Same store sales decreased 5.7% during the third quarter of fiscal year 2024, compared to the third quarter of fiscal year 2023, primarily as a result of the impact of consumer inflationary pressures and recessionary concerns on discretionary spending. Gross profit was $103.1 million, or 31.8% of net sales, compared to $103.2 million or 30.3% of net sales in the third quarter of fiscal year 2023. This 150 basis-point increase, as a percentage of net sales, was primarily driven by improved product margins in our apparel and footwear departments, partially offset by increased freight and shrink. Selling, general, and administrative (SG&A) expenses were $100.0 million, or 30.8% of net sales, compared to $100.1 million, or 29.4% of net sales in the third quarter of fiscal year 2023. Net loss was $(0.4) million, compared to a net loss of $(1.3) million in the third quarter of fiscal year 2023. Adjusted net income was $1.4 million, compared to adjusted net loss of $(0.2) million in the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Adjusted EBITDA was $16.4 million, compared to $16.2 million in the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Diluted loss per share was $(0.01), compared to diluted loss per share of $(0.04) in the third quarter of fiscal year 2023. Adjusted diluted earnings per share were $0.04, compared to adjusted diluted loss per share of $(0.01) for the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). For the thirty-nine weeks ended November 2, 2024: Net sales were $857.2 million, a decrease of 6.6%, compared to $917.6 million in the first nine months of fiscal year 2023. This net sales decrease was primarily driven by lower demand across most product categories due to current consumer inflationary pressures on discretionary spending. This decrease was partially offset by same store sales growth in our fishing department and the opening of 1 new store since October 28, 2023. Stores that have been open for less than 12 months and were not included in our same store sales, contributed $30.8 million to net sales. Same store sales decreased 9.4% compared to the first nine months of fiscal year 2023, primarily as a result of the same factors noted above that impacted net sales. Gross profit was $266.9 million or 31.1% of net sales, compared to $284.0 million or 31.0% of net sales for the first nine months of fiscal year 2023. This increase, as a percentage of net sales, was primarily due to higher overall product margins, versus last years apparel and footwear clearance events which put pressure on our gross margin, partially offset by increased shrink. SG&A expenses decreased to $288.7 million or 33.6% of net sales, compared with $301.5 million or 32.9% of net sales for the first nine months of fiscal year 2023. This absolute dollar decrease primarily related to our ongoing cost reduction efforts and decision to not open new stores during fiscal year 2024, partially offset by increases in rent and depreciation expenses. The increase as a percentage of net sales was largely due to lower net sales. Net loss was $(24.3) million, compared to net loss of $(20.3) million in the first nine months of fiscal year 2023. Adjusted net loss was $(21.7) million, compared to adjusted net loss of $(16.6) million in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Adjusted EBITDA was $15.1 million, compared to $19.3 million in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Diluted loss per share was $(0.65), compared to diluted loss per share of $(0.54) in the first nine months of fiscal year 2023. Adjusted diluted loss per share was $(0.58), compared to adjusted diluted loss per share of $(0.44) in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Balance sheet and capital allocation highlights as of November 2, 2024: The Company ended the third quarter with net debt of $151.3 million, comprised of $130.0 million of borrowings outstanding under the Company's revolving credit facility, $24.0 million of net borrowings outstanding under the Company's term loan facility, and $2.7 million of cash and cash equivalents. Inventory at the end of the third quarter was $438.1 million. Total liquidity was $150.8 million as of the end of the third quarter of fiscal year 2024, comprised of $148.1 million of availability under the Company's revolving credit facility and term loan facility and $2.7 million of cash and cash equivalents. Company Outlook: "Given the current consumer environment and the shift towards value and promotion-driven shopping, we intensified our marketing and advertising campaigns to drive sales, which placed additional pressure on our margins this quarter," said Jeff White, Chief Financial Officer of Sportsman's Warehouse "To ensure strong core product in-stocks and to bring fresh offerings to our stores, we made strategic inventory investments aimed at improving sales during the hunting and holiday seasons. As we progress through the remainder of the year, we will remain disciplined in managing our expenses, and will reduce total inventory levels to generate positive free cash flow. Our mid and long-term objectives will be centered on improving our topline with a focus on margins and profitability." The Company is adjusting its guidance for fiscal year 2024 and expects net sales to be in the range of $1.18 billion to $1.20 billion, adjusted EBITDA to be in the range of $23 million to $29 million and total inventory to be below $350 million. The low end of the adjusted EBITDA range still assumes positive free cash flow for the full year. The Company now expects capital expenditures for 2024 to be in the range of $17 million to $20 million, primarily consisting of technology investments relating to merchandising and store productivity. No new store openings for the remainder of fiscal year 2024 are currently anticipated and we plan to open one new store in fiscal year 2025. The Company has not reconciled expected adjusted EBITDA for fiscal year 2024 to GAAP net income because the Company does not provide guidance for net (loss) income and is not able to provide a reconciliation to net (loss) income without unreasonable effort. The Company is not able to estimate net (loss) income on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from Adjusted EBITDA, including stock-based compensation expense. Conference Call Information A conference call to discuss third quarter 2024 financial results is scheduled for December 10, 2024, at 5:00 PM Eastern Time. The conference call will be held via webcast and may be accessed via the Investor Relations section of the Company's website at www.sportsmans.com . Non-GAAP Financial Measures This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the "SEC") and that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"): adjusted net (loss) income, adjusted diluted (loss) earnings per share and adjusted EBITDA. The Company defines adjusted net (loss) income as net (loss) income plus expenses incurred relating to director and officer transition costs, costs related to the implementation of our cost reduction plan, costs related to legal settlements and related fees and expenses, and fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. Net (loss) income is the most comparable GAAP financial measure to adjusted net (loss) income. The Company defines adjusted diluted (loss) earnings per share as adjusted net (loss) income divided by diluted weighted average shares outstanding. Diluted (loss) earnings per share is the most comparable GAAP financial measure to adjusted diluted (loss) earnings per share. The Company defines Adjusted EBITDA as net (loss) income plus interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation expense, director and officer transition costs, costs related to the implementation of our cost reduction plan, a legal settlement and related fees and expenses, and fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. Net (loss) income is the most comparable GAAP financial measure to adjusted EBITDA. The Company has reconciled these non-GAAP financial measures to the most directly comparable GAAP financial measures under "GAAP and Non-GAAP Financial Measures" in this release. As noted above, the Company has not provided a reconciliation of fiscal year 2024 guidance for Adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors and are frequently used by analysts, investors and other interested parties in the evaluation of companies in the Company's industry. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a more meaningful comparison of its diluted (loss) earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Management uses this information as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company's industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. The Company's management believes that these non-GAAP financial measures allow investors to evaluate the Company's operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company's core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results, cash flows or leverage will be unaffected by other unusual or non-recurring items. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our progress on our business reset initiatives; our prioritization of traffic-driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management; our emphasis on the balance sheet and ending the year with positive free cash flow; our ability to manage expenses, reduce total inventory levels to generate positive free cash flow; and our guidance for net sales and Adjusted EBITDA for fiscal year 2024. Investors can identify these statements by the fact that they use words such as "aim," "anticipate," "assume," "believe," "can have," "could," "due," "estimate," "expect," "goal," "intend," "likely," "may," "objective," "plan," "positioned," "potential," "predict," "should," "target," "will," "would" and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for the Company's products and ability to conduct its business; the Company's retail-based business model which is impacted by general economic and market conditions and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company's concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region, and could affect the Company's sales and cause the Company's operating results to suffer; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company's entrance into new markets or operations in existing markets, including the Company's plans to open additional stores in future periods, which may not be successful; the Company's implementation of a plan to reduce expenses in response to adverse macroeconomic conditions, including an increased focus on financial discipline and rigor throughout the Company's organization; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company's filings with the SEC, including under the caption "Risk Factors" in the Company's Form 10-K for the fiscal year ended February 3, 2024, which was filed with the SEC on April 4, 2024, and the Company's other public filings made with the SEC and available at www.sec.gov . If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. About Sportsman's Warehouse Holdings, Inc. Sportsman's Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories. For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com . Investor Contact: Riley Timmer Vice President, Investor Relations Sportsman's Warehouse (801) 304-2816 investors@sportsmans.com SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except per share data) For the Thirteen Weeks Ended November 2, 2024 % of net sales October 28, 2023 % of net sales YOY Variance Net sales $ 324,261 100.0 % $ 340,569 100.0 % $ (16,308 ) Cost of goods sold 221,173 68.2 % 237,384 69.7 % (16,211 ) Gross profit 103,088 31.8 % 103,185 30.3 % (97 ) Operating expenses: Selling, general and administrative expenses 99,973 30.8 % 100,113 29.4 % (140 ) Income from operations 3,115 1.0 % 3,072 0.9 % 43 Interest expense 3,317 1.1 % 3,944 1.2 % (627 ) Other losses - 0.0 % - 0.0 % - Loss before income taxes (202 ) (0.1 %) (872 ) (0.3 %) 670 Income tax expense 162 0.0 % 459 0.1 % (297 ) Net loss $ (364 ) (0.1 %) $ (1,331 ) (0.4 %) $ 967 Loss per share Basic $ (0.01 ) $ (0.04 ) $ 0.03 Diluted $ (0.01 ) $ (0.04 ) $ 0.03 Weighted average shares outstanding Basic 37,869 37,393 476 Diluted 37,869 37,393 476 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except per share data) For the Thirty-Nine Weeks Ended November 2, 2024 % of net sales October 28, 2023 % of net sales YOY Variance Net sales $ 857,235 100.0 % $ 917,593 100.0 % $ (60,358 ) Cost of goods sold 590,343 68.9 % 633,547 69.0 % (43,204 ) Gross profit 266,892 31.1 % 284,046 31.0 % (17,154 ) Operating expenses: Selling, general and administrative expenses 288,727 33.6 % 301,450 32.9 % (12,723 ) Loss from operations (21,835 ) (2.5 %) (17,404 ) (1.9 %) (4,431 ) Interest expense 9,408 1.1 % 9,518 1.0 % (110 ) Other losses 457 0.1 % - 0.0 % 457 Loss before income taxes (31,700 ) (3.7 %) (26,922 ) (2.9 %) (4,778 ) Income tax benefit (7,364 ) (0.9 %) (6,664 ) (0.7 %) (700 ) Net loss $ (24,336 ) (2.8 %) $ (20,258 ) (2.2 %) $ (4,078 ) Loss per share Basic $ (0.65 ) $ (0.54 ) $ (0.11 ) Diluted $ (0.65 ) $ (0.54 ) $ (0.11 ) Weighted average shares outstanding Basic 37,729 37,500 229 Diluted 37,729 37,500 229 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited) (amounts in thousands, except par value data) November 2, February 3, 2024 2024 Assets Current assets: Cash and cash equivalents $ 2,666 $ 3,141 Accounts receivable, net 1,447 2,119 Income tax receivable 523 — Merchandise inventories 438,136 354,710 Prepaid expenses and other 19,745 20,078 Total current assets 462,517 380,048 Operating lease right of use asset 320,729 309,377 Property and equipment, net 175,181 194,452 Goodwill 1,496 1,496 Deferred tax asset 7,480 505 Definite lived intangibles, net 282 327 Total assets $ 967,685 $ 886,205 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 112,690 $ 56,122 Accrued expenses 95,094 83,665 Income taxes payable — 126 Operating lease liability, current 48,866 48,693 Revolving line of credit 130,042 126,043 Total current liabilities 386,692 314,649 Long-term liabilities: Term loan, net 23,969 — Operating lease liability, noncurrent 313,454 307,000 Total long-term liabilities 337,423 307,000 Total liabilities 724,115 621,649 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding — — Common stock, $.01 par value; 100,000 shares authorized; 37,957 and 37,529 shares issued and outstanding, respectively 379 375 Additional paid-in capital 85,144 81,798 Accumulated earnings 158,047 182,383 Total stockholders' equity 243,570 264,556 Total liabilities and stockholders' equity $ 967,685 $ 886,205 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements Cash Flows (Unaudited) (amounts in thousands) Thirty-Nine Weeks Ended November 2, October 28, 2024 2023 Cash flows from operating activities: Net loss $ (24,336 ) $ (20,258 ) Adjustments to reconcile net income to net cash used in operating activities: Depreciation of property and equipment 30,491 28,367 Amortization of discount on debt and deferred financing fees 217 114 Amortization of definite lived intangible 45 45 Loss on asset dispositions 501 — Noncash lease expense 3,239 24,493 Deferred income taxes (6,975 ) (6,664 ) Stock-based compensation 3,438 3,341 Change in operating assets and liabilities, net of amounts acquired: Accounts receivable, net 673 (1,051 ) Operating lease liabilities (7,964 ) (10,539 ) Merchandise inventories (83,426 ) (47,196 ) Prepaid expenses and other 220 (7,403 ) Accounts payable 56,128 26,081 Accrued expenses 9,727 (4,413 ) Income taxes payable and receivable (649 ) (1,554 ) Net cash used in operating activities (18,671 ) (16,637 ) Cash flows from investing activities: Purchase of property and equipment, net of amounts acquired (11,305 ) (71,170 ) Proceeds from sale of property and equipment 55 — Net cash used in investing activities (11,250 ) (71,170 ) Cash flows from financing activities: Net borrowings on line of credit 3,999 97,885 Borrowings on term loan 25,000 — Increase (Decrease) in book overdraft 1,670 (5,611 ) Proceeds from issuance of common stock per employee stock purchase plan 208 456 Payments to acquire treasury stock — (2,748 ) Payment of withholdings on restricted stock units (296 ) (1,649 ) Payment of deferred financing costs and discount on term loan (1,135 ) — Net cash provided by financing activities 29,446 88,333 Net change in cash and cash equivalents (475 ) 526 Cash and cash equivalents at beginning of period 3,141 2,389 Cash and cash equivalents at end of period $ 2,666 $ 2,915 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Financial Measures (Unaudited) (amounts in thousands, except per share data) The following table presents the reconciliations of (i) GAAP net loss to adjusted net loss and (ii) GAAP diluted loss per share to adjusted diluted loss per share: For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Numerator: Net loss $ (364 ) $ (1,331 ) $ (24,336 ) $ (20,258 ) Director and officer transition costs (1) 279 1,180 709 3,067 Cancelled contract (2) 205 - 911 - Cost reduction plan (3) - 351 - 1,216 Legal settlement (4) 1,750 - 1,750 687 Less tax benefit (519 ) (398 ) (783 ) (1,292 ) Adjusted net loss $ 1,351 $ (198 ) $ (21,749 ) $ (16,580 ) Denominator: Diluted weighted average shares outstanding 37,869 37,393 37,729 37,500 Reconciliation of loss per share: Diluted loss per share: $ (0.01 ) $ (0.04 ) $ (0.65 ) $ (0.54 ) Impact of adjustments to numerator and denominator 0.05 0.03 0.07 0.10 Adjusted diluted loss per share: $ 0.04 $ (0.01 ) $ (0.58 ) $ (0.44 ) (1) Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team. (2) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. (3) Severance expenses paid as part of our cost reduction plan implemented during the 13 weeks ended July 29, 2023. (4) Represents costs related to legal settlements and related fees and expenses. SPORTSMAN'S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Financial Measures (Unaudited) (amounts in thousands, except per share data) The following table presents the reconciliation of GAAP net loss to adjusted EBITDA for the periods presented: For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net loss $ (364 ) $ (1,331 ) $ (24,336 ) $ (20,258 ) Interest expense 3,317 3,944 9,408 9,518 Income tax benefit 162 459 (7,364 ) (6,664 ) Depreciation and amortization 9,984 10,663 30,536 28,412 Stock-based compensation expense (1) 1,047 965 3,438 3,341 Director and officer transition costs (2) 279 1,180 709 3,067 Cancelled contract (3) 205 - 911 - Cost reduction plan (4) - 351 - 1,216 Legal settlement (5) 1,750 - 1,750 687 Adjusted EBITDA $ 16,380 $ 16,231 $ 15,052 $ 19,319 (1) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to employees under our equity incentive plan and employee stock purchase plan. (2) Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team. (3) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. (4) Severance expenses paid as part of our cost reduction plan implemented during the 13 weeks ended July 29, 2023. (5) Represents costs related to legal settlements and related fees and expenses. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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GOLD Coast has invited Southport half-back Ben Jepson to train with Damien Hardwick’s squad during the pre-season supplemental selection period (SSP). The 23-year-old will join delisted Sun Hewago Oea and start training in Carrara on Wednesday morning. Jepson was on the radar of multiple clubs ahead of the Mid-Season Rookie Draft, including Brisbane, after being lured north following a breakout VFL campaign in 2023. The Oakleigh Chargers product won Coburg’s best and fairest last year, but has risen to another level with the Sharks, earning VFL team of the year honours at half-back. Jepson played in the state game against the SANFL in April before finishing runner-up in Southport’s best and fairest behind former Port Adelaide midfielder Boyd Woodcock, who trained with Gold Coast during last year’s SSP. After moving from a struggling Coburg outfit, Jepson thrived behind the ball at Southport, averaging 24.7 disposals at 82.9 per cent efficiency across 22 appearances in his first season in the sunshine state. Southport has plenty of links to the Suns. The Sharks were coached by Steve Daniel this year, who spent two seasons coaching Gold Coast’s NEAFL side. Port Adelaide great Matthew Primus will take the reins next year after being an assistant at Southport, following a stint as an assistant at the Suns. Of the 24 players picked in the 2024 VFL team of the year, two have been drafted – Riley Bice to Sydney last week and Saad El-Hawli to Essendon mid-year – while Liam McMahon (Carlton), Dom Brew (Western Bulldogs) and Jack Watkins (Port Adelaide) have all been invited to audition during the SSP.Tony Buzbee , the lawyer representing over 120 alleged victims of Sean "Diddy" Combs , denies a claim from Jay-Z's lawyer that his firm pressured a woman to lie about being assaulted by the rappers. In a court filing Tuesday, Jay-Z's lawyer, Alex Spiro , said his law office received a call from a woman on December 9 who had previously reached out to the Buzbee Law Firm with allegations of trafficking and abuse but unrelated to Combs or Jay-Z, whose legal name is Shawn Carter. The woman allegedly described her experiences to an attorney at Buzbee's firm, who then asked her, "At what point did you meet Diddy?" even though her case did not involve him. Still, Spiro wrote, Buzbee's firm allegedly encouraged her to pursue a civil case against Combs. When she expressed interest in bringing her allegations to law enforcement, she said members of Buzbee's firm allegedly told her that reporting her experiences to law enforcement was "not encouraged." Compounding her frustration, the woman alleged that after weeks of unresponsiveness from the firm—during which she repeatedly attempted to follow up—a representative finally contacted her but allegedly pressed her to confirm false details about her case. She claimed the firm directed her to say she had been drugged, physically restrained, and assaulted, even though these elements were not part of her experience. Feeling pressured to lie, she refused to comply. When she made it clear that she would only share her unaltered truth and was unwilling to conform to the narrative the firm seemed to want, the woman said she was dropped as a client. According to her, she felt dismissed once it became apparent that she was not a "coachable victim." Tony Buzbee Denies Jay-Z Lawyer's Accusations Buzbee denied these allegations Tuesday in a lengthy statement to Newsweek. "This allegation is patently ridiculous. If someone calls our intake group and has a viable case that we believe has merit and we can pursue we will pursue it. We are currently pursuing hundreds of cases against individuals and entities other than PDiddy. What we won't do is pursue a case that we don't believe has merit." "Without telling me the woman's name I can't speak specifically to what she told the intake folks to even tell you what this woman claimed if and when she called. I can tell you we haven't "dropped" any person like this. We don't pressure people nor do we need to. What we have done is reject potential cases from people we find to not be credible." He continued, "Understand we get a lot of prank calls. And we get a lot of calls from people who claim they are aggrieved but we just can't help them. We certainly don't need to "pressure" anyone to pursue a case. We have plenty of cases. What we can't and won't do is pursue a case we perceive to be weak or insupportable." "I'm growing weary of responding to this kind of trash. Jay Z's team is desperate and seemingly out of control. Their investigators have recently been caught on tape offering current clients of our firm one thousand dollars to sue our firm. This conduct is reprehensible and illegal. There will be consequences coming soon," Buzbee concluded. This latest filing comes as Jay-Z denied any wrongdoing after a Jane Doe accused him of raping her at a VMAs afterparty in 2000 while Combs and another celebrity watched. The accuser originally filed the suit against Combs in October but refiled it on Sunday to name Jay-Z. In court documents filed Monday, Spiro asked the judge to require Doe to identify herself using her real name or dismiss the case. In a statement released through his Roc Nation social media account and representative Jana Fleishman, Carter called the lawsuit a "blackmail attempt" and criticized Buzbee directly. "My lawyer received a blackmail attempt, called a demand letter, from a 'lawyer' named Tony Buzbee. What he had calculated was the nature of these allegations and the public scrutiny would make me want to settle," Carter stated. "I have no idea how you have come to be such a deplorable human Mr. Buzbee, but I promise you I have seen your kind many times over. My heart and support goes out to true victims in the world, who have to watch how their life story is dressed in costume for profitability by this ambulance chaser in a cheap suit." In response to the statement, Buzbee told Newsweek , "Mr. Carter previously denied being the one who sued me and my firm. He even filed his frivolous case under a pseudonym. What he fails to say in his recent statement is my firm sent his lawyer a demand letter on behalf of an alleged victim and that victim never demanded a penny from him. Instead, she only sought a confidential mediation." Buzbee added, "Since I sent the letter on her behalf, Mr. Carter has not only sued me, but he has tried to bully and harass me and this plaintiff. His conduct has had the opposite impact. She is emboldened. I'm very proud of her resolve. As far as the allegations in the complaint filed today, we will let the filing speak for itself and will litigate the facts in court, not in the media." Do you have a story Newsweek should be covering? Do you have any questions about this story? Contact LiveNews@newsweek.comWoodward's EVP and COO sells $3.18 million in stockOne day after Hurley’s meltdown, No. 2 UConn loses again
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