- Smith & Wesson Brands press release ( NASDAQ: SWBI ): Q1 Non-GAAP EPS of $0.11 misses by $0.09 .
- Revenue of $84.4M (-69.3% Y/Y) misses by $45.38M .
- Shares -10% .
- Mark Smith, President and Chief Executive Officer, commented, "As expected, our first quarter results reflected a return to a normal demand pattern at the retail counter for firearms combined with temporary headwinds from inventory corrections within the channel. Despite a challenging quarter from a top-line perspective, the team delivered impressive profitability, which far exceeded the pre-pandemic comparable quarter in fiscal 2020 – not just in relative percentages but in absolute dollars. With a pickup in order rates over the past few weeks and a significant drop in unit inventory levels within the channel, we believe the inventory correction should now largely be in the rearview mirror. We continue to expect strong profitability over the remainder of the year aided by our disciplined approach to cost control and promotional spending."
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Smith & Wesson Brands Non-GAAP EPS of $0.11 misses by $0.09, revenue of $84.4M misses by $45.38M