SPWH - Earnings call transcript Q1 2018 | Sportsman's Warehouse Holdings, Inc.

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Operator

Greetings, and welcome to the Sportsman's Warehouse First Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Rachel Schacter of ICR.

Rachel Schacter

Thank you. Good morning, everyone. call Chief Barker, Financial the and Executive on Talbot, Kevan Officer. me is Chief Jon Officer With

Before from we future and for we future Actual Factors in about get results of XXXX, with described industry. those you our for XXXX, contain SEC. the materially a which started, demand risks statements results the suggested Company's the I would statements Safe differ forward-looking products of regarding Reform under our of XX, language. of like made February uncertainties, the Private and to due Harbor XX-K include Securities operations, growth ended in The Act the statements the our statements within Risk make Litigation such will Company's Company's today may the and filings those meaning year to of the number caption including remind expectations other our

included disclose non-GAAP financial also provided will comparable non-GAAP GAAP supplemental our release, press available SEC call. the measures during the well also today's the directly XX.X section to which information Exhibit furnished financial investors.sportsmanswarehouse.com. to as We our reconciliations as measures in the Form X-K today, Relations Investor of most on website measures such are is to at of we financial as Definitions as

Officer Chief Now, I would like Jon call of Sportsman's Executive Warehouse. over to Barker, turn the to

Jon Barker

after over will will results today. our quarter the will Rachel. to we more thank by our go Good and us on the for I our the and begin discuss your review in initiatives. key up progress you, highlights Thank morning, financial Kevan outlook, detail and our then which, everyone reviewing then call open joining questions. strategic of first you

our with line for of We the our at and fiscal first top to bottom as the the quarter results high-end in expectations. start are the came year excited very

announce margins amendment which we on expect which to store credit consistent when million was topline pleased approximately basis. X.X% very at resulted in also and of today We're growth of annualized $X.X gross restatement of driven and combined control our Our an performance disciplined expense and bottom outlook. performance comp with by an cost our high-end line by strong to new interest the reduce our agreement

results. our to Turning

For to the the grew quarter quarter sales increased and million fiscal XX.X% versus same-store total XXXX first $XXX.X X.X%. of sales

first we quarter on include we quarter, basis the driven by Drilling revenue competitors. Firearm a XX.X% result a As sales a e-commerce from states of down serve. our units same-store increased on a largely the improvement to continue first significant policy in XX.X%, composition increase now market fourth we traffic were the our as sales. basis the an share reminder, in sales further for as quarter, same-store in comparable gain sales on firearm of recent for by same-store changes a the up

first-time X.X% diverse landscape X.X% engage Warehouse. We of to a broad the hunters Ammunition QX’s decline. from allowing by improvement users of range recent is more and product also in This the in creating share to from mix us a shooters. into Sportsman's are an opportunities seasoned QX, and with have market driving customers increased customers changes competitive

quarter performance market by in that firearm We categories and gains. the the in reflective our encouraged ammunition are very first share solid of are

primary the increase clothing fishing a sequential decreased Our non-hunting from improvement and X.X% our driven X.X%, categories. by QX’s categories decline with

season the year. clothing of a in workwear weaker items. given strong quarter, fishing we last increased and increased X.X%, the For camouflage as QX X.X% Fishing from anniversaried performance

Our relatively gross XX points basis down margins year-over-year consistent, were QX. in

gross pleased margin sales, ammunition with solid mix strengthening Given from resulting we a headwind the particularly shift and performance. firearm were

we began our approach platform, with while e-commerce our taking During a these measured expenses. planned the quarter, in investments

control drove in year-over-year greater moment. cost with combined growth go earnings the and financial Kevan will performance. relatively a gross by topline in into performance strong flat Our detail steady disciplined QX margins

a highlighting to we've Now few against made moments spend the I'd for key progress like XXXX. strategic priorities

As online, acquisition comprehensive merchandising with the and as both omnichannel engagement, and a strategy, which customer priorities omnichannel assortment. well e-commerce. Starting are in-store and of growth reminder strategy includes as growth brick-and-mortar, our our

a we in at Looking two XX and at the brick-and-mortar quarter. end Walla, opened first quarter planned Washington stores Wyoming stores Walla in the new as the of Sheridan, of for total

plan more with as we early in pleased footage X% performance growth the fiscal or stores new second store progress to these openings the We seen for make towards year two are we've We year from the five square over targeted stores. quarter open our XXXX.

moderation As a pay more will priority XX which to us. year free openings down this debt cash us XXXX's reminder, allocate flow a from store prudent allow remains this to for

quarter we process off both the to our formally year on we're investment improving e-commerce we for way improvements more In as a external visible the engaging fiscal side, customers e-com investment to is remain be from track perspective and On focused in internal reflects front interact both outlined by of our experience category year-end our to we first the and utilizing early XXXX expertise. initial our consumer on in on an kicked online timeline XXXX. an end resources, re-platforming with call. and for rollout better that

to Jared and with industry focus leading the structure and a organizational In new our Jared strategy. are online key our several that assortment We April filled and program drop-ship in by most and announce e-commerce our as Jared efforts excited omnichannel on a quarter, partner excited on new our from of the has Tanner will the installation customer-centric have and very Marketing execution vendors. omnichannel roles joined Sportsman's perspective. platform hit I'm in also their we running ground leading first to be Warehouse team significant continue the VP as at was a experience. of instrumental product to E-commerce. growing omnichannel Sports increase Academy Jared and has recently he

these the promotions strategies program segmented personalized which deploy to our efforts QX growth more sales have response specific loyalty members strong, members. million been our will of our members will marketing now loyalty to to versus allow over from loyalty membership customer marketing to and XX.X% its XXXX. strategies marketing for by loyalty believe strengthen and engage acquisition and the of Customer learn pleased we test We items grew terms of targeted we going around We grow level engagement, are In customer these continue of our have current XX%. further and and utilize test-and-learn and generated the base percentage us continue our engagement X.X to forward. in we and with than continued of

capitalize them opportunities share competitive us new to the our we fold. as on the forward and addition, bringing dynamics, given look market increased acquiring loyalty customers into In we to available in changes

to merchandising. Turning

first We merchandising leverage to and at improvements, related to partnerships opportunities allocation vendors high in-store vendor-managed with market continue increased increases relationship vendors our on through strengthen from and on demand visual participation goods, merchandising cooperative Increased to inventory. efforts. products,

from a experience the example, shops XX for which offering and store clothing our reset an product with QX more showcases concept we a of As store a better engaging within brand the completed tactical shopping provides brand this customers. key during

our programs additional vendors online expanded the with we quarter. on in in coming with through vendors assortment current addition, next have In multiple successfully categories drop-ship

quarter. are We with pleased the in our first private-label performance

in our the camping strong on continue casual product the In to the core quality, offering clothing. filling focused our this expansion one We're we building about categories branded will excited better best be coming within high of and private also we into brand our label on to that high-value gaps stores value will outdoor are Killik XXXX, focus that provide We quarter. our expanding good customers. proposition

and against our strategic to in each pleased competitive building initiatives. So summary, our throughout this our XXXX strong the made progress We and with look of are positioning. to on the progress we strengthening fiscal start year forward

our Kevan, to their I members call Kevan turn to to the for turning dedication Before With and to team financials. quarter. of discuss call the first to over I'll all the contributed thank work that successful our hard that, want over

Kevan Talbot

and today results. our first discuss the outlook quarter focus begin fiscal results My adjusted a Good Jon. will my with remarks morning, remainder everyone. our review XXXX. Thanks I’ll then comments year on of of for

as press item reconciliation share earnings GAAP these explanation and our to net and results, We well release per which line an earnings issued today. was provided have of in each income as earlier

point fiscal ended shifted period. XX Before I to would is to I item. week in out like are XXXX housekeeping which to May first same-store one comparable XXrd quarter compared review XXXX, year sales for period our our the year XXXX week the the Due results, fiscal X, the of

impacted fiscal the of with X.X% XX - high-end XX.X% year. The store in broad-based expectations competitive were quarter headwinds million Net to which of the comp first XX.X% million with competition. Turning from year end by in ended the opened stores across XX year XX for in Sales year $XXX.X of ammunition. our XXXX to provided points quarter the fiscal first the our quarter. of first tailwind profit XX basis in to increased for against increased fiscal the first million of stores last base Gross and our by the driven of period at XXXX. stores million quarter XXXX. basis of stores from were growth the $XXX.X to footage XX gas and quarter point $XX.X results. of the comparable two strength pleased only were includes first which and markets quarter or sales in firearms square first new our with a performance X.X% sales Same-store in the oil in geographies increased the comp compared We two states $XX.X first e-commerce including during quarter. We quarter

margin which percentage were fiscal prior a quarter gross quarter. was mix XXXX. SG&A quarter XX.X% first increased decreased During in primarily the from due $XX.X period. sales strongest year XX% sales points our toward first million fiscal shift fiscal year to quarter from $XX.X and the of the to the of as XXXX to XX% profit for of in year lower the a XXXX, in of categories net XX The year basis million firearms first decrease ammunition

of sales, As XX.X% net SG&A XX quarter period. a basis in points in to approximately expenses the decreased XX.X% prior the year percentage from

net quarter professional year from year of XX.X% of the quarter severance first to to retirement, related of former XXXX the $X.X of charge operations XX.X% or and paid in a XXXX. first during million sales of or quarter million million quarter SG&A first Excluding compared as the in from to $X.X period. our fiscal for XXXX $X.X was increased $X.X adjusted the $XX.X Loss sales $XX.X net in prior in the XX.X% million million fees CEO's million

loss improved discussed, Excluding $X from year. loss operating last million the to items million just adjusted I $X a of

$X.X the quarter was recorded $X.X XXXX of million Our compared million tax per diluted of $X.X to interest quarter compared year year in million million million net XXXX share X, in of for the compared benefit excludes to of XXXX million $X.X period. first quarter compared prior an loss in of ended fiscal our Adjusted million fees We XX.X to last May shares XX net million the $X.X year to quarter in of for million expense related the last former income of XXXX $X.X $X.X the both corresponding shares of was XX.X EBITDA charges fiscal first a and $X.XX fiscal in compared of $X.X XXXX. of Adjusted weeks on periods. year share the loss loss period the per net first year in share share a $X.XX first last prior in weighted was average $X.XX diluted retirement count loss increased million year or based $X.X weighted based diluted CEO's share loss or million the Net quarter on per first of a the quarter for adjusted to impact diluted in to $X.X or year. the the period. million a as professional net average year to count also which of

Turning our balance sheet. to

last basis, the of X, as store the $X.X was of inventory first $XXX.X first the the quarter million ending quarter at million X.X% expenditures incurred in XXXX quarter. of On the down approximately end quarter capital compared was May compared $XXX.X during of of a the per year. of the of to the As as prior first million end inventory end We first year. to

we are of to today have to credit amendment the outlook, facility. and turning our announced very restatement Before excited our

press capacity the a on this million morning, saw on borrowing issued we $XXX million you million line As release our our credit of $XX to loan. we by and increased term $XXX added

extension an of increased term our proceeds almost our from we of credit term maturity expected of prior per used May and by extend our to approximately to capacity or off our also new full. million is the approximately share. facility We annualized X XXXX, borrowing years the This on refinancing and $X.XX expense pay decrease $X.X basis loan in an to loan and interest

than the that as remainder realize term current covenants were year, more our we of this a result financial the $X of of loan. Also Over our by eliminated million prior expect to interest fiscal savings. required ratio amendment, we have

are Turning now expected outlook, the low XXXX fiscal reflect to margin quarter by first offset headwinds. interest performance raising our lower shift partially are outlook our end savings we to and which of year mix our

full-year XX.X% as other Our expected discussed full XX.X% now guidance call related unchanged. previously. year-end year be to tax rate our versus to is on All our items remain

to additional firearm in we changes, level also do we of at same share that demand, terms forward not market expect as time. expect dynamic continue capture firearm going competitive saw given recent to quarter we in second the some QX For occurred the demand forward same pull while the given of the

margin Our driven headwinds and declining headwinds an in follows; primarily previously X% given expect sales year, same-store estimated operating discussed QX approximately earnings a compared quarter basis to mix revenue weighted Embedded of planned year sales change the to shift, our minimum range in one-week outlook the for gross diluted $XXX sales XX from on wage common down point $X.XX the adjusted a of per last expectation of adjusted as second deleverage to we to by is outstanding. driven benefit million $XXX $X.XX share quarter to XX the for the investment X% guidance million range fiscal shares as driven and second margins million, on of year-end our as of positive call. XXXX average in reverse our of quarter the the is SG&A e-commerce second

revenue million. we fiscal expect of $XXX $XXX For million to XXXX, year

We expect one-week as the shift. X% the positive the down XXXX compared year of to same-store range X% for sales to fiscal change in adjusted

We approximately credit loan. of $XX.X and restatement for reflects our agreement are term and repayment XXXX interest prior now assuming which our the of expense amendment million in

down now expectations track adjusted $X.XX on year $X.XX estimated per of average for Our shares remain XXXX on fiscal XX are XXXX continue square priority to to in stores a fiscal our or footage debt leverage to We approximately total X% a earnings million diluted reducing as five open this year. remains share growth common us approximately weighted year allowing outstanding. to pay

to will to e-commerce With $XXX,XXX the landlord CapEx will $XX capital million year. call approximately to up receive Approximately total and to approximately continue the to for to year in now we expect the operator relates XXXX investment. open in to of it to expenditures, that in As transactions that, incentives to to turn expenditures $XX questions. expect $X XXXX inclusive for net $X million capital the expenditures fiscal $XX million incur year we attributed million of deemed or of to capital I $XX call the million sale-leaseback over our fiscal million be

Operator

Baird. proceed. [Operator Our Benedict first is from Instructions] with W. question Peter Please Robert

Peter Benedict

as third think positive quarter, guidance, think get year your gross question? sense the the just is balance So so Kevan, And the that’s well for first comes year, we where A, the you you’re down the so quarter as of I on margin to the in you maybe sounds think of my margin kind mix your over that in it gross question like that XX, current part impact, had second of thinking mix as reversed the trying the correct? thinking just comment of the first you

Kevan Talbot

for reversal because guidance account that the the up for things. take of gross year's margin current second when some those do we saw year last reverse in you have We year the benefit in share. down into quarter mix us Our we of picked market the certainly has

having a the through and year impact. that to continue expect that’s We negative

some we So but tailwinds all to to the maybe pressure the expect all not downward for reverse of tailwinds that - do we saw year that the expect gross saw do the year. we them we last margin of

Peter Benedict

was I the explains your you or think credit know prior midpoint be I guidance a more accretive penny year and to that is up couple pennies, at agreement. the the new low guys two. guess going the flattish view maybe expense by $X.XX maybe interest I raised end, the but this goes or

change So year adjustments that to margin balance is over were the in that your the you’ve gross there of really really - the quarter only the you where were made? relative other is fourth in or view

Kevan Talbot

in was I items, our as The rate nondeductible revised current effective upon only for change adjustment we’ve mentioned estimates tax those information. a slight based as our other income

So than margin other change that's and the interest only gross other expense.

Peter Benedict

just think question, for articulated around Last it this year. million $X.X was I spend, the around omnichannel

Just you what in should think just taste I that to we get deliverables and is it will XXXX, from we about of early kind a we XXXX, a can and XXXX, come as maybe show step that good you. start mentioned what think some on sense us trying think Thank expect to Does will be there back, see of me? omnichannel, up give to rate? for a up or it run Jon - how about that into

Kevan Talbot

or of investment expense the our platform. e-company, the in single-digit on in for to continued year low-to-mid Peter similar XXXX XXXX, assume next investment be will investment a millions

in it's a the X.X X way million million next again think about investment that think I year. to good So to range,

year, start leverage components. to customer the expect to within early will user customer the stores shop. near fiscal platform. the inventory launch the we two Those of we the the leveraging for are launch the that, creative largest then and what And will as far XXXX, capabilities real-time after entire the As experience see to able to in be new next on omnichannel

Operator

Our Fassler next from Sachs. Please with question proceed. is Goldman Matt

Okay, think him. I we lost

will Seth next with question from Sigman proceed. Our be Suisse. Please Credit

Seth Sigman

follow-up of Couple here. questions

just curious in the you guess trend weather-related about so were of positive categories firearms but as ex-hunting talked down you. XX Thank trends, well on are clothing, much terms from improvement trends in some that those sense of bps. starting is whether is the are that what quarter any Just you category perform the Obviously didn't that an how categories maybe I improve? and of and to you said in fishing, comps the as noted,

Jon Barker

the Seth of item this camping quarter negatively warmer which slow by both a in boots weather ticket and to West category a that’s from the footwear, buy during decliners Nobody were pack two impacted quarter. the biggest a were and perspective the weather. year needed in big from footwear a perspective given

So to item we it with generator ago a camping our a of has a weather there. respect year sales which high the saw again on impact a decline first that the quarter. were magnification the percentage events of ticket during negative Likewise quarter, the lot had significant the sales because of

decliners So those were perspective. the an category from two the during quarter overall biggest

Seth Sigman

on it as assumption an guess improving the would and for categories? here firearm look like whether normalization sounds the an that's there's non-hunting of expect you I in some we at sense Any guidance improvement trends, but

Jon Barker

guidance. what early QX that's improving are Seth, that far categories and into Yes is our in thus those we've seen factored

Seth Sigman

And then gross just margin. follow-up the one final on

the gross stable multi-quarter/multiyear back, step on you been basis. over has time margin If really a

the are mix some of Thank a here, you're be that? sounds but focused more manage of good help some offsets of performance curious the like This positive initiatives you. what it to firearms light will quarter mix, headwind, looked the still the in pretty on that I’m

Kevan Talbot

basically in broke we pushing down. increase particularly down It’s category hunting what the as is that our actually so we Absolutely, margins gross in that mix saw category within. is all we an saw margin,

positive there category a respect was very to that that So we with the itself. within saw sign

the is saw - results first during rate good the So actually we quarter.

some really the that through Jon quarter. Another to really that the his saw positive see started discounts terms Again some offset flow script, during that benefits is we gross the margin helped vendor referenced partnerships incentives. we’ve in and vendor

we So, well. aspect very pleased are as from that

in decline fact did So, we have gross there a positives of margin. couple our despite the that

Operator

Sachs. Please proceed. Our next Matthew from is with question Fassler Goldman

Chandni Luthra

This Luthra weather check about in the sorry is Fassler earlier. of Matt to on Chandni just behalf want impact of about the I quarter.

One in a how and was your warm of it about it big swing competitors then terms later. pretty talked benefited of earlier

talk I quarter the how guess you Thank second about impacted you to-date? for you. and weather how could So quarter quarter it shaping for your is if up

Jon Barker

impact the perspective Weather an from as shaping as on first as sales. fishing an us quarter, and camping it first did quarter the coating saw and weather pattern a well overall has the footwear We year we given did last in a well strong negative have in impact had quarter, but did first earlier I normalized on negative of the really continue in the during particularly that have it referenced weakness impact our our a its in year. up QX the to start impact the the had half expect has that to we first -

that some weather springtime is other there we’re that there's now getting the normalized. and it’s So positive to

to We weather. far with respect results are thus seeing some good

Operator

Our Kawamoto next proceed. from Please Davidson. with question is D.A. Michael

Michael Kawamoto

I it that the are demand On pricing X% up in manufacturers? quarter, increases or set there that the of was ammunition seeing the were by some you you said overall better think

Kevan Talbot

that better We market talked demand, are the share seeing seeing we shift about. we’re

is little there. there forward also we believe bit of pull think I

ammunition unit which driven quarter to speaks really so in the saw by a the ASPs Our actually first it during demand. decline growth was

Michael Kawamoto

percent then a and of where into And Killik think casual, label expanding that private that stand sales goes outdoor of in on you’re longer-term? you where category do terms in do you

Jon Barker

were quarter, private the we was our for label revenue of sales. Currently at X%

priority of ours, to ventures our we be increase historically that analyze to X% over number very been XX% a a it between somewhere of that As and X% but was time. endeavors year to be over taking will so XX% private-label. as not longer that in disciplined a this and disciplined we’re we’ve talked label we period Private into priority very has expect time

Operator

MKM Partners. question is from with Patrick next proceed. Please Our McKeever

Patrick McKeever

promotional mix the the wondering about during backdrop resemble wondering, industry could Also to in of different are the the in the month year of or quarter? talk quarter, talk consolidation just the for seeing terms data just seen if last did could environment. retailers is of the been that month store and you with store year cycle a - we've then the product of Wondering not? months thing some big talking And innovation space competitive the about what outdoor my space, over pricing past you product the one Wondering in the it if so the or and goods just trend you with the some about on openings brands. same with have sporting closings innovation of better some mainline this if Thanks. you're seeing the

Kevan Talbot

to speak we available with on data cadence, your good not to question cadence best that people of index. first and Patrick So to refer our always I when indicator the the ours next respond reflective asked month-to-month month-to-month the question that I’m specifically is is but that a respect don't it's although entirely

at that you look want our does to it approximate If business.

to speak cadence, data. don't with but look respect we So month-to-month, to next specifically the our at

Patrick McKeever

Yes.

Jon Barker

on industry a any the outdoor standpoint, Patrick that we We side recently. did is from this again will new open, competing open with of Roanoke East the believe that I aware have in not in our stores we are year. competitive us store opened directly

openings as two of we’re the we that influence their aware you’re approach players tell much that the big store referencing, as what So any far has not different coming and within soon. mix is the of only probably than ourselves, certainly kind will - but time

to I think store continued there's on part a base. rationalize their effort existing their

of innovation couple cetera hard to some impact there lacking As innovation few tell to far side that over material its are business. goods to for our goes, things will too GPS probably last of one those that me the will seen electronics coming soon the particular offset and on little its the probably and and as et are we've help any Only time years. reference

Patrick McKeever

March month a the the demand of I - how But just into one restrictions firearm mentioned ammunition probably think - in the of shooting. you competitor forward Parkland, understand I Florida bigger forward - And sales gone behind firearm school in place pull the that as pull following or in the and the the last here quarter. strength factor sales have first the

why a an why continue this benefit wouldn't put in I’m maybe I is maybe those into restrictions expecting there that benefit. be annual fact And and from year, bit that there So competitor guidance of guess the the given on place the early those just wondering in that or anticipating more the year you're doesn't guidance? the were in

Kevan Talbot

clearly is market pull specific our long-term gains we in of much and We're QX have competitors of basis. is hearing a of us a optimistic daily much. from for We customers portion share any gains. of this regions on against is There forward a that forward it The question can market time it tell the share made for market point it that's at unclear compete pull changes. will how but of see how happened where combination some in the who that share only that versus long-term our

in the of in that way, year. we’ve that rest the So for forecast the our we understanding reflected reflected

Operator

with Piper Jaffray. Keith Peter from is question proceed. next Please Our

Robert Friedner

follow-up it that oil on continue actually the you? improve. morning, Peter to markets seems on a how're Bobby gas this for Just It's and

Just there wondering you discussed from Thank seeing what stores you're you. your customers? and

Kevan Talbot

We’ve seen results markets. those in very good

stores consider gas and we markets, energy dependent in We nine have markets. oil that

in of downturn replenish those potential, of for but a to consumer hiring We have little are time it little after do a they've seeing experienced wallet believe the bit some that markets. over that their lot last great while. they We will the take that

pleased rebound we basis seeing employment saw in stores. and from good with and early those are those we good oil that So tailwind but results returns very and point as optimistic will those continue markets, results are the that XX nine prices

Robert Friedner

forward say just you've you about follow-up going forward the to to demand in Any closer like be around growth you. could And to the estimate Thank quick prior whether or QX I talked expect guess quarters? you in pull closer firearms. growth

Kevan Talbot

internal the hands our getting sharing we’re estimates done still and that some to revising forward. in yet. forward as some around Jon indicated, estimates. was Clearly there pull respect we’re publicly our comfortable those pull With not We've

there. quarter was and we also that the the We increased second in that’s that that market there firearm some first continue believe saw the quarter. demand believe will ammunition share We don't in

- the So, still and of at differences and lot estimates share market there's there yet. again involved the we’re forward factors analyzing our between the a gain. pull looking revising And

Operator

from is question next Our Bookbinder Instructions] with proceed. Please Securities. IFS [Operator Ronald

Ronald Bookbinder

It you are pressuring the down. or coming selling on seems that Is coolers units? the ASPs extreme are more that comps

Kevan Talbot

through department of is camping category There correct. that downward in are and you pressure. No, that flows our pressure the is ASPs cooler part

Ronald Bookbinder

don't on your don't brand? - label Killik you Why like extreme Why the using you a talked label about coolers, private you've have program. private

Jon Barker

Ronald this is Jon.

mentioned in excited goods the coolers and camping soon - our script, to entry into we a hard really do category announce fit those coming category. within that into have As we��re nice we’ll

Ronald Bookbinder

fishing have, pockets. label the that you noticed in And private lastly, all the on shirts, the and in apparel with ones fishing the the vented store

best there? You also what develop you am private have better, a labels? Rustic two got or to Are the Ridge, good, Why but I strategy, different you Sportsman's seeing the label. going Warehouse

Jon Barker

over on time and this there see that shirt Jon. transition you'll was to particular actually that two. Again is Ron, three brands

brand Killik Ridge on apparel you’ll a expansion response types You’ll on the line those probably Killik particular those see on good coming over Ridge strategy see Killik. an and and Warehouse better, items Sportsman's best using the fewer Rustic And the the as really of soon. you'll had We’ve that in in the see that Rustic time good, of better on shirt. good,

Ronald Bookbinder

labels or any they there difference between margin all is are margins? the pretty nice And private

Kevan Talbot

a sell they course the are brands total. label that Between nice of private our particular the improvement material there's Ridge the to we the Rustic on other and Killik compared apparel brands, brand within similar in very

Operator

Thank you.

the would end reached to remarks. of question-and-answer the like closing session. I back management have our over We to turn for conference

Jon Barker

Great. I want again great time to we the speak to thank taking and for questions follow-up with us your everyone today have.

in year again. start you, that, With looking to building about will excited certainly close initiatives and are place. the upon that continued the We and have success forward Thank call. of I the the we

Operator

concludes Thank conference. you. today's This

participation. your this You may And lines disconnect your at you thank time. for

Sportsman's Warehouse (SPWH) 24 May 182018 Q1 Earnings call transcript