SPWH - Earnings call transcript Q2 2018 | Sportsman's Warehouse Holdings, Inc.

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Operator

Greetings, and welcome to Sportsman's Warehouse Second Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Rachel Schacter of ICR. you. Thank

begin. may You

Rachel Schacter

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

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

financial today's investors.sportsmanswarehouse.com. are release provided to available financial non-GAAP comparable Investor also measures, the financial disclose reconciliations of the also in Web section our GAAP our information measures Relations most as on of will call. such as at measures, well during and We directly as non-GAAP site press Definitions supplemental

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

Jon Barker

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

with were bottom performance our results top-line expectation in above results our are quarter came second in with as penny a We and outlook. our line pleased line

X.X% grew million of year quarter fiscal total the $XXX.X XXXX. For the versus second sales to quarter,

of strong drilling new the for in decline comparable X.X% and further better on driven was a across Firearm mixed composition the than X.X%, the units Company of store X.X%, the down we in comparable serve. adjusted second the sales quarter. up quarter states Our increase top-line which performance sales the growth by were slight of for

market QX attributed continued in and more investments to opportunities. and in reflection a share of Our user subcategories continue expansion, These and continued gains share after X.X% X.X% pull assortment in expertise is are industry the types capabilities demand. our as more dissipated. deceleration online for market market gains to evident share compared capitalize first in outperformance increase. varying quarter of all normalized Ammunition on a sales second forward the sequential QX to quarter's increased were the This we

for relatively Our non-hunting the were categories flat quarter.

QX, expected beat from than XX Our primarily Kevan discuss than in driven moment. the will earnings QX were favorable primarily a per was less gross points by share anticipated, year-over-year performance better detail margins. a Gross in down basis in mix greater had we sales margins our forecast. financial to

stores as our merchandising for a Brick opened are; of Minnesota in of to continue as we we Rapids, online; our our we look in to at growth opened store Anderson, of our store Now, for at we and California prioritize growth leverage pay I'd debt quarter two capabilities; as continue e-commerce with and down Coon XXth to target investment X.Xx. long end our Looking planned towards term year both our location highlighting second a our flow to store will ratio we and growth towards our priorities square XXXX. spend which new second key XXXX, engagement; made Mortar, footage our our moderated strategy: in the Carolina quarter-end, Beginning customer we completed and against fiscal strategic progress progress in the Milpitas, for comprehensive plan will few in we for assortment. cash stores Subsequent the South five like and to forward moments quarter total growth our omnichannel acquisition and XX disciplined quarter; and These priorities the the X.X% of omnichannel allocating maintain strategy strategy in XXXX; free

assortment see we as On buy Other and e-commerce life encouraged our pickup experience real-time of content drop online as our for from the the expanded easier-to-use progress program, customer by that are digital for side, the in-store brings our site available our a online, shopping store, vendor are initiatives accelerated our results visibility to this an we further quarter, in response well continue online. differentiated for in that ship we In second rich program. our and inventory creating to positive firearms. we customers

the of XXXX. customer loyalty at our engagement, than and QX Looking grew members more XX% acquisition program versus

comprise customers across which program, to with of approximately revenue, with engage our loyalty channels. Our multiple our provides opportunities numerous XX% of us

now customer yet. event. special stores, strategy with effective. second at are X.X customer and over on specific are included comprehensive personalized access event exclusive the had and loyalty targeted aimed proving in-store event the to complemented we we pricing members in categories, most Our marketing response by our excited this The And quarter, million our to

our continue supported strategy are new to targeted innovative of engagement marketing platform. through developed that personalized as being part by will refine e-commerce We technologies member loyalty

this highlight exclusive In this make presentation for more The initial utilizing the tactical the improvements are of sales and the by shopping we to continued format, tactical testament the which our online to merchandizing, rights of a strong more within and clothing the relationships. over brand. the stores a utilizing we XX XXXX, in Ridge twice the Reaper vendor our traditional shops store store this merchandizing stores assortment Since Also relationships. in brand, offer in for for Armour’s growth the product brand Under the XX is vendor stores see rollout this women's which offering concept now leveraging to our our for Turning shop our with both merchandize enhanced QX, hunting QX, offering, presentation and versus stores. their appealing key we than of in we Based concept of our strong we continue experience the in-store line to apparel pinnacle coming the to offering months. is is secured on in customer. success, creates expanding clothing a launching

quality good, success the receptive on expansion offering branded we Our within customers In to expanded and best of the very product saw quarter, into as providing Killik the better, gaps the greater the Lost filling be in from of continue to label private sales offering focus label private our we our has value. our the category. in to cooler second expanded line brand The our a Creek product exceeded private initial extreme of resonates price cooler point and clothing casual proved focused customers. outdoor this of niche and with extreme offering forecast, that label

private will first work wear markets, offering the area. launching be see QX, key During our given we we label void this in within

pleased previously So quarter on are in are provided initiatives summary, we results key guidance. full with are traction of and we narrowing our seeing to-date, the Based on our growth the our our the second range competitive as from performance further focus position. we year strengthening we

of on who to second to call that, strong over members call our financials. We turning the progress contributed half to half year. team to the of I'll our Before this to first I XXXX. in Kevan, discuss look turn thank a to the over hardworking With building the fiscal want forward Kevan

Kevan Talbot

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

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

to a the year in our the year for period fiscal as results, the XXXX, reminder I for year to references are week sales to shifted review period for XXXX fiscal fiscal same due comparable XXXX. Before all store XXrd compared

fiscal which the ended period to XXXX August same compared same number XXXX, for of August For period are store X, for is second X, the weeks ended the the comparable period. quarter, sales the

quarter were We fiscal XX which quarter stores with line our quarter, the year end quarter footage our stores from driven prior primarily the period sales X.X% XXXX. expectations and for square $XXX.X growth year from year fiscal XX e-commerce, or Net include by sales, the increased same-store department. Sales two and during results. in opened last million states, the $XXX.X hunting the in XXXX in the our second second to increased with of second ended of from X.X% of the to quarter X.X% second Turning of year. million of

the California. with with were second California, mentioned comparable profit Gross comparable year by stores $XX.X in second quarter-end, Jon increased to stores million to which based pleased As the tailwind to year competition. our the a geographies, XXXX. two points this in first of of quarter across basis and The X.X% points XXX second headwind our XX million impacted the the in in provided quarter, markets, in fiscal quarter. headwinds gas We basis opened which marks $XX.X fifth oil including the were store XX we compared Milpitas, in store our quarter broad comp performance our similar to competitive of XXth location subsequent base only store State

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

$XX.X minimum points most investment. of period to expenses from new approximately and stores, a of opening the primarily the the the for million our prior year net expected with planned in the stores of expected quarter deleverage increased SG&A quarter fiscal increased XX.X% impact million Income was of our in from to year e-commerce As driven XX wages sales, second XXXX. percentage XX.X% operations by quarter in the $XX.X the basis our of compared across

loan write-off refinancing Our term second May. fees discount prior year fiscal net old the and $X.X in to in deferred in the the in million year financing the XXXX million our with of was $X.X $X.X of quarter with to million interest increase of associated the compared due period expense

ended compared XX.X year $X.X million this $X.XX fiscal million last deferred per weighted diluted on period flat income, average $X.X XXXX year of million million compared related XXXX. excludes of in with this XXXX share of the of compared the structure. million our Excluding million debt for to tax of expense last quarter the interest expense or prior our second realize We to $X.X result decreased a the to quarter $X.X was which Adjusted interest as million have weeks share begun $X.XX income million August million shares of or and year the count diluted million recorded net as for in loan, the second share $X.XX $XX fees in we per corresponding or Net million shares year write-off based expense the $XX.X $X.X second in period. the old XX.X was quarter per an our the income year. reduction to year. was $X.X write-off, financing term Adjusted to new of prior EBITDA X, to $X.X share XX the of

our Turning sheet. to balance

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

outlook. Turning now our to

We previously of year are fiscal narrowing outlook. provided range the our XXXX

headwinds; XX as last shares QX in basis million the X% product common as to of our the driven SG&A combined sales the of one margin weighted following; gross adjusted by to fiscal share to $X.XX approximately the from investment as $X.XX Embedded year, $XXX modest $XXX e-commerce earnings a primarily down same-store million margin basis third of week XXXX the to shift; and diluted previously our sales competitive adjusted range year to wage on benefit expected headwinds of now Our per for wage as quarter is wage seeing points a discussed due outlook pressures the million; outstanding. XX points, an headwind; particularly distribution given well of to deleverage increased planned is in in mix for revenue the quarter flat compared of guidance follows; change in average center. expected reversal of estimated we third quarter range are third minimum the our XX the with pressures

we anticipate to to XXXX; $X.XX approximately total the approximately fiscal of and leverage our X.X% remains of million million the in continuing growth adjusted we year to share $XXX $X.X our of now of footage as common X% XX representing year on down we square year reduce continue adjusted $X.XX weighted sales diluted fiscal earnings in million fiscal and the XXXX completed to expense a million year, change $XXX mentioned, XXXX. per debt outstanding; the the adjusted range estimated for to five XXXX, have a $XX.X shift; shares store same For openings we million priority pay average revenue week expect to compared in for for XXXX interest X% as for in store positive down when expect approximately one write-off;

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

Operator

Instructions]. [Operator Thank you

Robert with Our first Benedict Peter Please Baird. proceed. from W. is question

Peter Benedict

My maybe e-commerce Jon the re-platforming question site. first on

us help you're understand Just there. the having progress

early it's the up is that I in of having think 'XX running. timing terms and

the up? timeline? we that expect Just then notable if of that's remind us the is And see platform some changes right most should are when what to the that

Jon Barker

one of of the to launch the and happen. 'XX platform experience really XX site customer that XX make online is track the taxonomy, out search, launch initial next to There three checkout. are page, we'll Step early primary the is Calendar is components we on that new results and list the shopping product over months. change That in that still

of that As on we're to a comfortably happen. matter track make fact,

I to don't that expect change. So

those to really launch; a taking the the which component, inventory of second the all we’ll show mid-XXXX real-time The leveraging advantage is allows testing real reduced start them the to and stores; time up time stores to near XX be pick near of and the inventory, maximize to allow consumers; shipping cost. transit locations; in to to that store and us that shipping from

component. second the that's So

The bit on third and little a little side. which content is technical component is creative the a more less

You’ve our probably been in stores.

One unique in of stores, our of product, fishing amount we is have, in make local reports. only us in the the but as the market things not surrounding activities such the the that expertise

reports stores our inside have to that XX Some weekly are fishery the of of store. up updated

of content the of component that third the type site. bring the be So forward platform will to on

is not they their bring will depending store the camp the headed able they’re whatever that access that example information hunt. the to So only Lower somebody to the actually but looking in fish on on be fish the or it device is up or to Provo morning when mobile or out market,

of So about we're but that third we’ll that excited XXXX. start the late project the that's launching component in piece

Peter Benedict

we may how spend on have And investment Kevan the so think thinking terms about in mentioned then I this year? about how behind year guess spend, that, I think just of be CapEx. we’d and the should that next But then this, something

Kevan Talbot

that that $X.X mentioned, as said $XXX,XXX, investment. as respect mentioned, be investment CapEx. year I track there is about expected to going related with approximately we Peter, this million. is to Of on Jon our Everything investment was that to

We far. for thus similar XXXX. pleased expect we're would a investment So

a number given it very with XXXX. we XXXX. so made expect to that investment respect But XXXX investment for we yet guidance haven't our will do our specific We would when to in the similar provide would we've be I

Jon Barker

a bit invest we manage also the the continue part marketing team in to expense and I platform. will is think, that is about the to next increase more Peter, will the to side. A year big the optimize little team. think be operating on It way install, of

our testing easing at We forward comparable have And we spent to in if digital on some XXXX. and very competition start not of those much marketing. all channels will

Peter Benedict

trip just around understand one profile, loyalty per see on the grow. either annual how us you the Can and maybe remind your just just question or basis, then Sportsmans’ good that other loyalty customer And average to to to different anything that. an And around program, that's how better continuing often shops member? spend trying for at

Jon Barker

this from quarter loyalty as as non our that shop twice tracked loyal historically, is much a about and three ticket almost customer customers the the so metrics we Our average as that times customer.

in frequency frequently they perspective, and a from So they more. more are spend

manner marketing then obviously this market a effective a an the to of targeted ability we And able Part success the is and new ticket them. the key their will those our lot going frequency average to done to in hope that them their preferences more to So to increase habits. our And we increase be approach to being of to is to program. that to increase well. and as market shopping platform have things

Operator

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

Kieran McGrath

questions This McGrath me. for Seth, is for Kieran two

left you the competitors is give seeing an on update Firstly, can and for us demand the shaping firearms some front on have since how what category? you up competitive that are obviously of

Kevan Talbot

results about that overall down, As the adjusted I you yes, think fact is but the data talk are our firearms, the Jon mixed referenced up.

But that. that's our realized continue a as as on as competitors what move focus forward. to are we up decisions made So obviously, that our market strengths. one doing very and I think we firearms well, testament our continue And customers do we And correct. far have sale it do impacting and picking to we are of that share to certain have

Kieran McGrath

And headwinds just of faced. to was what then mixed this I'm gross good, up. mixed help light follow just you headwind? margin you you. pretty curious that Thank in I quarter find mean the offset especially that offsets

Kevan Talbot

actually for was aspect. were than was guidance, We helpful than see a we us. did vendor that We the were originally mixed headwind very we some what with that a little more had quarter. were finished in We had gross incentives what bit headwind but our which us it realized. There our lot very mixed a for margin good from a how pleased anticipated for very of less anticipated

Operator

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

Michael Kawamoto

the maybe you on California. there, Just seeing it and in you trending Can fires maybe to how Or on? camping you're just given those in how maybe trend in XQ highlight impact going expect what's categories? the is

Jon Barker

I think months last your it's we’ve opportunity that part the the the across west dryer and The over here. shoot the mountains being dryer, impacted in of as fires ammunition. being draughts to seen the that two example draught as and gotten that

also that Northern because open many the certain camping the draught and shooting of seen south. in the is We've both of be closed we public land it's are activities opened places mountains, California, shooter it's and closed. have places, risk think actually in While certainly areas several less And stores. Specific to seen impact sections for in average creating in the and our fire. the actual California those closed of outdoor of I large in

retail. we've camp Redding on are expect through that's pulse California Day to close good have that the Folks and that. community because parts planning got very of influence And Labor with Day. are certain Carr the Fire how not the Labor of in we to so an We the a impacting

and to think build So specific forecast that as QX's that to department. we’ve we tried in about

Michael Kawamoto

in take color see the the shops a then How I that you as future, shops additional quarter, do And in XXX the there. capacity on is appreciate in the had shop possibility on you well?

Jon Barker

on depends the store format It is. and location. the of It

North of Some from are Carolina. to spread across Wilmington, Fairbanks

of So some do the shop in more certainly little a space. more of and stores, inside stores some is our clothing tactical concept. shop format shop the there in greater a the geographies, some that very of is difficult is to those Again, familiar smaller you're opportunity

now on overall opportunities how that have more the are some data to prove the six success. months we’re the exact got next I there the concept. don't think we've we on thinking So number Today, about

Operator

Please question with is from next Our Daniel William Hofkin proceed. Blair.

Daniel Hofkin

Is so I obviously Just think hoping firearms it's sounded was non-firearms you not you I maybe a also are didn't a firearms if flattish that comp if already? And total you therefore have comps. that categories I But But color on so give think and ammo collectively color, -- talked that gather little missed like dollars. in for more may on more little it. about unit, correct? in basis a other can

Kevan Talbot

ammunition was sales department, firearms Dan, total were firearms’ revenue up X.X%; revenues basis includes X.X%. up X.X%; in our our was hunting total, on the up a which and same-store in ammunition,

math obviously, So the accessories brought well they were and other category can flattish you as the the do things, down there, slightly. and

department. hunting down was footwear our struggled because our overall to, and and our little Everything a that's was during the and We as bit quarter. conditions our saw else flat; accessories electronics the drought relatively alluded So XXth camping fires of out percent. this and results Jon office of good a official a of department;

Daniel Hofkin

your quarter improvement lower on basis. in one third at And quarter expectations, then and the the two a of midpoint year little then in bit fourth and comp obviously, looking in the for terms particularly --

quarter in Just and for the is this what the curious XXXX quarter? environment there better seeing from also. then including you about view third back, maybe the comparisons looking you're maybe informing you're comp aside and initially what But feel makes -- that’s fourth you're

Kevan Talbot

us XXX have points So different we XXX decrease September; obviously, the the competitive that points numbers at a as alluded activity activity as as fourth national The headwinds; the two stores the we’ve independent obviously competitive is pop we've decrease against on that there declining well; we're significantly; promotional this well as gives we in going from at look quarter as mom those year; in fourth dealers, promotional a to basis; anniversary the activity and some fact well. store-by-store there's players. we should seen to quarter basis headwind of the so as into basis in and looked that up confidence factors the we some so head quarter fourth both as last promotional of historical

Daniel Hofkin

that you would recently happen? recently start how to that how that last And on say you you would say segment, saw

Kevan Talbot

Day, activity the promotional first started start marketing in fourth really we the We the decline started Father's really in to quarter. activities into saw of as year. second for data lot promotional not that get not last events of Day, quarter, the the is We a Memorial we of was the key a There really points measure. the see of our heightened industry the that's in promotions to quarter when decrease through lot

Jon Barker

competitor have in months. in that I major to the on -- but starting think brand the marketing building actual a the What the eight is activities we're promotion. see last primary through acquisition product has increase over significant gone we decrease

out. quarter will plays So that see interesting be to next how the it’d

Daniel Hofkin

those initiatives? maybe any able been too far, you to marketing some so effects of measure early, Have from it's but

Jon Barker

to No, a and broad-based TV, brand they're which top having see really it's manner if undertaking. to been the is that's again funnel an impact. expensive It's what early in national which very the of

Operator

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

Peter Keith

firearm point, good percentage was relatively there Why to which that with at we we’d running that be think but assuming because where that's I impact on non-hunting very healthy the this particularly traffic flat unit are small growth? the the the flat having pretty hoping stores. probably is business, an was area of fires still

Jon Barker

hesitant back and go. If but of out California Yosemite Northern Northern extended a we reopened one period to you It's major still of to the camping as people take National California for fires, California Park for example time. get shutdown destinations now an the are to all

So the it's these that one in and significant fires pretty out example the but of think risks get fires. indicative of of to there’s outdoors are it's people when a just burning I process thought wanting

Kevan Talbot

shutdown activity experienced We entire in not of public sections all saw we or New Arizona, of limitation because camp but Mexico of only the land actually in and fires regions, elimination draught.

was southwest, no a section in there happening public which of was a camping factor So the camping. in definitely land to contributing large

Peter Keith

this business frame Is headwind in your recent up way any that there what months? been to maybe on point has

Kevan Talbot

department I of camping a so sales quarter Our indicative the that's measurement on down there. think for the basis, X.X% same-store was

Peter Keith

if moving on growth over headwind, product then expand margin, you you benefits? could have Kevan, And a that secondly, we part some just we’d some Secondly, decent to uplift product margin, of on indicated have margin such the slight begin now turning that. label how to QX private expect that could two just is question that margin to right

Kevan Talbot

So I've referenced. the margin headwind product that

goods our headwinds our some seen year. categories, have the the in We department, our both first soft and clothing footwear of half over here

it that we've we felt an we with talked that that call we’ve to our so impact would and we slight out. factored there headwinds stores, guidance it what As having into merchants and but that the is enough expect continue, our and that's we're it's –

Jon Barker

label private private percent continued see did we -- side, nice to the increase of On sales. label as in we've Peter, a a see

quarters’ about opportunities private to picked see XX we up that. think now through running X.X% other We of prior I sales run over basis do label. points grow about

gross the imagine still the products. are significantly As can than when significantly margins, inbound better throw freight, of other our it you you even better in, branded the than all -- some import of or

might the we So replace on intent brands gaps, to good, find such better, strategically as brands don't strategy the where continue be the is extreme with have. there the in fill month. I But or we not referenced we to will to cooler best -- core opportunities. key our

Operator

Our with is Bookbinder Ronald next IFS question from Securities. Please proceed

Ronald Bookbinder

vendor incentives the gross help those margin. On general categories Could that there benefits were the benefit margin us gross that you what mentioned vendor you were tell from?

Kevan Talbot

believe specific to our if of to all of was across firearm vendors. it specific it me vendors. my which nothing all categories to attention, was leads or I ammunition, that -- know across brought was is there's It don't

Ronald Bookbinder

goods relationship, to And continuing that the I very have you designed rotomolded canoes, that that for rotomolded label, a expand point. paddle are private kayaks, on private did guess, attend boards sportsmen? now the price specifically competitive coolers hard label couldn't and But you the in extreme very well

Jon Barker

I I work make referring many that vendors -- many, right way. let this There will exist. activity the sure believe type us sports to you're and say of with are me paddle they

working assortment that we're a private as meaning not that directly as So expansion. on label, there's maybe but

instance, kayaks some I great our at come now be that ago a price fantastic future. out going For months pedal have [indiscernible] to a at consumer that are fishing in that couple fit think point for the are

now working next the to not that's create a the own we vendors is markets of sports, right us with coming expanded but got excited us in are line next for many where we're to future. highest the workwear The we’ll workwear, paddle testing bring assortment this So certain quarter to the priority business. be that the in we've paddle label about sports out our leads private category and

Ronald Bookbinder

And lastly, you mentioned on store the made was stores? What very performance difference these that strong. new the new

Jon Barker

think how at pleased far that just are perspective some rolled been openings with receiving It's they’ve very trying very we've things I out. a well. the as We're grand consumers from as our marketing new

markets we're some do work a the there categories going to We on to product better localizing of have and seeing as market. a But to trying job still do those well. there. for into I are selection think We product prior the improvements product

Operator

and this remarks. would question-and-answer over gentlemen, to management session. I Ladies call back to for the closing turn concludes our like

Jon Barker

to we to this employees allowing year. your end you for performance of QX update you. to support. want joining beyond. again guidance and of quarter us for morning, and the future and you. We on everyone today of Sportsmans all look Thank in the I On behalf our continued forward provide Thank thank appreciate success Warehouse, XQ us

Operator

conference. This you. concludes today's Thank

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

Sportsman's Warehouse (SPWH) 23 Aug 182018 Q2 Earnings call transcript