Why Sportsman's Warehouse Stock Was Climbing Higher This Afternoon
Shares of Sportsman's Warehouse Holdings (NASDAQ: SPWH) were down more than 8% at the market open on Thursday. The sharp fall followed a better-than-expected earnings report for the third quarter. However, management offered a weaker outlook than the market expected, which sent the stock tumbling.
The specialty outdoor goods and equipment retailer completely erased those losses by later in the morning, as investors might be starting to focus more on valuation.
For the third quarter, sales fell 10% year over year, accelerating from the decline of 3% in the previous quarter. Sales of $359 million slightly beat analysts' estimates, but the company cited "lower demand across most product categories" due partly to inflation and other factors.
Source Fool.com
