Sportsman's Warehouse Holdings, Inc. has announced its financial results for the second quarter of the fiscal year. The company reported a net loss of $18.9 million for the quarter, compared to a net income of $14.6 million in the same period last year. Quarterly revenue also declined to $309.5 million, down from $351.0 million in the prior year quarter.
Despite the challenging market conditions, Sportsman's Warehouse Holdings, Inc. continued to focus on strengthening its financial performance. The company's gross profit for the quarter stood at $100.8 million, a decrease from $117.5 million in the second quarter of the previous year. Selling, general, and administrative expenses amounted to $102.3 million, higher than the $97.0 million reported in the prior year quarter. As a result, the company reported a loss from operations of $1.5 million.
The decline in revenue can be attributed to a decrease in net sales, which amounted to $577.0 million for the first six months of the fiscal year, compared to $660.5 million in the same period last year. This decrease in revenue was mainly driven by a decline in customer traffic and lower sales in certain product categories. The company's management is actively working on implementing strategies to improve its sales performance and regain market share.
Sportsman's Warehouse Holdings, Inc. maintains a stable financial position with total assets amounting to $996.3 million. The company's current assets, including cash and cash equivalents, accounts receivable, and merchandise inventories, stood at $494.7 million. Additionally, the company's operating lease right of use asset and property and equipment, net, amounted to $302.0 million and $197.8 million, respectively. The company's total liabilities were reported at $723.6 million.
The company reported a loss per share of $0.09 for the quarter, compared to earnings per share of $0.35 in the second quarter of the prior year. The decline in earnings per share can be attributed to the decrease in revenue and the increase in selling, general, and administrative expenses. Sportsman's Warehouse Holdings, Inc. had a weighted average of 37.5 million shares outstanding during the quarter, both on a basic and diluted basis.
Looking ahead, Sportsman's Warehouse Holdings, Inc. remains focused on executing its strategic initiatives to drive revenue growth and improve profitability. The company is investing in digital capabilities and expanding its product offerings to enhance the customer experience. Additionally, the company plans to optimize its store portfolio and implement cost-saving measures to improve operational efficiency. Sportsman's Warehouse Holdings, Inc. is well-positioned to capitalize on the increasing demand for outdoor recreation and remains committed to delivering long-term value to its shareholders.
Despite the challenges faced by Sportsman's Warehouse Holdings, Inc. in the second quarter, the company is taking proactive steps to navigate the evolving market landscape. With strong financial stability and a strategic outlook, the company aims to drive growth and enhance its position in the outdoor retail industry.