American Outdoor Brands has reported net sales of $43.4m in the first quarter (Q1) of fiscal year (FY) 2024, down by 0.5% from $43.7m in the same period of FY23.
During the quarter ending 31 July 2023, the company’s traditional channel net sales rose by 8.4%. Its e-commerce net sales declined by 10.6% from the prior year's quarter.
American Outdoor Brands posted a gross margin of 45.4%, up 180 basis points (bps) from a gross margin of 43.6% in Q1 FY23.
The company’s net loss was $4.1m in Q1 FY24, as calculated on generally accepted accounting principles (GAAP), compared to a GAAP net loss of $5.7m a year ago.
It recorded a loss per diluted share of $0.31 in the quarter compared to a $0.42 loss per diluted share in Q1 FY23.
American Outdoor Brands president and chief executive officer Brian Murphy said: "I am pleased with our first quarter fiscal 2024 results, which reflected solid execution in sales, profitability and capital management, combined with ongoing progress against our long-term strategic objectives.
“Net sales were generally flat compared with the prior year, a result that met our expectations and reflected growth of nearly 31% over our pre-pandemic first quarter of fiscal 2020. Our shooting sports category saw a slight decline in net sales compared with the prior year, reflecting ongoing industry trends in that space and was offset by a slight increase in our outdoor lifestyle category, which reflected the strength of our brands in this growing part of our business.
“We continued to benefit from our strategy to intentionally place our brands where consumers expect to find them, whether online or in-store. While e-commerce net sales declined in the quarter, traditional channel net sales growth was strong, supported by new product introductions in hunting and fishing under our BOG and BUBBA brands."
