By Ben Glickman
Shares of Sportsman’s Warehouse hit a record low Thursday after the company reported a drop in sales in the recently completed quarter.
The stock was down 24% to $3.44 midday, an all-time low which would also be the largest percent decrease on record. Shares have fallen 63% this year.
The West Jordan, Utah-based outdoor specialty retailer said Wednesday that its fiscal second-quarter sales fell 11.8%, with same-store sales falling 16.1%. The company said the drop was due to inflation putting pressure on consumer spending.
Sportsman’s Warehouse said it plans to cut costs and be more aggressive with promotions in order to boost sales.
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