Net income was off 44% to $5,888,000 from $10,540,000 for the 14 weeks ended Feb. 3 as sales gained 10% to $243,165,000 from $221,376,000 as the addition of 12 new stores and improved e-commerce sales offset a 5.2% decline in brick & mortar stores. SPWH said a promotional environment in Q4 drove down margins with gross margin off 80 b.p. to 32.8% while increased spending from the new stores deleveraged SG&A 190 b.p. to 25.9%. Blended e-commerce and store comps for ammo were down 4.7%, firearms comps fell 2.5% and soft goods were down 4.6%. Sales were in line with ... Log in to view full article.