SPWH Q3 net sales down 10.3%, adj. EPS $0.34 vs $0.51 YoY; guides Q4 adj. EPS $0.25-$0.35

Fourth Quarter and Full-Year 2022 Outlook: For the fourth quarter of fiscal year 2022, net sales are expected to be in the range of $370 million to $385 million, anticipating that same store sales will be down 13% to 9% year-over-year. Adjusted diluted earnings per share for the quarter are expected to be in the range of $0.25 to $0.35.

For the thirteen weeks ended October 29, 2022: • Net sales were $359.7 million, a decrease of 10.3%, compared to $401.0 million in the third quarter of fiscal year 2021. The net sales decrease was primarily due to lower demand across most product categories as we continued to experience the impact of consumer inflationary pressures and recessionary concerns. This decrease, however, was partially offset by the opening of 11 new stores since October 30, 2021. Compared to the third quarter of fiscal year 2019 net sales increased 48.3% from $242.5 million. • Same store sales decreased 15.0% during the third quarter of 2022, compared to the third quarter of 2021. Compared to the same period of 2019, same store sales increased 19.5%. • Gross profit was $120.8 million or 33.6% of net sales, compared to $129.6 million or 32.3% of net sales in the comparable prior year period. The 130 basis point improvement, as a percentage of net sales, can be attributed to increased product margins, favorabl

This implies our full-year 2022 net sales will be in the range of $1.39 billion to $1.405 billion, with adjusted diluted earnings per share for the full-year in the range of $0.98 and $1.