Full year same store sales growth of 1%
Decreased inventory by $29.1 million or 8.5%; reduced net debt by 6.1%
Provides full year 2026 outlook

WEST JORDAN, Utah, March 31, 2026 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen and fifty-two weeks ended January 31, 2026.

“We are pleased with our improved fourth quarter finish and full-year performance, which exceeded our revised guidance following our third quarter of 2025, and reflects the meaningful progress we are making against our strategic initiatives,” said Paul Stone, Chief Executive Officer of Sportsman’s Warehouse. “In 2025, we returned to positive same store sales growth for the first time since 2020, while also strengthening our balance sheet, improving inventory productivity, and generating positive free cash flow.”

“Our team executed with discipline throughout the year—refining our assortment, improving in-stock levels in key categories, and leaning into higher-growth areas such as Fishing and Personal Protection,” continued Stone. “These efforts are driving stronger customer engagement, improved inventory productivity, and a more efficient operating model. While the consumer environment remains pressured and we are approaching 2026 with appropriate caution, we are encouraged by the momentum in the business. With a stronger foundation in place, we believe we are well positioned to continue driving profitable growth and delivering long-term value for our shareholders.”

For the thirteen weeks ended January 31, 2026:

• Net sales were $334.9 million, a decrease of 1.6%, compared to $340.4 million in the fourth quarter of fiscal year 2024. Performance was driven by a 6.2% gain in Hunting and Shooting Sports, led by firearms, ammunition, and less-lethal personal protection, with some additional event-driven demand. Fishing rose 3.2%, despite unseasonably warm weather in the Western U.S., which negatively affected ice fishing sales. Our other categories declined, reflecting a more promotional environment, the impact of the government shutdown, and continued pressure on the U.S. consumer.
• Same store sales decreased 1.8% during the fourth quarter of fiscal year 2025, compared to the fourth quarter of fiscal year 2024, primarily as a result of the same factors noted above that drove net sales growth. 
• Gross profit was $95.2 million, or 28.4% of net sales, compared to $103.6 million or 30.4% of net sales in the fourth quarter of fiscal year 2024. This decrease was primarily driven by category mix, with a higher penetration of firearms and ammunition, increased promotional activity, and lower sales in higher-margin categories.
• Selling, general, and administrative (SG&A) expenses decreased to $96.2 million, or 28.7% of net sales, compared to $100.0 million, or 29.4% of net sales in the fourth quarter of fiscal year 2024, primarily driven by decreased payroll expense as we emphasize disciplined cost control.
• Impairment charges of $17.8 million, related to asset write offs for ten underperforming store locations, were recorded in the fourth quarter of fiscal year 2025. No impairment charges were recorded in the fourth quarter of fiscal year 2024.
• Net loss was $(21.7) million, compared to a net loss of $(8.7) million in the fourth quarter of fiscal year 2024. Adjusted net loss was $(3.9) million, compared to adjusted net income of $1.6 million in the fourth quarter of fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).
• Adjusted EBITDA was $9.6 million, compared to $14.6 million in the fourth quarter of fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).
• Diluted loss per share was $(0.56), compared to diluted loss per share of $(0.23) in the fourth quarter of fiscal year 2024. Adjusted diluted loss per share was $(0.10), compared to adjusted diluted earnings per share of $0.04 for the fourth quarter of fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).
  
  

For the fifty-two weeks ended January 31, 2026:

• Net sales were $1,209.2 million, an increase of 1.0%, compared to $1,197.6 million in fiscal year 2024. The increase in net sales was primarily driven by growth in Hunting and Shooting Sports and Fishing, supported by improved in-stock levels and a more targeted, seasonally and regionally aligned merchandising strategy. Additional gains came from an increased focus on Personal Protection, including less-lethal alternatives, and a shift to a digital first marketing approach. We opened one new store in November 2025, which contributed $2.3 million in net sales. 
• Same store sales increased 1.0% compared to fiscal year 2024, primarily as a result of the same factors noted above that drove net sales growth.
• Gross profit was $373.5 million or 30.9% of net sales, compared to $370.5 million or 30.9% of net sales for fiscal year 2024. We experienced gross margin improvements across most departments, but these improvements were offset by lower margins in Hunting and Shooting Sports and an unfavorable mix shift toward lower margin firearms and ammunition. Gross profit was also impacted by a prior year correction in customer loyalty liability, reducing gross margin by approximately 0.2% of net sales.
• SG&A expenses increased to $393.0 million or 32.5% of net sales, compared to $388.7 million or 32.5% of net sales for fiscal year 2024, due to increases in non-recurring expenses and a reinvestment into customer facing and sales driving areas of the business including store and support area labor to drive sales.
• Impairment charges of $17.8 million, related to asset write offs for ten underperforming store locations, were recorded in fiscal year 2025. No impairment charges were recorded in fiscal year 2024.
• Net loss was $(50.1) million, compared to net loss of $(33.1) million in fiscal year 2024. Adjusted net loss was $(21.3) million, compared to adjusted net loss of $(20.2) million in fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).
• Adjusted EBITDA was $27.5 million, compared to $29.6 million in fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).
• Diluted loss per share was $(1.30), compared to diluted loss per share of $(0.87) in fiscal year 2024. Adjusted diluted loss per share was $(0.56), compared to adjusted diluted loss per share of $(0.53) in fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).
  
  

Balance sheet and capital allocation highlights as of January 31, 2026:                                      

• The Company ended fiscal year 2025 with net debt of $90.0 million, a decrease of 6.1% compared with last year, comprised of $47.5 million of borrowings outstanding under the Company’s revolving credit facility, $44.2 million of net borrowings outstanding under the Company’s term loan facility, and $1.7 million of cash and cash equivalents. Inventory at the end of fiscal year 2025 was $312.9 million, a decrease of 8.5% compared with last year.
• Total liquidity was $107.8 million as of the end of fiscal year 2025, comprised of $106.1 million of availability under the Company’s revolving credit facility and term loan facility and $1.7 million of cash and cash equivalents.
  
  

Fiscal Year 2026 Outlook:
For fiscal year 2026, the Company estimates same store sales to be in the range of down 1.0% to up 2.0% and adjusted EBITDA to be in the range of $30 million to $36 million. The Company also expects capital expenditures for 2026 to be in the range of $20 million to $25 million, primarily consisting of technology investments and general store maintenance. There are no new store openings planned for 2026.

“We were encouraged by our performance in 2025, particularly our return to positive comparable sales growth,” said Jennifer Fall Jung, Chief Financial Officer of Sportsman’s Warehouse. “We strengthened our balance sheet through disciplined inventory management, reducing inventory by 8.5%, while improving its quality and productivity. This, combined with focused expense management, allowed us to generate positive free cash flow, pay down our debt, and enhance overall liquidity.”

“We are approaching the year with a balanced outlook,” continued Fall Jung. “Our strategic initiatives are firmly in motion and we believe the actions we’ve taken position us to drive profitable growth, improve returns, and continue strengthening the balance sheet. Following the comprehensive review of our store fleet, we expect to close approximately five locations over the next 12 months. These closures are anticipated to occur after the holiday season, and as such, we do not expect a material impact to this year’s results.”

The Company has not reconciled expected adjusted EBITDA for fiscal year 2025 to GAAP net income because the Company does not provide guidance for net (loss) income and is not able to provide a reconciliation to net (loss) income without unreasonable effort. The Company is not able to estimate net (loss) income on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from Adjusted EBITDA.

Conference Call Information:

A conference call to discuss fourth quarter and fiscal year 2025 financial results is scheduled for March 31, 2026, at 5:00 PM Eastern Time. The conference call will be held via webcast and may be accessed via the Investor Relations section of the Company’s website at www.sportsmans.com.

Non-GAAP and Other Financial Measures

This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”) and that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): adjusted net (loss) income, adjusted diluted (loss) earnings per share and adjusted EBITDA. The Company defines adjusted net (loss) income as net (loss) income plus executive transition costs, cancelled contract expenses, legal expenses, valuation allowance, impairment costs and income tax expense (benefit). Net (loss) income is the most comparable GAAP financial measure to adjusted net (loss) income. The Company defines adjusted diluted (loss) earnings per share as adjusted net (loss) income divided by diluted weighted average shares outstanding. Diluted (loss) earnings per share is the most comparable GAAP financial measure to adjusted diluted (loss) earnings per share. The Company defines Adjusted EBITDA as net (loss) income plus interest expense, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, executive transition and severance costs, impairment costs, and other expenses that we do not believe are indicative of our ongoing operations. Net (loss) income is the most comparable GAAP financial measure to adjusted EBITDA. The Company has reconciled these non-GAAP financial measures to the most directly comparable GAAP financial measures under “GAAP and Non-GAAP Financial Measures” in this release.

The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors and are frequently used by analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a more meaningful comparison of its diluted (loss) earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations.  Management uses this information as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company’s industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s management believes that these non-GAAP financial measures allow investors to evaluate the Company’s operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or non-recurring items.

As noted above, the Company has not provided a reconciliation of fiscal year 2026 guidance for Adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures, including stock-based compensation expense and income tax expense that are difficult to predict in order to include in a GAAP estimate. The Company defines net debt as borrowings outstanding under the Company’s revolving credit facility and term loan facility less cash and cash equivalents. The Company defines total liquidity as total availability under the Company’s revolving credit facility plus cash and cash equivalents.

Forward-Looking Statements 

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our efforts to drive stronger customer engagement, improved inventory productivity, and a more efficient operating model; our expectations regarding momentum in our business; the impact of our strategic initiatives; our ability to continue driving profitable growth, improving returns, strengthening our balance sheet, and delivering long-term value for our shareholders; our guidance for same store sales and capital expenditures for fiscal year 2026; the number of store openings in 2026; and the possibility that we will close underperforming stores in the future, including the number of stores that we expect to close, the anticipated timing of such store closures and the impact of these closures to our financial results for fiscal year 2026. Investors can identify these statements by the fact that they use words such as “aim,” “anticipate,” “assume,” “believe,” “can have,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may negatively impact the demand for the Company’s products and ability to conduct its business; the Company’s retail-based business model which is impacted by general economic and market conditions such as elevated interest rates, inflationary pressures and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company’s concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company’s entrance into new markets or operations in existing markets, including the Company’s long-term strategy to open new stores in future periods, which may not be successful; the costs to close underperforming stores, if the Company decides to do so, which costs may be significant; stringent and evolving U.S. obligations related to data privacy and security; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, the impacts of tariffs and trade disputes, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company's filings with the SEC, including under the caption “Risk Factors” in the Company’s Form 10-K for the fiscal year ended February 1, 2025, which was filed with the SEC on April 2, 2025, and the Company’s other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About Sportsman’s Warehouse Holdings, Inc.

Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories.

For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com.

Investor Contact:

Riley Timmer
Vice President, Strategic Programs & Investor Relations
Sportsman’s Warehouse
(801) 566-6681
investors@sportsmans.com