Sportsman's Warehouse TodaySPWHSportsman's Warehouse$1.68 -0.23 (-12.04%) 52-Week Range$0.92▼$4.44Price Target$2.80Add to WatchlistSportsman’s Warehouse NASDAQ: SPWH is throwing off a powerful signal if trading volume can be used as an indicator. The volume for this stock surged to over 105 million on the day after its FQ4 2024 earnings release and guidance update, a significant figure because it is a 21,000% increase over the average, 3x the float, and short-covering is an unlikely factor. Despite its pro ...

WEST JORDAN, Utah, April 03, 2025 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse" or the "Company") (NASDAQ:SPWH) announced the promotion of Susan Sanderson to Chief Marketing Officer. This strategic position further strengthens the Company's leadership in an area of the business that is essential to the Company's immediate and long-term growth plans. "Susan's positive influence on the business was felt immediately after joining the Company mid last year," said Paul Stone, ...

WEST JORDAN, Utah, April 03, 2025 (GLOBE NEWSWIRE) -- Sportsman’s Warehouse Holdings, Inc. (“Sportsman’s Warehouse” or the “Company”) (Nasdaq: SPWH) announced the promotion of Susan Sanderson to Chief Marketing Officer. This strategic position further strengthens the Company’s leadership in an area of the business that is essential to the Company’s immediate and long-term growth plans. “Susan’s positive influence on the business was felt immediately after joining the Company mid last year,” said Paul Stone, ...

Store Operations and Expansion - Sportsman's Warehouse operates 146 stores across 32 states, with an average store size of approximately 37,000 gross square feet[45]. - The company plans to open one new store in fiscal year 2025, continuing its strategy of expanding its store base[43]. - The average net investment for a new store is approximately $2.9 million, with initial inventory costs averaging $1.8 million[35]. - The company maintains a disciplined approach to new store development, utilizing comprehensive market research and technology to select optimal locations[32]. - The company plans to open one new store in fiscal year 2025, with a net investment of approximately $2.9 million per store and initial inventory costs averaging $1.8 million[56]. - The company utilizes a rigorous site selection process based on local demographics, traffic patterns, and hunting and fishing license density[52]. - The company faces risks in expanding into new markets, with some new stores not generating historically expected Adjusted EBITDA margins[194]. - Delays in opening new stores due to various factors could adversely affect financial results and profitability[195]. Financial Performance and Sales - In fiscal year 2024, approximately 46% of unit sales and 20% of dollar sales were consumables, driving repeat traffic and increasing average ticket value[33]. - Sportsman's Warehouse aims to achieve four-wall Adjusted EBITDA margins of 10% or more for most new stores after 24 months of operation[35]. - The average four-wall Adjusted EBITDA margin target after 24 months of a new store opening is over 10%[56]. - The company experienced decreased revenue and operated at a net loss during fiscal years 2024 and 2023 due to elevated inflationary pressures and higher interest rates[164]. - The company incurs additional expenses in the third and fourth fiscal quarters due to higher sales volume and increased staffing, impacting overall profitability[117]. - Approximately 26.4% and 28.0% of net sales were generated in the third and fourth fiscal quarters, respectively, due to seasonal factors such as hunting seasons and holiday buying patterns[117]. - The company generated 26.4% and 28% of its annual net sales in the third and fourth fiscal quarters, respectively, indicating significant seasonal fluctuations in sales[170]. Product Offerings and Sales Composition - The Hunting and Shooting department contributed 57.4% of total sales in fiscal year 2024, maintaining its position as the largest sales contributor[70]. - Private label offerings accounted for approximately 4.4% of total sales, while special make-up offerings contributed an additional 2.5%[65]. - The company employs a "good, better, best" merchandise strategy, focusing on "better" products to meet diverse customer needs[64]. - The camping department represented approximately 11.7% of net sales in fiscal year 2024, catering to both casual and heavy-use campers[71]. - Fishing represented approximately 10.3% of net sales during fiscal year 2024[73]. - Footwear accounted for approximately 6.3% of net sales during fiscal year 2024[74]. - Hunting and shooting is the largest merchandise department, representing approximately 57.4% of net sales during fiscal year 2024[75]. - Optics, electronics, accessories, and other products represented approximately 6.8% of net sales during fiscal year 2024[76]. E-commerce and Omni-channel Strategy - In fiscal year 2024, e-commerce sales accounted for over 20% of total sales, with the website receiving more than 112 million visits[61]. - Sportsman's Warehouse is focused on leveraging its omni-channel presence to increase same-store sales through various customer experience initiatives[39]. - The retail stores feature kiosks for online orders, enhancing the omni-channel shopping experience[59]. Customer Engagement and Loyalty - As of February 1, 2025, there were more than 4.9 million participants in the loyalty program, generating approximately 53% of revenue from loyalty customers[79]. Vendor Relationships and Supply Chain - The company has established strong vendor relationships, allowing for favorable terms and competitive pricing for customers[33]. - The company purchased merchandise from approximately 1,100 vendors during fiscal year 2024, with no vendor accounting for more than 10% of total purchases[83]. - The company relies on a single distribution center in Salt Lake City, Utah, which poses risks related to natural disasters or disruptions that could impair merchandise delivery[172]. - Supply chain disruptions and vendor relationships are crucial, as losing key vendors could adversely impact product availability and profitability[175]. Labor and Training - The company employs approximately 5,100 outfitters, including 2,050 full-time and 3,050 part-time outfitters, with no labor union representation[142]. - The company emphasizes extensive training for outfitters, with approximately 20 hours of initial training and 16 hours of ongoing training annually for sales associates[144]. - Labor costs and the ability to attract and retain qualified personnel are critical to the company's success, with competition for skilled labor increasing[191]. Regulatory and Compliance Issues - The company is subject to various federal, state, and local laws regarding firearm sales, including the National Firearms Act and the Gun Control Act, which require compliance with strict regulations[121]. - The company has implemented company-wide standard operating procedures to ensure compliance with applicable laws and regulations related to the sale of firearms and ammunition[132]. - The company has never had an FFL revoked since its operations began in 1986, demonstrating strong compliance with federal regulations[133]. Market Conditions and Risks - U.S. outdoor activities and sporting goods retail sales total over $170 billion annually[101]. - Anglers and hunters spent more than $60 billion on equipment in 2022, approximately 40% higher than in 2016[103]. - The company’s retail operations are concentrated in the Western United States, making it susceptible to regional economic downturns and adverse weather conditions[165]. - The company’s sales of firearms represent a significant percentage of net sales, and new regulations could materially adversely impact profitability[159]. - The company is exposed to litigation risks related to the products it sells, particularly firearms and ammunition, which could adversely affect profitability[160]. - Changes in consumer preferences and macroeconomic factors could lead to fluctuations in same-store sales, affecting stock price volatility[169]. - The company is vulnerable to cybersecurity risks, including potential data breaches and system disruptions, which could negatively impact operations and reputation[201]. Marketing and Advertising - The total marketing expense for fiscal year 2024 was approximately $17.4 million[90]. - The company faces competition in the outdoor activities and sporting goods market, which may require increased spending on advertising and promotion[167]. Challenges and Future Outlook - The company has experienced elevated levels of inventory shrink, which has adversely affected its financial condition and operational results[171]. - The company may face increased expenses and delays due to new tariffs and trade restrictions imposed by the U.S. government on imports from certain countries[178]. - In fiscal year 2023, 90 stores were impacted by minimum wage increases, leading to increased selling, general, and administrative expenses[192]. - In fiscal year 2024, 55 stores are expected to be affected by minimum wage increases, potentially increasing labor costs and impacting financial results[192]. - The company anticipates that hiring additional personnel and system enhancements will require capital expenditures, impacting operating results[214]. - The company may encounter challenges in integrating acquired operations, affecting overall business performance[220].

Financial Data and Key Metrics Changes - Q4 net sales were $340.4 million, down from $370.4 million in the prior year, reflecting a 0.9% decline when adjusted for the extra week in 2023 [34][35] - Q4 adjusted EBITDA increased to $14.6 million from $5.3 million in the previous year, marking a nearly 300% increase in profitability [42] - Gross margin improved to 30.4% from 26.8% year-over-year, a 360-basis point increase [39] - Net loss for Q4 was $8.7 million, unchanged from the prior year, but adjusted net income was $1.6 million compared to an adjusted net loss of $7.5 million in the previous year [41][42] - Inventory decreased by $12.7 million year-over-year, ending at $342 million [44] Business Line Data and Key Metrics Changes - Fishing department sales increased by 10.3% in Q4, while camping sales rose by 5.2% [36] - Firearms unit sales increased in mid-single digits, despite a 1.7% decline in the hunting and shooting sports department [38] - E-commerce sales comped positively, up double digits in Q4, contributing to over 17% of total business [16][95] Market Data and Key Metrics Changes - Adjusted NICS data was down 4.5%, but the company outperformed this metric, suggesting market share gains in firearms [12][13] - The company noted a stable demand for hunting and shooting, with fishing showing a 10-year CAGR of about 5% [18] Company Strategy and Development Direction - The company is focused on a transformation strategy aimed at returning to same-store sales growth in 2025, improving gross margins, and paying down debt [17][51] - Four strategic initiatives for 2025 include focusing on core hunting and fishing products, leveraging local connections, becoming an authority in personal protection, and strengthening brand awareness [19][25][29][30] - The company aims to improve inventory efficiency by narrowing product assortments to key items that drive the majority of sales [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround strategy, noting improved sales trends and inventory management [12][33] - The company anticipates challenges in Q1 due to calendar shifts but expects stronger performance in Q2 and Q3 [60][61] - Management highlighted that consumer behavior has not significantly changed due to tariffs, and they are proactively managing inventory to mitigate potential impacts [78][100] Other Important Information - The company ended the year with total liquidity of $131.1 million and net debt of $98.7 million [48] - Capital expenditures for 2024 were approximately $14.6 million, primarily for store maintenance and technology improvements [48] Q&A Session Summary Question: Trends in sales for firearms and ammunition - Management noted positive trends in February and March, with a shift in holiday timing affecting sales [55][60] Question: Consumer behavior and trade-down effects - Management confirmed that while average unit prices in firearms are down, they are successfully maintaining average order values through add-on sales [72] Question: Impact of tariffs on guidance - Management indicated that tariffs have a minimal impact on overall costs, with proactive measures taken to mitigate potential increases [99][100] Question: Store openings and portfolio optimization - Management confirmed plans for one new store opening by the end of Q3 and discussed ongoing evaluations of store profitability [61][102] Question: Free cash flow conversion from EBITDA - Management expressed confidence in generating positive free cash flow through improved inventory management and operational efficiency [108] Question: E-commerce fulfillment and profitability - Over 75% of e-commerce demand is fulfilled at store locations, highlighting the effectiveness of the omnichannel strategy [116]

Sportsman's Warehouse (SPWH) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.08 per share. This compares to loss of $0.20 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 150%. A quarter ago, it was expected that this outdoor sporting goods specialty retailer would post a loss of $0.05 per share when it actually produced earnings of $0.04, delivering a surprise of 180%. ...

Financial Performance - Q4 same store sales decreased by 0.5% on a comparable 13-week basis, an improvement from a decline of 12.8% in Q4 last year [2] - Q4 adjusted EBITDA was $14.6 million, significantly up from $5.3 million in Q4 last year [4] - Net sales for Q4 were $340.4 million, down 8.1% compared to $370.4 million in Q4 FY2023, primarily due to one less week of operations [4] - Gross profit for Q4 was $103.6 million, representing 30.4% of net sales, an increase from 26.8% in Q4 FY2023 [6] - For FY2024, net sales were $1,197.6 million, a decrease of 7.0% compared to $1,288.0 million in FY2023 [6] - Net sales for the fiscal year ended February 1, 2025, were $1,197,633, a decrease of $90,354 compared to $1,287,987 for the fiscal year ended February 3, 2024 [24] - Adjusted EBITDA for the fiscal year ended February 1, 2025, increased to $29.618 million, up from $24.575 million in the prior year, reflecting a year-over-year growth of approximately 20.8% [34] Expenses and Profitability - SG&A expenses decreased to $100.0 million, or 29.4% of net sales, down from $107.3 million or 29.0% of net sales in Q4 FY2023 [6] - Operating expenses decreased to $388,705, representing 32.5% of net sales, down from $408,750 or 31.7% of net sales in the prior year [24] - The company reported a net loss of $33,059 for the fiscal year ended February 1, 2025, compared to a net loss of $28,997 for the previous year [24] - For the fiscal quarter ended February 1, 2025, the net loss was $8.723 million, compared to a net loss of $8.739 million for the same quarter in 2024 [31] - Adjusted net loss income for the fiscal year ended February 1, 2025, was $20.208 million, an improvement from a loss of $24.064 million in the previous fiscal year [31] Cash and Liquidity - As of February 1, 2025, the company ended the year with net debt of $95.9 million and total liquidity of $131.1 million [14] - Cash and cash equivalents at the end of the period were $2,832, a decrease from $3,141 at the end of the previous fiscal year [26] - Total assets decreased to $852,102 as of February 1, 2025, down from $886,205 as of February 3, 2024 [26] Inventory and Payables - The company reported a decrease in merchandise inventories to $341,958 from $354,710 [26] - The company experienced a year-over-year increase in accounts payable, rising to $64,041 from $56,122 [26] Future Outlook - The company expects FY2025 net sales to range from a decrease of 1.0% to an increase of 3.5% [9] - Adjusted EBITDA for FY2025 is projected to be between $33 million and $45 million [9] - The company plans to open one new store in Surprise, Arizona during FY2025 [9] Interest and Legal Expenses - Interest expense for the fiscal year was $12,278, consistent with the previous year's expense of $12,869 [24] - Legal expenses for the fiscal year ended February 1, 2025, were $1.750 million, compared to $687 thousand in the previous year [34] Shareholder Information - The diluted weighted average shares outstanding increased to 38,045 thousand for the fiscal quarter ended February 1, 2025, compared to 37,457 thousand in the same quarter of 2024 [31] - The impact of adjustments to the numerator and denominator resulted in an adjusted diluted loss earnings per share of $0.04 for the fiscal quarter ended February 1, 2025, compared to a loss of $0.20 in the prior year [31] Executive Transition Costs - Executive transition costs amounted to $1.081 million for the fiscal year ended February 1, 2025, down from $4.763 million in the previous year [31] - The company did not incur any new store pre-opening expenses for the fiscal year ended February 1, 2025, while it incurred $5.8 million in the previous fiscal year [34] Non-Cash Adjustments - A non-cash valuation allowance of $10.1 million was created during fiscal year 2024 related to Deferred Tax Assets [35]

WEST JORDAN, Utah, April 01, 2025 (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 February 1, 2025. Balance sheet and capital allocation highlights as of February 1, 2025: 2025 Outlook: For fiscal year 2025, the Company expects net sales to be in the range of down 1.0% to positive 3.5% and adjusted EBITDA to be in the range of $33 million to $45 million. The Company ...

Sportsman's Warehouse Holdings, Inc. SPWH will release its fourth-quarter financial results after the closing bell on Tuesday, April 1. Considering buying SPWH stock? Here's what analysts think: Read This Next: Craig-Hallum analyst Ryan Sigdahl maintained a Hold rating and cut the price target from $4 to $3 on Sept. 4, 2024. This analyst has an accuracy rate of 60%. Baird analyst Peter Benedict maintained a Neutral rating and slashed the price target from $4 to $2.5 on Sept. 4, 2024. This analyst has an acc ...

WEST JORDAN, Utah, March 18, 2025 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse" or the "Company") (NASDAQ:SPWH) today announced that it will hold its quarterly conference call to discuss fourth quarter and full-year 2024 financial results on Tuesday, April 1, 2025, at 5:00 p.m. Eastern Time. A live audio webcast of the conference call will be available on the Company's investor relations website at http://investors.sportsmans.com/. A replay of the webcast will be availabl ...