Sportsman’s Warehouse(SPWH) - 2026 Q1 - Quarterly Results

Sales Performance - Q1 2025 same store sales increased by 2% compared to a decline of 13.5% in Q1 2024[1] - Net sales for Q1 2025 were $249.1 million, up from$ 244.2 million in Q1 2024, representing a 2.0% increase[3] - The company expects net sales for fiscal year 2025 to range from a decline of 1.0% to an increase of 3.5%[6] Profitability - Gross profit for Q1 2025 was $75.6 million, or 30.4% of net sales, compared to$ 73.8 million, or 30.2% of net sales in Q1 2024[3] - Net loss for Q1 2025 was $(21.3) million, compared to a net loss of$ (18.1) million in Q1 2024[3] - Adjusted EBITDA for Q1 2025 was $(9.0) million, slightly worse than$ (8.7) million in Q1 2024[3] - The company reported a net loss of $21,254 thousand for the thirteen weeks ended May 3, 2025, compared to a net loss of$ 18,066 thousand for the same period in 2024, reflecting a decline of approximately 12.1%[22] - Adjusted EBITDA for the same period was $(8,960) thousand, slightly worse than the$ (8,737) thousand reported in the prior year[27] - The diluted loss per share was $(0.56) for the thirteen weeks ended May 3, 2025, compared to$ (0.48) for the same period in 2024[24] - The company incurred $5,646 thousand in valuation allowance adjustments, impacting the adjusted net loss[24] Expenses and Management - SG&A expenses were$ 95.3 million, or 38.2% of net sales, down from 38.6% in Q1 2024, reflecting improved expense management[3] - Adjusted EBITDA guidance for fiscal year 2025 is projected to be between $33 million and$ 45 million[6] Inventory and Assets - As of May 3, 2025, total inventory was $412.3 million, reflecting strategic inventory investments in anticipation of increased tariffs[8] - Merchandise inventories increased to$ 412,268 thousand, up from $341,958 thousand, indicating a rise of approximately 20.5%[20] - Total assets increased to$ 929,669 thousand as of May 3, 2025, up from $852,102 thousand on February 1, 2025, representing a growth of approximately 9.1%[20] Liabilities and Equity - Current liabilities rose to$ 378,500 thousand, compared to $283,963 thousand in the previous period, marking an increase of about 33.3%[20] - Stockholders' equity decreased to$ 215,057 thousand from $235,704 thousand, a decline of approximately 8.8%[20] - The company had net borrowings on the line of credit amounting to$ 67,210 thousand during the period, compared to $37,992 thousand in the previous year[22] Future Plans - The company plans to open one new store in Surprise, Arizona during fiscal year 2025[6]