Sporting goods retailers, including the broader hunting and fishing category, have struggled over the past few years. That's at least partially because the internet has nibbled away at their sales. As a casual tennis player, for example, I used to have to go to a sporting goods retailer if I needed tennis balls, which created the possibility that I might buy something else. That's a small sale lost for the retailer, but also a larger opportunity to convert a purchase into something bigger. "Research est ...

Core Insights - Sportsman's Warehouse reported a 2.2% increase in same-store sales compared to the previous year, outperforming Q3 Adjusted NICS data [1][5] - The company opened a new store in Surprise, Arizona, marking its 11th location in the state and its first personal protection-focused concept [2] - Gross margin improved by 100 basis points year-over-year, reaching 32.8% of net sales [5][9] Financial Performance - For the thirteen weeks ended November 1, 2025, net sales were $331.3 million, a 2.2% increase from $324.3 million in the same period last year [5][18] - Gross profit for the quarter was $108.7 million, representing 32.8% of net sales, compared to $103.1 million or 31.8% of net sales in the third quarter of fiscal year 2024 [5][18] - Selling, general, and administrative (SG&A) expenses rose to $104.5 million, or 31.5% of net sales, up from $100.0 million, or 30.8% of net sales in the prior year [5][18] Year-to-Date Performance - For the thirty-nine weeks ended November 1, 2025, net sales totaled $874.3 million, a 2.0% increase from $857.2 million in the same period last year [4][19] - Gross profit for the year-to-date period was $278.3 million, or 31.8% of net sales, compared to $266.9 million, or 31.1% of net sales in the previous year [9][19] - The company reported a net loss of $(28.3) million for the first nine months of fiscal year 2025, compared to a net loss of $(24.3) million in the same period last year [9][19] Outlook and Strategic Initiatives - The company is adjusting its fiscal year 2025 sales guidance to be flat to slightly up, with adjusted EBITDA expected to be in the range of $22 million to $26 million [8] - Capital expenditures for 2025 are anticipated to be less than $25 million, focusing on strategic technological investments and store maintenance [8] - The company aims to end the year with less than $330 million in inventory and lower debt levels, reflecting improved working capital efficiency [8]