Release Details

WEST JORDAN, Utah, June 02, 2026 (GLOBE NEWSWIRE) -- Sportsman’s Warehouse Holdings, Inc. (“Sportsman’s Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen weeks ended May 2, 2026.

“I’m pleased with our first quarter performance, as same store sales increased 2.1% compared to last year, despite continued consumer economic pressure and higher fuel prices,” said Paul Stone, President and Chief Executive Officer of Sportsman’s Warehouse. “During the first quarter, we successfully executed our spring Range Days event, highlighting key products and leading brands across our personal protection and shooting sports categories. Combined with external event-driven demand, these efforts contributed to strong growth in hunting and shooting sports. Our e-commerce business also delivered strong results this quarter, with sales increasing by over 6% compared to last year. As part of our 2026 strategy, we continue to enhance the online shopping and website experience, and we are encouraged by the early results. Looking ahead, we remain focused on driving profitable growth, maintaining disciplined inventory management, and generating positive free cash flow to further strengthen our balance sheet through debt reduction.”

For the thirteen weeks ended May 2, 2026:

• Net sales increased 2.8% to $256.1 million, compared to $249.1 million in the first quarter of fiscal year 2025. Performance was driven primarily by a 7.4% gain in Hunting and Shooting Sports, led by firearms, ammunition, and less-lethal personal protection, with some additional event-driven demand. Fishing rose 6.0%, driven by seasonal demands as customers prepared for the spring fishing season. Our other categories declined, reflecting continued pressure on the U.S. consumer.
• Gross profit was $75.8 million, or 29.6% of net sales, compared to $75.6 million, or 30.4% of net sales, in the first quarter of fiscal year 2025. The decrease, as a percentage of sales, was primarily driven by category mix.
• Selling, general, and administrative (“SG&A”) expenses were $93.9 million, or 36.7% of net sales, compared to $95.3 million, or 38.2% of net sales, in the first quarter of fiscal year 2025. The decrease in SG&A was primarily driven by decreased payroll expense as we emphasize disciplined cost control and lower depreciation expense.
• Net loss was $(21.8) million, compared to a net loss of $(21.3) million in the first quarter of fiscal year 2025. Adjusted net loss was $(15.1) million compared to an adjusted net loss of $(15.6) million in the first quarter of fiscal year 2025 (see “Non-GAAP and Other Financial Measures”).
• Adjusted EBITDA was $(8.1) million, compared to $(9.0) million in the first quarter of fiscal year 2025 (see “Non-GAAP and Other Financial Measures”).
• Diluted loss per share was $(0.56) compared to a diluted loss per share of $(0.56) in the corresponding prior-year period. Adjusted diluted loss per share was $(0.39) compared to adjusted diluted loss per share of $(0.41) in the first quarter of fiscal year 2025 (see “GAAP and Non-GAAP Financial Measures”).

Balance sheet and capital allocation highlights as of May 2, 2026:

• The Company ended the first quarter with net debt of $148.4 million, comprised of $2.1 million of cash on hand, $44.3 million of net borrowings outstanding under the Company’s term loan facility and $106.2 million of net borrowings outstanding under the Company’s revolving credit facility. Total inventory at the end of the first quarter was $387.1 million, a decrease of $25.1 million compared to last year, reflecting our strategy to improve seasonally timed inventory and gain additional efficiency in our operating model.
• Total liquidity was $116.7 million as of the end of the first quarter of fiscal year 2026, comprised of $114.6 million of availability on the term loan and revolving credit facilities and $2.1 million of cash and cash equivalents.

Fiscal Year 2026 Outlook:

For fiscal year 2026, the Company is reiterating its guidance and 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 delivered a solid start to the year, with first quarter net sales increasing 2.8% and same store sales growing 2.1% compared to last year,” said Jennifer Fall Jung, Chief Financial Officer of Sportsman’s Warehouse. “While category mix pressured gross margin, we continued to execute with discipline across the business, delivering SG&A leverage and improved adjusted EBITDA compared to last year. We also made continued progress on our inventory efficiency initiatives, reducing inventory levels by more than 6% year-over-year, while improving the alignment of receipts with seasonal demand. Our focus remains on driving profitable sales growth, tightly managing expenses and inventory, and generating positive free cash flow to reduce debt and strengthen the balance sheet. Despite continued pressure on the US consumer and higher fuel prices, we remain confident in our strategy for 2026.”

The Company has not reconciled expected adjusted EBITDA for fiscal year 2026 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 first quarter 2026 financial results is scheduled for June 2, 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 costs and executive retention costs. 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 (benefit) 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 profitable growth, tightly manage inventory and expenses, and generate positive free cash flow; our expectations regarding momentum in our business; the impact of our strategic initiatives; and our guidance for same store sales and capital expenditures for fiscal year 2026; the number of store openings in 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, and could affect the Company’s sales and cause its operating results to suffer; 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 January 31, 2026, which was filed with the SEC on March 31, 2026, 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

Source: Sportsman's Warehouse Holdings, Inc.