0001558370-21-007994 | 10-Q | XBRL Viewer | Sportsmans Warehouse Holdings INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	May 01, 2021	Jun. 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	May 01, 2021
Entity File Number	001-36401
Entity Registrant Name	SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1975614
Entity Address, Address Line One	1475 West 9000 South, Suite A
Entity Address, City or Town	West Jordan
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84088
City Area Code	801
Local Phone Number	566-6681
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	SPWH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,831,224
Current Fiscal Year End Date	--01-29
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001132105
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Current assets:
Cash	$ 59,719	$ 65,525
Accounts receivable, net	574	581
Merchandise inventories	287,077	243,434
Prepaid expenses and other	15,957	15,113
Total current assets	363,327	324,653
Operating lease right of use asset	239,407	235,262
Property and equipment, net	101,364	99,118
Goodwill	1,496	1,496
Definite lived intangibles, net	280	289
Total assets	705,874	660,818
Current liabilities:
Accounts payable	113,045	77,441
Accrued expenses	108,116	109,056
Income taxes payable	7,872	4,917
Operating lease liability, current	36,386	36,014
Total current liabilities	265,419	227,428
Long-term liabilities:
Deferred income taxes	378	434
Operating lease liability, noncurrent	226,220	228,296
Total long-term liabilities	226,598	228,730
Total liabilities	492,017	456,158
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding
Common stock, $.01 par value; 100,000 shares authorized; 43,831 and 43,623 shares issued and outstanding, respectively	438	436
Additional paid-in capital	88,560	89,815
Accumulated earnings	124,859	114,409
Total stockholders' equity	213,857	204,660
Total liabilities and stockholders' equity	$ 705,874	$ 660,818

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	May 01, 2021	Jan. 30, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	43,831	43,623
Common stock, shares outstanding	43,831	43,623

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 326,992	$ 246,835
Cost of goods sold	222,945	172,061
Gross profit	104,047	74,774
Selling, general, and administrative expenses	90,419	75,219
Income (loss) from operations	13,628	(445)
Interest expense	226	1,534
Income (loss) before income taxes	13,402	(1,979)
Income tax expense (benefit)	2,952	(849)
Net income (loss)	$ 10,450	$ (1,130)
Earnings (loss) per share:
Basic	$ 0.24	$ (0.03)
Diluted	$ 0.23	$ (0.03)
Weighted average shares outstanding:
Basic	43,690	43,327
Diluted	44,514	43,327

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in-capital	Accumulated (deficit) earnings	Total
Balance, shares at Feb. 01, 2020	43,296
Balance at Feb. 01, 2020	$ 433	$ 86,806	$ 23,029	$ 110,268
Vesting of restricted stock units (in shares)	255
Vesting of restricted stock units	$ 3	(3)
Payment of withholdings on restricted stock units		(689)		(689)
Stock based compensation		736		736
Net income (loss)			(1,130)	(1,130)
Balance, shares at May. 02, 2020	43,551
Balance at May. 02, 2020	$ 436	86,850	21,899	$ 109,185
Balance, shares at Jan. 30, 2021	43,623			43,623
Balance at Jan. 30, 2021	$ 436	89,815	114,409	$ 204,660
Vesting of restricted stock units (in shares)	208
Vesting of restricted stock units	$ 2	(2)
Payment of withholdings on restricted stock units		(2,269)		(2,269)
Stock based compensation		1,016		1,016
Net income (loss)			10,450	$ 10,450
Balance, shares at May. 01, 2021	43,831			43,831
Balance at May. 01, 2021	$ 438	$ 88,560	$ 124,859	$ 213,857

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Cash flows from operating activities:
Net income (loss)	$ 10,450	$ (1,130)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation of property and equipment	5,767	5,326
Amortization of deferred financing fees	66	84
Amortization of definite lived intangible	10	7
Loss on asset dispositions		803
Noncash lease expense	1,386	6,076
Deferred income taxes	(56)	2,962
Stock-based compensation	1,016	736
Change in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net	7	323
Operating lease liabilities	(7,235)	(7,321)
Merchandise inventories	(43,643)	(23,298)
Prepaid expenses and other	(910)	(2,270)
Accounts payable	34,128	46,645
Accrued expenses	(7,951)	6,090
Income taxes payable and receivable	2,955	(3,752)
Net cash (used in) provided by operating activities	(4,010)	31,281
Cash flows from investing activities:
Purchase of property and equipment, net of amounts acquired	(5,615)	(4,833)
Acquisition of Field and Stream stores, net of cash acquired		(1,024)
Net cash used in investing activities	(5,615)	(5,857)
Cash flows from financing activities:
Net payments on line of credit		2,345
Increase in book overdraft, net	6,088	(2,675)
Payment of withholdings on restricted stock units	(2,269)	(689)
Principal payments on long-term debt		(4,000)
Net cash provided by (used in) financing activities	3,819	(5,019)
Net change in cash	(5,806)	20,405
Cash at beginning of period	65,525	1,685
Cash at end of period	59,719	22,090
Cash paid during the period for:
Interest, net of amounts capitalized	226	1,308
Income taxes, net of refunds	53	59
Supplemental schedule of noncash activities:
Noncash change in operating lease right of use asset and operating lease liabilities from remeasurement of existing leases and addition of new leases	5,559	2,150
Purchases of property and equipment included in accounts payable and accrued expenses	$ 4,285	661
Payable to seller relating to acquisition of Field and Stream stores		$ 1,024

Description of Business and Basis of Presentation

3 Months Ended

May 01, 2021

Description of Business and Basis of Presentation

Description of Business and Basis of Presentation

(1) Description of Business and Basis of Presentation

Description of Business

Sportsman’s Warehouse Holdings, Inc. (“Holdings”) and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of May 1, 2021, the Company operated 112 stores in 27 states. The Company also operates an e-commerce platform at www.sportsmans.com. The Company’s stores and website are aggregated into one operating and reportable segment.

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited and have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of January 30, 2021 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments that are, in the opinion of management, necessary to summarize fairly our condensed consolidated financial statements for the periods presented. All of these adjustments are of a normal recurring nature. The results of the fiscal quarter ended May 1, 2021 are not necessarily indicative of the results to be obtained for the year ending January 29, 2022. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021 filed with the SEC on April 2, 2021 (the “Fiscal 2020 Form 10-K”).

Impact of COVID-19 Pandemic

During March 2020, the World Health Organization declared the rapidly growing coronavirus outbreak to be a global pandemic. The COVID-19 pandemic has significantly impacted health and economic conditions throughout the United States. Beginning in March 2020, the Company reduced store hours to allow sufficient time to restock its shelves and perform additional cleaning, and the Company also limited the number of customers in its stores at any one time. During the second quarter of fiscal 2020, the Company returned to normal operating hours in each of its stores. The Company may again restrict the operations of its stores and its distribution facility if it deems this appropriate or if recommended or mandated by authorities.

Summary of Significant Accounting Policies

3 Months Ended

May 01, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2 to the Company’s Fiscal 2020 Form 10-K. Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-Bank Offered Rate (“LIBOR”) which is being phased out in 2021, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The standard is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. The provisions have impact as contract

modifications and other changes occur while LIBOR is phased out. The Company is in the process of evaluating the optional relief guidance provided within this ASU. Management will continue its assessment and monitor regulatory developments during the LIBOR transition period.

Revenue Recognition

3 Months Ended

May 01, 2021

Revenue Recognition

Revenue Recognition

(3) Revenue Recognition

Revenue recognition accounting policy

The Company operates solely as an outdoor retailer, which includes both retail stores and an e-commerce platform, that offers a broad range of products in the United States and online. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Accordingly, the Company implicitly enters into a contract with customers to deliver merchandise inventory at the point of sale. Collectability is reasonably assured since the Company only extends credit for immaterial purchases to certain municipalities.

Substantially all of the Company’s revenue is for single performance obligations for the following distinct items:

●

Retail store sales

●

E-commerce sales

●

Gift cards and loyalty reward program

For performance obligations related to retail store and e-commerce sales contracts, the Company typically transfers control, for retail stores, upon consummation of the sale when the product is paid for and taken by the customer and, for e-commerce sales, when the products are tendered for delivery to the common carrier.

The transaction price for each contract is the stated price on the product, reduced by any stated discounts at that point in time. The Company does not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit point-of-sale contract with the customer, as reflected in the transaction receipt, states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for the Company’s contracts is due in full upon delivery. The customer agrees to a stated price implicit in the contract that does not vary over the contract.

The transaction price relative to sales subject to a right of return reflects the amount of estimated consideration to which the Company expects to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The allowance for sales returns is estimated based upon historical experience and a provision for estimated returns is recorded as a reduction in sales in the relevant period. The estimated merchandise inventory cost related to the sales returns is recorded in prepaid expenses and other. The estimated refund liabilities are recorded in accrued expenses. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net sales and earnings in the period such variances become known.

Contract liabilities are recognized primarily for gift card sales and our loyalty reward program. Cash received from the sale of gift cards is recorded as a contract liability in accrued expenses, and the Company recognizes revenue upon the customer’s redemption of the gift card. Gift card breakage is recognized as revenue in proportion to the pattern of customer redemptions by applying a historical breakage rate of 3.5% when no escheat liability to relevant jurisdictions exists. Based upon historical experience, gift cards are predominantly redeemed in the first two years following their issuance date. The Company does not sell or provide gift cards that carry expiration dates.

Accounting Standards Codification (“ASC”) 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative stand alone selling price. The Company recognized revenue for the breakage of loyalty reward points as revenue in proportion to the pattern of customer redemption of the points by applying a historical breakage rate of 50% when no escheat liability to relevant jurisdictions exists.

We offer promotional financing and credit cards issued by a third-party bank that manages and directly extends credit to our customers. We provide a license to our brand and marketing services, and we facilitate credit applications in our stores and online. The banks are the sole owners of the accounts receivable generated under the program and, accordingly, we do not hold any customer receivables related to these programs and act as an agent in the financing transactions with customers. We are eligible to receive a profit share from certain of our banking partners based on the annual performance of their corresponding portfolio, and we receive monthly payments based on forecasts of full-year performance. This is a form of variable consideration. We record such profit share as revenue over time using the most likely amount method, which reflects the amount earned each month when it is determined that the likelihood of a significant revenue reversal is not probable, which is typically monthly. Profit-share payments occur monthly, shortly after the end of each program month.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Sales returns

The Company allows customers to return items purchased within 30 days provided the merchandise is in resaleable condition with original packaging and the original sales/gift receipt is presented. The Company estimates a reserve for sales returns and records the respective reserve amounts, including a right to return asset when a product is expected to be returned and resold. Historical experience of actual returns and customer return rights are the key factors used in determining the estimated sales returns.

Contract balances

The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of May 1, 2021 and January 30, 2021:


	May 1, 2021		January 30, 2021
Right of return assets, which are included in prepaid expenses and other	$	2,004	$	2,940
Estimated gift card contract liability, net of breakage		(21,884)		(22,069)
Estimated loyalty contract liability, net of breakage		(12,630)		(12,131)
Sales return liabilities, which are included in accrued expenses		(2,991)		(4,388)

For the 13 weeks ended May 1, 2021, the Company recognized approximately $381 in gift card breakage and approximately $1,175 in loyalty reward breakage. For the 13 weeks ended May 2, 2020, the Company recognized approximately $276 in gift card breakage and approximately $555 in loyalty reward breakage. For the 13 weeks ended May 1, 2021, the Company recognized revenue of $7,721 relating to contract liabilities that existed at January 30, 2021.

The current balance of the right of return assets is the expected amount of inventory to be returned that is expected to be resold. The current balance of the contract liabilities primarily relates to the gift card and loyalty reward program liabilities. The Company expects the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions over the next two years. The current balance of sales return liabilities is the expected amount of sales returns from sales that have occurred.

Disaggregation of revenue from contracts with customers

In the following table, revenue from contracts with customers is disaggregated by department. The percentage of net sales related to the Company’s departments for the 13 weeks ended May 1, 2021 and May 2, 2020, was approximately:


		Thirteen Weeks Ended
		May 1,	May 2,
Department	Product Offerings	2021	2020
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools	11.3%	10.2%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear	6.4%	4.4%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats	11.5%	10.1%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots	6.1%	4.4%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear	58.6%	65.6%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts	6.1%	5.3%
Total		100.0%	100.0%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Property and Equipment

3 Months Ended

May 01, 2021

Property and Equipment.

Property and Equipment

(4) Property and Equipment

Property and equipment as of May 1, 2021 and January 30, 2021 were as follows:


	May 1,		January 30,
	2021		2021
Furniture, fixtures, and equipment	$	99,318	$	96,085
Leasehold improvements		113,468		112,338
Construction in progress		6,283		2,614
Total property and equipment, gross		219,069		211,037
Less accumulated depreciation and amortization		(117,705)		(111,919)
Total property and equipment, net	$	101,364	$	99,118

Accrued Expenses

3 Months Ended

May 01, 2021

Accrued Expenses

Accrued Expenses

(5) Accrued Expenses

Accrued expenses consisted of the following as of May 1, 2021 and January 30, 2021:


	May 1,		January 30,
	2021		2021
Book overdraft	$	19,534	$	13,445
Unearned revenue		39,202		38,454
Accrued payroll and related expenses		18,181		28,453
Sales and use tax payable		7,718		7,317
Accrued construction costs		1,261		339
Other		22,220		21,048
Total accrued expenses	$	108,116	$	109,056

Leases

3 Months Ended

May 01, 2021

Leases

Leases

(6) Leases

At the inception of the lease, the Company’s operating leases have certain lease terms of up to 10 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain and as such are excluded from the measurement of the right of use asset and liability.

The Company determines whether a contract is or contains a lease at contract inception. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, it uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made and includes lease incentives and incurred initial direct costs. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company’s lease terms may include options to extend or terminate the lease. Additionally, the Company’s leases do not contain any material residual guarantees or material restrictive covenants.

In the 13 weeks ended May 1, 2021, the Company recorded a non-cash increase of $5,559 to the right of use assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added.

In accordance with ASC 842, total lease expense, including common area maintenance (“CAM”), recorded during the 13 weeks ended May 1, 2021 was $18,398. In accordance with ASC 842, total lease expense, including CAM, recorded during the 13 weeks ended May 2, 2020 was $16,547.

In accordance with ASC 842, other information related to leases was as follows:


	Thirteen Weeks Ended
	May 1,		May 2,
	2021		2020
Operating cash flows from operating leases	$	(14,561)	$	(13,464)
Cash paid for amounts included in the measurement of lease liabilities - operating leases		(14,561)		(13,464)

	As of May 1,		As of May 2,
	2021		2020

Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	5,559	$	5,352
Terminated right-of-use assets and liabilities		—		(3,202)
Weighted-average remaining lease term - operating leases		5.96		6.12
Weighted-average discount rate - operating leases		8.39%		8.03%

In accordance with ASC 842, maturities of operating lease liabilities as of May 1, 2021 were as follows:


	Operating
Year Endings:	Leases
2021 (remainder)	$	44,324
2022		58,207
2023		53,256
2024		44,839
2025		38,279
Thereafter		145,146
Undiscounted cash flows	$	384,051
Reconciliation of lease liabilities:
Present values	$	262,606
Lease liabilities - current		36,386
Lease liabilities - noncurrent		226,220
Lease liabilities - total	$	262,606
Difference between undiscounted and discounted cash flows	$	121,445

Revolving Line of Credit

3 Months Ended

May 01, 2021

Revolving Line of Credit

Revolving Line of Credit

(7) Revolving Line of Credit

On May 23, 2018, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of the Company, as lead borrower, and Wells Fargo Bank, National Association (“Wells Fargo”), with a consortium of banks led by Wells Fargo, entered into an Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified, the “Amended Credit Agreement”). The Amended Credit Agreement governs the Company’s senior secured revolving credit facility (“Revolving Line of Credit”) and a $40,000 term loan (the “Term Loan”). The Revolving Line of Credit provides a borrowing capacity of up to $250,000, subject to a borrowing base calculation. The Term Loan was repaid in full during fiscal year 2020.

In conjunction with the Amended Credit Agreement, the Company incurred $1,331 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid expenses and other.

As of both May 1, 2021, and January 30, 2021, the Company had $0 in outstanding revolving loans under the Revolving Line of Credit. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box or similar arrangements, which were $15,678 and $13,553 as of May 1, 2021 and January 30, 2021, respectively. As both of these periods had no remaining balance on the line of credit, these amounts were included in Cash as of May 1, 2021 and January 30, 2021. As of May 1, 2021, the Company had stand-by commercial letters of credit of $1,955 under the terms of the Revolving Line of Credit.

The Amended Credit Agreement contains customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base. The Amended Credit Agreement contains customary events of default. The Revolving Line of Credit matures on May 23, 2023.

As of May 1, 2021, the Revolving Line of Credit had $520 in deferred financing fees and as of January 30, 2021, the Revolving Line of Credit had $583 in deferred financing fees. During the 13 weeks ended May 1, 2021, the Company recognized $63 of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 weeks ended May 2, 2020, the Company recognized $66 of non-cash interest expense with respect to the amortization of deferred financing fees.

For the 13 weeks ended May 1, 2021, gross borrowings under the Revolving Line of Credit were $357,478. For the 13 weeks ended May 2, 2020 gross borrowing under the Revolving Line of Credit were $274,959. For the 13 weeks ended May 1, 2021, gross paydowns under the Revolving Line of Credit were $357,640. For the 13 weeks ended May 2, 2020, gross paydowns under the Revolving Line of Credit were $266,798.

Restricted Net Assets

The provisions of the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of May 1, 2021, from being used to pay any dividends without prior written consent from the financial institutions party to the Company’s Revolving Line of Credit.

Income Taxes

3 Months Ended

May 01, 2021

Income Taxes

Income Taxes

(8) Income Taxes

The Company recognized an income tax expense of $2,952 in the 13 weeks ended May 1, 2021 and an income tax benefit of $849 in the 13 weeks ended May 2, 2020. The Company’s effective tax rate for the 13 weeks ended May 1, 2021 and May 2, 2020 was 22.0% and 42.9%, respectively. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to state taxes, permanent items, and discrete items relating to stock award deductions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

3 Months Ended

May 01, 2021

Earnings Per Share

Earnings Per Share

(9) Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

The following table sets forth the computation of basic and diluted income per common share:


	Thirteen Weeks Ended
		May 1,		May 2,
		2021		2020
Net income (loss)	$	10,450	$	(1,130)
Weighted-average shares of common stock outstanding:
Basic		43,690		43,327
Dilutive effect of common stock equivalents		824		—
Diluted		44,514		43,327
Basic earnings (loss) per share	$	0.24	$	(0.03)
Diluted earnings (loss) per share	$	0.23	$	(0.03)
Restricted stock units considered anti-dilutive and excluded in the calculation		1		6

Stock-Based Compensation

3 Months Ended

May 01, 2021

Stock-Based Compensation

Stock-Based Compensation

(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended May 1, 2021 the Company recognized total stock-based compensation expense of $1,016. During the 13 weeks ended May 2, 2020 the Company recognized total stock-based compensation expense of $736. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations.

Employee Stock Plans

As of May 1, 2021, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,202. As of May 1, 2021, there were 1,267 unvested stock awards outstanding under the 2019 Plan. As of January 30, 2021, due to the pending merger with the Great Outdoors Group, the Company has discontinued the ESPP program in accordance with the plan document.

Employee Stock Purchase Plan

The Company also has an Employee Stock Purchase Plan (“ESPP”) that was approved by shareholders in fiscal year 2015, under which 800 shares of common stock have been authorized. For the 13 weeks ended May 1, 2021, no shares were issued under the ESPP and, as of May 1, 2021, the number of shares available for issuance was 374.

Nonvested Performance-Based Stock Awards

During the 13 weeks ended May 1, 2021, the Company did not issue any nonvested performance-based stock awards.

During the 13 weeks ended May 2, 2020, the Company issued 198 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $5.63 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued is contingent on management achieving fiscal year 2020, 2021, and 2022 performance targets for total revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares will vest. Based on the performance conditions met for fiscal year 2020, 396 shares were issued, which was the maximum number of shares subject to the award. Vesting of the shares earned are subject to the employees’ continued employment with the Company.

The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2021	624	$	5.13
Grants	—		—
Forfeitures	(13)		5.63
Vested	(22)		4.91
Balance at May 1, 2021	589	$	5.13

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	250	$	3.66
Grants	198		5.63
Forfeitures	—		—
Vested	—		—
Balance at May 2, 2020	448	$	4.53

Nonvested Stock Unit Awards

During the 13 weeks ended May 1, 2021, the Company issued 221 nonvested stock units to employees of the Company at an average value of $17.27 per share. The shares issued to employees of the Company vest over a three year period with one third of the shares vesting on each grant date anniversary.

During the 13 weeks ended May 2, 2020, the Company issued 382 nonvested stock units to employees of the Company at an average value of $5.63 per share. The shares issued to employees of the Company vest over a three year period with one third of the shares vesting on each grant date anniversary.

The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2021	779	$	5.19
Grants	221		17.27
Forfeitures	(18)		7.33
Vested	(303)		5.05
Balance at May 1, 2021	679	$	9.15

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	744	$	4.32
Grants	382		5.63
Forfeitures	(5)		4.89
Vested	(258)		4.36
Balance at May 2, 2020	863	$	4.90

Commitments and Contingencies

3 Months Ended

May 01, 2021

Commitments and Contingencies.

Commitments and Contingencies

(11) Commitments and Contingencies

Legal Matters

The Company is involved in various legal matters generally incidental to its business. After discussion with legal counsel, management is not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on its consolidated financial condition, liquidity, or results of operations.

Parsons v. Colt’s Manufacturing Company, 2:19-cv-01189-APG-EJY – On July 2, 2019 the estate and family of a victim of the Route 91 Harvest Festival shooting filed litigation against 16 defendants, one of which being a subsidiary of Sportsman’s Warehouse Holdings, Inc., for wrongful death and negligence. The Company believes the plaintiffs’ attempts to re-interpret the federal National Firearms Act and Gun Control Act are improper and intend to vigorously defend ourselves in the matter. No reasonable estimate of the amount of any potential losses or range of potential losses relating to this matter can be determined at this time.

TMS McCarthy, LP, Etc., Pltf. v. Sportsman’s Warehouse Southwest, Inc. Etc. Et Al., Dfts.- On June 23, 2020 TMS McCarthy, LP filed a complaint against Sportsman’s Warehouse Southwest, Inc., a wholly owned subsidiary of Sportsman’s Warehouse Holdings Inc., claiming the Company wrongfully terminated the lease relating to one of its stores. The Company believes the plaintiffs’ complaint is without merit based on the plain language of the lease at issue and on August 14, 2020 filed a counterclaim for declaratory relief. No reasonable estimate of the amount of any potential losses or range of potential losses relating to this matter can be determined at this time.

Acquisition of Field and Stream Stores

3 Months Ended

May 01, 2021

Acquisition of Field and Stream Stores

Acquisition of Field and Stream Stores

(12) Acquisition of Field and Stream Stores

On February 14, 2020, SWI, a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “2020-I Purchase Agreement”) with DICK’s Sporting Goods (“DICK’S”). Pursuant to the 2020-I Purchase Agreement, SWI agreed, subject to certain conditions, to acquire from DICK’S all cash, inventory, furniture, fixtures, and equipment, and certain other assets related to one Field & Stream store located in Kentucky and operated by DICK’S (the “2020-I Acquisition”). The acquisition of the 2020-I Acquisition closed on March 12, 2020 (the “2020-I Closing Date”). On the 2020-I Closing Date, SWI entered into a sublease with DICK’s with respect to the 2020-I Acquisition location. Pursuant to the 2020-I Purchase Agreement and in connection with closing of the acquisition, the parties also entered into a transition services agreement pursuant to which DICK’S provided transition services to the Company for a period of up to 120 days after the 2020-I Closing Date.

The aggregate consideration paid to DICK’S under the 2020-I Purchase Agreement was $2,139 (the “2020-I Purchase Price”), subject to certain post-closing adjustments set forth in the 2020-I Purchase Agreement. On the 2020-I Closing Date, SWI drew $1,100 under the Revolving Line of Credit to fund a portion of the 2020-I Purchase Price. The remaining approximately $1,000 of consideration owed to DICK’S in connection with the acquisition was paid in June 2020.

On March 6, 2020, SWI, a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “2020-II Purchase Agreement”) with DICK’S. Pursuant to the 2020-II Purchase Agreement, SWI agreed, subject to certain conditions, to acquire from DICK’S all cash, inventory, furniture, fixtures, and equipment, and certain other assets related to one Field & Stream store located in Michigan and operated by DICK’S (the “2020-II Acquisition”). The 2020-II Acquisition closed on May 14, 2020 (the “2020-II Closing Date”). On the 2020-II Closing Date, SWI entered into a sublease with DICK’s with respect to the 2020-II Acquisition. Pursuant to the 2020-II Purchase Agreement and in connection with closing of the acquisition, the parties also entered into a transition services agreement related to the 2020-II Acquisition pursuant to which DICK’S provided transition services to the Company for a period of up to 120 days after the 2020-II Closing Date.

The aggregate consideration paid to DICK’S under the 2020-II Purchase Agreement was $2,411 (the “2020-II Purchase Price”), subject to certain post-closing adjustments set forth in the 2020-II Purchase Agreement. On the 2020-II Closing Date, SWI drew $1,317 under the Revolving Line of Credit to fund a portion of the 2020-II Purchase Price. The remaining approximately $1,100 of consideration owed to DICK’S in connection with the acquisition was paid in August 2020.

On September 16, 2020, SWI, a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “2020-III Purchase Agreement”) with DICK’S. Pursuant to the 2020-III Purchase Agreement, SWI agreed, subject to certain conditions, to acquire from DICK’S all cash, inventory, furniture, fixtures, and equipment, and certain other assets related to two Field & Stream stores located in South Carolina and Pennsylvania and operated by DICK’S (the “2020-III Acquisition”). The 2020-III Acquisition closed on October 8, 2020 (the “2020-III Closing Date”). On the 2020-III Closing Date, SWI entered into a sublease with DICK’s with respect to the locations. Pursuant to the 2020-III Purchase Agreement and in connection with closing of the acquisition, the parties also entered into a transition services agreement pursuant to which DICK’S will provide transition services to the Company for a period of up to 120 days after the 2020-III Closing Date.

The aggregate consideration paid to DICK’S under the 2020-III Purchase Agreement is $2,001, net of rent concessions and deferrals of $2,597 (the “2020-III Purchase Price”), and subject to certain post-closing adjustments set forth in the 2020-III Purchase Agreement. On the 2020-III Closing Date, SWI drew $226 under the Revolving Line of Credit to fund a portion of the 2020-III Purchase Price. The remaining approximately $1,774 of consideration owed to DICK’S in connection with the acquisition was paid in January 2021.

As part of the acquisitions that closed in 2020, the Company incurred legal, accounting, and other due diligence fees that were expensed as incurred. Total fees incurred for the three month ended May 2, 2020 were $29, which were included as a component of selling, general, and administrative expenses.

The acquired locations were in line with the seller’s intention to reduce its footprint in the hunting and firearms business, which resulted in a below fair value purchase price consideration shown in the tables below.

The following table summarizes the 2020-I Purchase Price consideration and related cash outflow at the 2020-I Closing Date:


		March 12, 2020
Cash paid to seller	$	1,075
Payable to seller		1,064
Total purchase price	$	2,139

The net 2020-I Purchase Price of $2,139 has been allocated to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2020-I Acquired Stores other than the lease obligation. The excess of the fair value over the 2020-I Purchase price of the tangible and intangible assets

acquired is recorded as a bargain purchase. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the 2020-I Closing Date:


		March 12, 2020
Cash	$	10
Inventory		2,133
Property, plant, and equipment		892
Operating lease right of use asset		2,070
Operating lease right of use liability		(1,794)
Deferred tax liability		(314)
Bargain purchase		(858)
Total	$	2,139

The following table summarizes the 2020-II Purchase Price consideration and related cash outflow at the 2020-II Closing Date:


		May 14, 2020
Cash paid to seller	$	1,317
Payable to seller		1,094
Total purchase price	$	2,411

The net 2020-II Purchase Price of $2,411 has been allocated to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2020-II Acquired Stores other than the lease obligation. The excess of the fair value over the 2020-II Purchase Price of the tangible and intangible assets acquired is recorded as a bargain purchase. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the 2020-II Closing Date:


		May 14, 2020
Cash	$	18
Inventory		2,218
Property, plant, and equipment		375
Operating lease right of use asset		5,605
Operating lease right of use liability		(5,605)
Deferred tax liability		(53)
Bargain purchase		(147)
Total	$	2,411

The following table summarizes the 2020-III Purchase Price consideration and related cash outflow at the 2020-III Closing Date:


		October 8, 2020
Cash paid to seller	$	227
Payable to seller		1,774
Total purchase price	$	2,001

The net 2020-III Purchase Price of $2,001 has been allocated to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2020-III Acquired Stores other than the lease obligation. The excess of the fair value over the 2020-III Purchase Price of the tangible and intangible assets acquired is recorded as a bargain purchase. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the 2020-III Closing Date:


		October 8, 2020
Cash	$	50
Inventory		3,515
Property, plant, and equipment		1,046
Operating lease right of use asset		9,534
Operating lease right of use liability		(10,508)
Deferred tax liability		(423)
Bargain purchase		(1,213)
Total	$	2,001

Merger with Great Outdoors Group

3 Months Ended

May 01, 2021

Merger with Great Outdoors Group

Merger with Great Outdoors Group

(13) Merger with Great Outdoors Group

On December 21, 2020, Sportsman’s Warehouse entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Great Outdoors Group, LLC, (“Great Outdoors Group”) and Phoenix Merger Sub I. Inc., (“Merger Subsidiary”). Pursuant to the terms and conditions set forth in the Merger Agreement, Merger Subsidiary will be merged with and into Sportsman’s Warehouse (the “Merger”), with Sportsman’s Warehouse continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of Great Outdoors Group. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Sportsman’s Warehouse common stock, par value $0.01 per share (the “Shares”) outstanding immediately prior to the Effective Time (other than such Shares held by (i) Great Outdoors Group, Merger Subsidiary, or any other subsidiary of Great Outdoors Group, (ii) Sportsman’s Warehouse or its subsidiaries, as treasury stock or (iii) stockholders of Sportsman’s Warehouse who properly exercised their appraisal rights for such Shares under the Delaware General Corporation Law) will automatically be cancelled and converted into the right to receive $18.00 per Share in cash, without interest and less any applicable withholding taxes.

The Merger Agreement has been unanimously adopted by the board of directors of Sportsman’s Warehouse, and the stockholders of Sportsman’s Warehouse approved the Merger at the special stockholders meeting held on March 23, 2021. Completion of the Merger is subject to the satisfaction of several conditions, including: (i) the expiration or termination of any applicable waiting period (and any extensions thereof) relating to the Merger under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”); (ii) the absence of any order, injunction, or other judgment by any governmental authority of competent jurisdiction that enjoins or otherwise prohibits the consummation of the Merger; (iii) the accuracy of each party’s representations and warranties (subject to certain qualifications); (iv) each party’s performance in all material respects of its obligations contained in the Merger Agreement; and (v) the absence of a material adverse effect on Sportsman’s Warehouse.

Assuming receipt of required clearance pursuant to the HSR Act and timely satisfaction of other conditions to closing, we currently expect the closing of the Merger to occur in the second half of calendar year 2021.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

May 01, 2021

Summary of Significant Accounting Policies

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Revenue Recognition (Tables)

3 Months Ended

May 01, 2021

Revenue Recognition

Schedule of right of return assets, contract liabilities, and sales return liabilities with customers


	May 1, 2021		January 30, 2021
Right of return assets, which are included in prepaid expenses and other	$	2,004	$	2,940
Estimated gift card contract liability, net of breakage		(21,884)		(22,069)
Estimated loyalty contract liability, net of breakage		(12,630)		(12,131)
Sales return liabilities, which are included in accrued expenses		(2,991)		(4,388)

Schedule of Revenue by Departments


		Thirteen Weeks Ended
		May 1,	May 2,
Department	Product Offerings	2021	2020
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools	11.3%	10.2%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear	6.4%	4.4%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats	11.5%	10.1%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots	6.1%	4.4%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear	58.6%	65.6%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts	6.1%	5.3%
Total		100.0%	100.0%

Property and Equipment (Tables)

3 Months Ended

May 01, 2021

Property and Equipment.

Schedule of Property and Equipment


	May 1,		January 30,
	2021		2021
Furniture, fixtures, and equipment	$	99,318	$	96,085
Leasehold improvements		113,468		112,338
Construction in progress		6,283		2,614
Total property and equipment, gross		219,069		211,037
Less accumulated depreciation and amortization		(117,705)		(111,919)
Total property and equipment, net	$	101,364	$	99,118

Accrued Expenses (Tables)

3 Months Ended

May 01, 2021

Accrued Expenses

Components of Accrued Expenses


	May 1,		January 30,
	2021		2021
Book overdraft	$	19,534	$	13,445
Unearned revenue		39,202		38,454
Accrued payroll and related expenses		18,181		28,453
Sales and use tax payable		7,718		7,317
Accrued construction costs		1,261		339
Other		22,220		21,048
Total accrued expenses	$	108,116	$	109,056

Leases (Tables)

3 Months Ended

May 01, 2021

Leases

Schedule of other information


	Thirteen Weeks Ended
	May 1,		May 2,
	2021		2020
Operating cash flows from operating leases	$	(14,561)	$	(13,464)
Cash paid for amounts included in the measurement of lease liabilities - operating leases		(14,561)		(13,464)

	As of May 1,		As of May 2,
	2021		2020

Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	5,559	$	5,352
Terminated right-of-use assets and liabilities		—		(3,202)
Weighted-average remaining lease term - operating leases		5.96		6.12
Weighted-average discount rate - operating leases		8.39%		8.03%

Schedule of maturities of operating lease liabilities


	Operating
Year Endings:	Leases
2021 (remainder)	$	44,324
2022		58,207
2023		53,256
2024		44,839
2025		38,279
Thereafter		145,146
Undiscounted cash flows	$	384,051
Reconciliation of lease liabilities:
Present values	$	262,606
Lease liabilities - current		36,386
Lease liabilities - noncurrent		226,220
Lease liabilities - total	$	262,606
Difference between undiscounted and discounted cash flows	$	121,445

Earnings Per Share (Tables)

3 Months Ended

May 01, 2021

Earnings Per Share

Computation of Basic and Diluted Earnings Per Common Share


	Thirteen Weeks Ended
		May 1,		May 2,
		2021		2020
Net income (loss)	$	10,450	$	(1,130)
Weighted-average shares of common stock outstanding:
Basic		43,690		43,327
Dilutive effect of common stock equivalents		824		—
Diluted		44,514		43,327
Basic earnings (loss) per share	$	0.24	$	(0.03)
Diluted earnings (loss) per share	$	0.23	$	(0.03)
Restricted stock units considered anti-dilutive and excluded in the calculation		1		6

Stock-Based Compensation (Tables)

3 Months Ended

May 01, 2021

Stock-Based Compensation

Rollforward of Outstanding Nonvested Performance-based Stock Awards

The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2021	624	$	5.13
Grants	—		—
Forfeitures	(13)		5.63
Vested	(22)		4.91
Balance at May 1, 2021	589	$	5.13

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	250	$	3.66
Grants	198		5.63
Forfeitures	—		—
Vested	—		—
Balance at May 2, 2020	448	$	4.53

Rollforward of Outstanding Nonvested Stock Units

The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2021	779	$	5.19
Grants	221		17.27
Forfeitures	(18)		7.33
Vested	(303)		5.05
Balance at May 1, 2021	679	$	9.15

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	744	$	4.32
Grants	382		5.63
Forfeitures	(5)		4.89
Vested	(258)		4.36
Balance at May 2, 2020	863	$	4.90

Acquisition of Field and Stream Stores (Tables)

3 Months Ended

May 01, 2021

Asset Purchase Agreement 1 With Dicks

Business Acquisition [Line Items]

Summary of the purchase price consideration and related cash outflow


		March 12, 2020
Cash paid to seller	$	1,075
Payable to seller		1,064
Total purchase price	$	2,139

Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date


		March 12, 2020
Cash	$	10
Inventory		2,133
Property, plant, and equipment		892
Operating lease right of use asset		2,070
Operating lease right of use liability		(1,794)
Deferred tax liability		(314)
Bargain purchase		(858)
Total	$	2,139

Asset Purchase Agreement 2 With Dicks

Business Acquisition [Line Items]

Summary of the purchase price consideration and related cash outflow


		May 14, 2020
Cash paid to seller	$	1,317
Payable to seller		1,094
Total purchase price	$	2,411

Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date


		May 14, 2020
Cash	$	18
Inventory		2,218
Property, plant, and equipment		375
Operating lease right of use asset		5,605
Operating lease right of use liability		(5,605)
Deferred tax liability		(53)
Bargain purchase		(147)
Total	$	2,411

Asset Purchase Agreement 3 With Dicks

Business Acquisition [Line Items]

Summary of the purchase price consideration and related cash outflow


		October 8, 2020
Cash paid to seller	$	227
Payable to seller		1,774
Total purchase price	$	2,001

Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date


		October 8, 2020
Cash	$	50
Inventory		3,515
Property, plant, and equipment		1,046
Operating lease right of use asset		9,534
Operating lease right of use liability		(10,508)
Deferred tax liability		(423)
Bargain purchase		(1,213)
Total	$	2,001

Description of Business and Basis of Presentation (Details)	3 Months Ended
	May 01, 2021 store segment state
Description of Business and Basis of Presentation
Number of stores \| store	112
Number of states \| state	27
Number of reportable segments	1
Number of operating segments	1

Revenue Recognition (Details) $ in Thousands	3 Months Ended
Revenue Recognition (Details) $ in Thousands	May 01, 2021 USD ($)
Revenue Recognition
Gift card historical breakage (as a percent)	3.50%
Gift card escheat liability	$ 0
Redemption period	2 years
Breakage of loyalty reward (as a percent)	50.00%
Loyalty reward escheat liability	$ 0

Revenue Recognition - Contract balances (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Disaggregation of Revenue [Line Items]
Right of return assets, which are included in prepaid expenses and other	$ 2,004		$ 2,940
Sales return liabilities, which are included in accrued expenses	(2,991)		(4,388)
Gift breakage income	381	$ 276
Recognized customer loyalty program breakage income	1,175	$ 555
Recognized revenues relating to contract liabilities	$ 7,721
Revenue from contract with customer liability recognition period	2 years
Gift Card
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (21,884)		(22,069)
Loyalty Reward Program
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (12,630)		$ (12,131)

Revenue Recognition - Disaggregation of revenue from contracts with customers (Details)	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	100.00%	100.00%
Camping
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	11.30%	10.20%
Apparel
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	6.40%	4.40%
Fishing
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	11.50%	10.10%
Footwear
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	6.10%	4.40%
Hunting and Shooting
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	58.60%	65.60%
Optics, Electronics, Accessories, and Other
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	6.10%	5.30%

Property and Equipment (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 219,069	$ 211,037
Less accumulated depreciation and amortization	(117,705)	(111,919)
Total property and equipment, net	101,364	99,118
Furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	99,318	96,085
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	113,468	112,338
Construction in progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 6,283	$ 2,614

Accrued Expenses (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Accrued Expenses
Book overdraft	$ 19,534	$ 13,445
Unearned revenue	39,202	38,454
Accrued payroll and related expenses	18,181	28,453
Sales and use tax payable	7,718	7,317
Accrued construction costs	1,261	339
Other	22,220	21,048
Total accrued expenses	$ 108,116	$ 109,056

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	May 01, 2021	May 02, 2020
Lessee, Lease, Description [Line Items]
Options to extend	true
Increase in ROU assets and operating lease liabilities	$ 5,559
Lease expense	$ 18,398	$ 16,547
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

Leases - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Leases
Operating cash flows from operating leases - Cash paid for amounts included in the measurement of lease liabilities	$ (14,561)	$ (13,464)
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$ 5,559	5,352
Terminated right-of-use assets and liabilities		$ (3,202)
Weighted-average remaining lease term - operating leases	5 years 11 months 15 days	6 years 1 month 13 days
Weighted-average discount rate - operating leases	8.39%	8.03%

Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Maturities:
2021 (remainder)	$ 44,324
2022	58,207
2023	53,256
2024	44,839
2025	38,279
Thereafter	145,146
Undiscounted cash flows	384,051
Reconciliation of lease liabilities:
Lease liabilities - current	36,386	$ 36,014
Lease liabilities - noncurrent	226,220	$ 228,296
Lease liabilities - total	262,606
Difference between undiscounted and discounted cash flows	$ 121,445

Revolving Line Of Credit (Details) - USD ($) $ in Thousands		3 Months Ended
Revolving Line Of Credit (Details) - USD ($) $ in Thousands	May 23, 2018	May 01, 2021	May 02, 2020	Jan. 30, 2021
Line Of Credit Facility [Line Items]
Capitalization of fees paid	$ 1,331
Line of credit facility, amount outstanding		$ 0		$ 0
Gross borrowings under revolving line of credit		357,478	$ 274,959
Gross paydowns under revolving line of credit		357,640	266,798
Wells Fargo Senior Secured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	250,000
Line of credit facility, amount outstanding		0		0
Amounts in depository under lock-box arrangements		$ 15,678		13,553
Revolving credit facility, covenant term		The Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base
Line of credit , maturity date		May 23, 2023
Deferred financing fees outstanding		$ 520		$ 583
Amortization of deferred financing fees		$ 63	$ 66
Wells Fargo Senior Secured Revolving Credit Facility \| Minimum
Line Of Credit Facility [Line Items]
Line of credit facility gross borrowing base percentage		10.00%
New Term Loan
Line Of Credit Facility [Line Items]
New term loan	$ 40,000
Wells Fargo Stand-by Commercial Letters of Credit
Line Of Credit Facility [Line Items]
Net borrowing available under revolving line of credit		$ 1,955

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	May 01, 2021	May 02, 2020
Income Taxes
Income tax expense (benefit)	$ 2,952	$ (849)
Effective tax rate	22.00%	42.90%
Federal statutory rate	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share
Net income (loss)	$ 10,450	$ (1,130)
Weighted-average shares of common stock outstanding:
Basic	43,690	43,327
Dilutive effect of common stock equivalents	824
Diluted	44,514	43,327
Basic earnings (loss) per share	$ 0.24	$ (0.03)
Diluted earnings (loss) per share	$ 0.23	$ (0.03)
Restricted stock units considered anti-dilutive and excluded in the calculation	1	6

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 1,016	$ 736
Nonvested Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units		198
Nonvested stock issued, weighted average grant date fair value per share		$ 5.63
Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	221	382
Nonvested stock issued, weighted average grant date fair value per share	$ 17.27	$ 5.63
Employees \| Nonvested Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	0	198
Nonvested stock issued, weighted average grant date fair value per share		$ 5.63
Target number of shares subject to award		396
Nonvested stock awards vested over grant date		3 years
Employees \| Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	221	382
Nonvested stock issued, weighted average grant date fair value per share	$ 17.27	$ 5.63
Nonvested stock awards vested over grant date	3 years	3 years
Vesting percentage	33.00%	33.00%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for awards	374
Maximum number of shares subject to award			800
Shares issued under ESPP	0
2019 Plan \| Employee Stock Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for awards	2,202
Number of awards outstanding	1,267
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 1,016	$ 736

Stock-Based Compensation - Additional Information (Details) - $ / shares shares in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Nonvested Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Shares	624	250
Grants, Shares		198
Forfeitures, Shares	(13)
Vested, Shares	(22)
Ending balance, Shares	589	448
Beginning balance, Weighted average grant-date fair value	$ 5.13	$ 3.66
Grants, Weighted average grant-date fair value		5.63
Forfeitures, Weighted average grant-date fair value	5.63
Vested, Weighted average grant-date fair value	4.91
Ending balance, Weighted average grant-date fair value	$ 5.13	$ 4.53
Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Shares	779	744
Grants, Shares	221	382
Forfeitures, Shares	(18)	(5)
Vested, Shares	(303)	(258)
Ending balance, Shares	679	863
Beginning balance, Weighted average grant-date fair value	$ 5.19	$ 4.32
Grants, Weighted average grant-date fair value	17.27	5.63
Forfeitures, Weighted average grant-date fair value	7.33	4.89
Vested, Weighted average grant-date fair value	5.05	4.36
Ending balance, Weighted average grant-date fair value	$ 9.15	$ 4.90

Commitments and Contingencies - Additional Information (Details)	Jul. 02, 2019 USD ($) defendant subsidiary	Jun. 23, 2020 USD ($)
Commitments And Contingencies [Line Items]
Number of defendants in Parson's v. Colt's Manufacturing Company legal case \| defendant	16
Number of company subsidiaries named as defendant in Parsons v. Colt's Manufacturing Company legal case \| subsidiary	1
Loss contingency, estimate of possible loss	$ 0
Lease Agreement [Member]
Commitments And Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 0

Acquisition of Field and Stream Stores (Details) $ in Thousands								1 Months Ended		3 Months Ended
	Jan. 31, 2021 USD ($)	Oct. 08, 2020 USD ($)	Sep. 16, 2020 USD ($) store	May 14, 2020 USD ($)	Mar. 12, 2020 USD ($)	Mar. 06, 2020 USD ($) store	Feb. 14, 2020 USD ($) store	Aug. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	May 02, 2020 USD ($)	May 01, 2021 USD ($)	Jan. 30, 2021 USD ($)
Business Acquisition [Line Items]
Amount drawn											$ 0	$ 0
Sportsman's Warehouse, Inc \| Asset Purchase Agreement 1 With Dicks
Business Acquisition [Line Items]
Number of stores acquired \| store							1
Maximum period for which transition services will be provided							120 days
Aggregate consideration					$ 2,139		$ 2,139
Remaining consideration paid to seller					1,075				$ 1,000
Liabilities except leases assumed					$ 0
Sportsman's Warehouse, Inc \| Asset Purchase Agreement 1 With Dicks \| Revolving Credit Facility
Business Acquisition [Line Items]
Amount drawn							$ 1,100
Sportsman's Warehouse, Inc \| Asset Purchase Agreement 2 With Dicks
Business Acquisition [Line Items]
Number of stores acquired \| store						1
Maximum period for which transition services will be provided						120 days
Aggregate consideration				$ 2,411		$ 2,411
Remaining consideration paid to seller				1,317				$ 1,100
Liabilities except leases assumed				$ 0
Sportsman's Warehouse, Inc \| Asset Purchase Agreement 2 With Dicks \| Revolving Credit Facility
Business Acquisition [Line Items]
Amount drawn						$ 1,317
Sportsman's Warehouse, Inc \| Asset Purchase Agreement 3 With Dicks
Business Acquisition [Line Items]
Number of stores acquired \| store			2
Maximum period for which transition services will be provided			120 days
Aggregate consideration		$ 2,001	$ 2,001
Remaining consideration paid to seller	$ 1,774	227
Net of rent concessions and deferrals			2,597
Liabilities except leases assumed		$ 0
Sportsman's Warehouse, Inc \| Asset Purchase Agreement 3 With Dicks \| Revolving Credit Facility
Business Acquisition [Line Items]
Amount drawn			$ 226
Sportsman's Warehouse, Inc \| 2020 Acquisitions
Business Acquisition [Line Items]
Acquisition related cost										$ 29

Acquisition of Field and Stream Stores - Purchase price consideration and related cash outflow (Details) - USD ($) $ in Thousands								1 Months Ended
	Jan. 31, 2021	Oct. 08, 2020	Sep. 16, 2020	May 14, 2020	Mar. 12, 2020	Mar. 06, 2020	Feb. 14, 2020	Aug. 31, 2020	Jun. 30, 2020	May 02, 2020
Business Acquisition [Line Items]
Payable to seller										$ 1,024
Asset Purchase Agreement 1 With Dicks \| Sportsman's Warehouse, Inc
Business Acquisition [Line Items]
Cash paid to seller					$ 1,075				$ 1,000
Payable to seller					1,064
Total purchase price					$ 2,139		$ 2,139
Asset Purchase Agreement 2 With Dicks \| Sportsman's Warehouse, Inc
Business Acquisition [Line Items]
Cash paid to seller				$ 1,317				$ 1,100
Payable to seller				1,094
Total purchase price				$ 2,411		$ 2,411
Asset Purchase Agreement 3 With Dicks \| Sportsman's Warehouse, Inc
Business Acquisition [Line Items]
Cash paid to seller	$ 1,774	$ 227
Payable to seller		1,774
Total purchase price		$ 2,001	$ 2,001

Acquisition of Field and Stream Stores - Estimated fair value of the identifiable assets acquired and assumed liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021	Oct. 08, 2020	May 14, 2020	Mar. 12, 2020
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities
Goodwill	$ 1,496		$ 1,496
Net sales	326,992	$ 246,835
Net income	$ 10,450	$ (1,130)
Asset Purchase Agreement 1 With Dicks
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities
Cash						$ 10
Inventory						2,133
Property, plant, and equipment						892
Operating lease right of use asset						2,070
Operating lease right of use liability						(1,794)
Deferred tax liability						(314)
Bargain purchase						(858)
Total						$ 2,139
Asset Purchase Agreement 2 With Dicks
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities
Cash					$ 18
Inventory					2,218
Property, plant, and equipment					375
Operating lease right of use asset					5,605
Operating lease right of use liability					(5,605)
Deferred tax liability					(53)
Bargain purchase					(147)
Total					$ 2,411
Asset Purchase Agreement 3 With Dicks
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities
Cash				$ 50
Inventory				3,515
Property, plant, and equipment				1,046
Operating lease right of use asset				9,534
Operating lease right of use liability				(10,508)
Deferred tax liability				(423)
Bargain purchase				(1,213)
Total				$ 2,001

Merger with Great Outdoors Group (Details) - $ / shares	May 01, 2021	Jan. 30, 2021	Dec. 21, 2020
Common stock, par value	$ 0.01	$ 0.01
Subsidiaries of Great Outdoors Group [Member]
Common stock, par value			$ 0.01
Converted Shares, Merger, Share Price			$ 18.00