0000950170-22-026191 | 10-Q | XBRL Viewer | Sportsmans Warehouse Holdings INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 29, 2022	Dec. 08, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 29, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,697,436
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001132105
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022
Current assets:
Cash and cash equivalents	$ 2,560	$ 57,018
Accounts receivable, net	1,685	1,937
Merchandise inventories	485,156	386,560
Prepaid expenses and other	19,182	21,955
Total current assets	508,583	467,470
Operating lease right of use asset	267,842	243,047
Property and equipment, net	147,031	128,304
Goodwill	1,496	1,496
Definite lived intangibles, net	404	264
Total assets	925,356	840,581
Current liabilities:
Accounts payable	130,119	58,916
Accrued expenses	93,054	109,012
Income taxes payable	4,984	9,500
Operating lease liability, current	43,440	40,924
Revolving line of credit	105,064	66,054
Total current liabilities	376,661	284,406
Long-term liabilities:
Deferred income taxes	4,294	5,779
Operating lease liability, noncurrent	261,095	236,227
Total long-term liabilities	265,389	242,006
Total liabilities	642,050	526,412
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; 37,697 and 43,880 shares issued and outstanding, respectively	377	439
Additional paid-in capital	79,169	90,851
Accumulated earnings	203,760	222,879
Total stockholders' equity	283,306	314,169
Total liabilities and stockholders' equity	$ 925,356	$ 840,581

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 29, 2022	Jan. 29, 2022
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	37,697,000	43,880,000
Common stock, shares outstanding	37,697,000	43,880,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Statement [Abstract]
Net sales	$ 359,720	$ 401,014	$ 1,020,246	$ 1,089,784
Cost of goods sold	238,898	271,392	682,794	736,061
Gross profit	120,822	129,622	337,452	353,723
Selling, general, and administrative expenses	102,322	99,974	295,430	286,263
Income from operations	18,500	29,648	42,022	67,460
Interest expense	1,187	413	2,521	905
Income before income taxes	17,313	29,235	39,501	66,555
Income tax expense	4,436	7,372	10,012	16,519
Net income	$ 12,877	$ 21,863	$ 29,489	$ 50,036
Earnings per share:
Basic	$ 0.34	$ 0.50	$ 0.71	$ 1.14
Diluted	$ 0.33	$ 0.49	$ 0.71	$ 1.13
Weighted average shares outstanding:
Basic	38,414	43,878	41,438	43,809
Diluted	38,681	44,582	41,672	44,471

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated (deficit) earnings
Balance at Jan. 30, 2021	$ 204,660	$ 436		$ 89,815	$ 114,409
Balance, shares at Jan. 30, 2021		43,623
Vesting of restricted stock units		$ 2		(2)
Vesting of restricted stock units (in shares)		256
Payment of withholdings on restricted stock units	(2,356)			(2,356)
Stock based compensation	2,236			2,236
Net income	50,036				50,036
Balance at Oct. 30, 2021	254,576	$ 438		89,693	164,445
Balance, shares at Oct. 30, 2021		43,879
Balance at Jul. 31, 2021	232,607	$ 438		89,587	142,582
Balance, shares at Jul. 31, 2021		43,831
Payment of withholdings on restricted stock units	(88)			(88)
Stock based compensation	194			194
Stock based compensation (in shares)		48
Net income	21,863				21,863
Balance at Oct. 30, 2021	254,576	$ 438		89,693	164,445
Balance, shares at Oct. 30, 2021		43,879
Balance at Jan. 29, 2022	$ 314,169	$ 439		90,851	222,879
Balance, shares at Jan. 29, 2022	43,880	43,880
Repurchase of treasury stock	$ (62,411)		$ (62,411)
Repurchase of treasury stock (in shares)	6,500		6,541
Retirement of treasury stock		$ (65)	$ 62,411	(13,738)	(48,608)
Retirement of treasury stock (in shares)		(6,541)	(6,541)
Vesting of restricted stock units		$ 2		(2)
Vesting of restricted stock units (in shares)		294
Payment of withholdings on restricted stock units	$ (1,993)			(1,993)
Issuance of common stock for cash per employee stock purchase plan	526	$ 1		525
Issuance of common stock for cash per employee stock purchase plan (in shares)		64
Stock based compensation	3,526			3,526
Net income	29,489				29,489
Balance at Oct. 29, 2022	$ 283,306	$ 377		79,169	203,760
Balance, shares at Oct. 29, 2022	37,697	37,697
Balance at Jul. 30, 2022	$ 279,852	$ 442	$ (52,057)	91,976	239,491
Balance, shares at Jul. 30, 2022		44,215	5,348
Repurchase of treasury stock	$ (10,354)		$ (10,354)
Repurchase of treasury stock (in shares)	1,200		1,193
Retirement of treasury stock		$ (65)	$ 62,411	(13,738)	(48,608)
Retirement of treasury stock (in shares)		(6,541)	(6,541)
Vesting of restricted stock units (in shares)		23
Payment of withholdings on restricted stock units	$ (146)			(146)
Stock based compensation	1,077			1,077
Net income	12,877				12,877
Balance at Oct. 29, 2022	$ 283,306	$ 377		$ 79,169	$ 203,760
Balance, shares at Oct. 29, 2022	37,697	37,697

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Cash flows from operating activities:
Net income	$ 29,489	$ 50,036
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property and equipment	22,961	18,778
Amortization of deferred financing fees	146	188
Amortization of definite lived intangible	51	23
Noncash lease expense	21,169	21,204
Deferred income taxes	(1,486)	(558)
Stock-based compensation	3,526	2,236
Change in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net	252	(103)
Operating lease liabilities	(18,580)	(20,915)
Merchandise inventories	(98,596)	(185,063)
Prepaid expenses and other	3,135	(781)
Accounts payable	68,327	41,723
Accrued expenses	(11,369)	(2,694)
Income taxes payable and receivable	(4,516)	(2,417)
Net cash provided by (used in) operating activities	14,509	(78,343)
Cash flows from investing activities:
Purchase of property and equipment, net of amounts acquired	(38,477)	(38,463)
Net cash used in investing activities	(38,477)	(38,463)
Cash flows from financing activities:
Net borrowings on line of credit	39,010	57,551
Decrease in book overdraft	(5,113)	(1,382)
Proceeds from issuance of common stock per employee stock purchase plan	525
Payments to acquire treasury stock	(62,411)
Payment of withholdings on restricted stock units	(1,993)	(2,356)
Payment of deferred financing costs	(508)
Net cash (used in) provided by financing activities	(30,490)	53,813
Net change in cash and cash equivalents	(54,458)	(62,993)
Cash and cash equivalents at beginning of period	57,018	65,525
Cash and cash equivalents at end of period	2,560	2,532
Cash paid during the period for:
Interest, net of amounts capitalized	2,349	905
Income taxes, net of refunds	16,014	19,494
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	46,050	27,979
Purchases of property and equipment included in accounts payable and accrued expenses	$ 7,223	$ 6,606

Description of Business and Basis of Presentation

9 Months Ended

Oct. 29, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

(1) Description of Business and Basis of Presentation

Description of Business

Sportsman’s Warehouse Holdings, Inc., a Delaware corporation (“Holdings”), and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of October 29, 2022, the Company operated 130 stores in 30 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 29, 2022 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 October 29, 2022 are not necessarily indicative of the results to be obtained for the year ending January 28, 2023. 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 29, 2022 filed with the SEC on March 30, 2022 (the “Fiscal 2021 Form 10-K”).

Summary of Significant Accounting Policies

9 Months Ended

Oct. 29, 2022

Accounting Policies [Abstract]

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 2021 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.

Share Retirement

The Company periodically repurchases and retires stock through a board authorized repurchase program. When shares are retired as part of this program the repurchased shares are returned to a status of authorized but unissued. The Company's policy to account for the retired shares is to allocate the excess of the repurchase price over the par value of shares acquired to Additional Paid in Capital ("APIC") and Retained Earnings. The portion allocated to APIC is determined by dividing the number of retired shares by the number of shares issued as of the retirement date. This ratio is applied to the balance of APIC as of the retirement date. Any remaining amount of the excess of the repurchase price over the par value not allocated to APIC reduces Retained Earnings.

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued (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”), certain tenors of which were phased out in 2021, to alternate reference rates, such as the Secured Overnight Financing Rate ("SOFR").

The Company adopted ASU 2020-04 on May 27, 2022 in connection with the Amended and Restated Credit Agreement, which converted the reference rate from LIBOR to SOFR. In addition, the Company elected the optional expedient offered under the Accounting Standards Codification 848, Reference Rate Reform, which allows for leases to be accounted for as a continuation of an existing contract with no reassessment or remeasurement of the lease payments, classifications or discount rates.

See Note 7 for further discussion on the Revolving Line of Credit.

Revenue Recognition

9 Months Ended

Oct. 29, 2022

Revenue from Contract with Customer [Abstract]

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 rewards 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 the Company’s 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 4.0% when no escheat liability to relevant jurisdictions exist. 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 standalone 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 25%.

As it relates to e-commerce sales, the Company accounts for shipping and handling as fulfillment activities, and not as a separate performance obligation. Accordingly, the Company recognizes revenue for only one performance obligation, the sale of the product, at the shipping point (when the customer gains control). The costs associated with fulfillment are recorded in costs of goods sold.

The Company offers promotional financing and credit cards issued by a third-party bank that manages and directly extends credit to the Company’s customers. The Company provides a license to its brand and marketing services, and the Company facilitates credit applications in its stores and online. The banks are the sole owners of the accounts receivable generated under the program and, accordingly, the Company does not hold any customer receivables related to these programs and acts as an agent in the financing transactions with customers. The Company is eligible to receive a profit share from certain of its banking partners based on the annual performance of their corresponding portfolio, and the Company receives monthly payments based on forecasts of full-year performance. This is a form of variable consideration. The Company records 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 October 29, 2022 and January 29, 2022:


	October 29, 2022			January 29, 2022
Right of return assets, which are included in prepaid expenses and other	$	2,729		$	2,142
Estimated gift card contract liability, net of breakage		(22,147	)		(23,128	)
Estimated loyalty contract liability, net of breakage		(5,585	)		(7,211	)
Sales return liabilities, which are included in accrued expenses		(4,073	)		(3,197	)

During the 13 and 39 weeks ended October 29, 2022, the Company recognized approximately $333 and $1,118 in gift card breakage and approximately $829 and $2,425 in loyalty reward breakage. During the 13 and 39 weeks ended October 30, 2021, the Company recognized approximately $275 and $948 in gift card breakage and approximately $1,581 and $4,202 in loyalty reward breakage. During the 13 and 39 weeks ended October 29, 2022, the Company recognized revenue of $3,021 and $18,404 relating to contract liabilities that existed at January 29, 2022.

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 during the 13 and 39 weeks ended October 29, 2022 and October 30, 2021, was approximately:


		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		October 29,			October 30,			October 29,			October 30,
Department	Product Offerings	2022			2021			2022			2021
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		12.6	%		12.6	%		13.5	%		13.9	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		10.5	%		9.1	%		8.2	%		7.4	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		6.8	%		7.7	%		10.2	%		11.3	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		7.2	%		6.4	%		6.7	%		6.3	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		54.9	%		55.4	%		55.0	%		53.7	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		8.0	%		8.8	%		6.4	%		7.4	%
Total			100.0	%		100.0	%		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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Property and Equipment

9 Months Ended

Oct. 29, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

(4)

Property and Equipment

Property and equipment as of October 29, 2022 and January 29, 2022 were as follows:


	October 29,			January 29,
	2022			2022
Furniture, fixtures, and equipment	$	128,593		$	115,597
Leasehold improvements		156,801			143,064
Construction in progress		19,657			5,007
Total property and equipment, gross		305,051			263,668
Less accumulated depreciation and amortization		(158,020	)		(135,364	)
Total property and equipment, net	$	147,031		$	128,304

Accrued Expenses

9 Months Ended

Oct. 29, 2022

Payables and Accruals [Abstract]

Accrued Expenses

(5) Accrued Expenses

Accrued expenses consisted of the following as of October 29, 2022 and January 29, 2022:


	October 29,		January 29,
	2022		2022
Book overdraft	$	11,139	$	16,252
Unearned revenue		37,603		42,058
Accrued payroll and related expenses		17,125		26,309
Sales and use tax payable		7,854		8,788
Accrued construction costs		942		416
Other		18,391		15,189
Total accrued expenses	$	93,054	$	109,012

Leases

9 Months Ended

Oct. 29, 2022

Leases [Abstract]

Leases

(6) Leases

At the inception of the lease, the Company’s operating leases have remaining certain lease terms of up to 15 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain.

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, the Company 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 and 39 weeks ended October 29, 2022, the Company recorded a non-cash increase of $22,078 and $46,050 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.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

In accordance with ASC 842, total lease expense was comprised of the following:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
Operating lease expense	$	14,729	$	14,365	$	43,674	$	42,067
Variable lease expense		4,635		4,173		13,697		12,730
Short-term lease expense		337		398		921		878
Total lease expense	$	19,701	$	18,936	$	58,292	$	55,675

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


	Thirty-Nine Weeks Ended
	October 29,			October 30,
	2022			2021
Operating cash flows from operating leases	$	(47,402	)	$	(44,094	)


	As of October 29,			As of October 30,
	2022			2021
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	46,050		$	27,979
Terminated right-of-use assets and liabilities		—			—
Weighted-average remaining lease term - operating leases		5.83			5.83
Weighted-average discount rate - operating leases		8.06	%		8.29	%

In accordance with ASC 842, maturities of operating lease liabilities as of October 29, 2022 were as follows:


	Operating
Year Endings:	Leases
2022 (remainder)	$	16,359
2023		66,188
2024		58,391
2025		51,831
2026		46,666
Thereafter		174,520
Undiscounted cash flows	$	413,955
Reconciliation of lease liabilities:
Present values	$	304,535
Lease liabilities - current		43,440
Lease liabilities - noncurrent		261,095
Lease liabilities - total	$	304,535
Difference between undiscounted and discounted cash flows	$	109,420

The Company has excluded in the table above approximately $41.8 million of leases (undiscounted basis) that were entered into as of December 8, 2022. These leases will commence in 2023 with lease terms of 10 years.

Revolving Line of Credit

9 Months Ended

Oct. 29, 2022

Line of Credit Facility [Abstract]

Revolving Line of Credit

(7) Revolving Line of Credit

On May 27, 2022, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of Holdings, as lead borrower, Holdings and other subsidiaries of the Company, each as borrowers or guarantors, 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 “Credit Agreement”). The Credit Agreement governs the Company’s senior secured revolving credit facility (“Revolving Line of Credit”). The Revolving Line of Credit provides borrowing capacity of up to $350,000, subject to a borrowing base calculation.

In conjunction with the Credit Agreement, the Company incurred $508 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid expenses and other assets.

As of October 29, 2022 and January 29, 2022, the Company had $120,181 and $76,976, in outstanding revolving loans under the Revolving Line of Credit and the Company’s previous revolving line of credit, respectively. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box type arrangements, which were $15,117 and $10,923 as of October 29, 2022 and January 29, 2022, respectively. As of October 29, 2022, the Company had stand-by commercial letters of credit of $1,967 under the terms of the Revolving Line of Credit.

Borrowings under the Revolving Line of Credit bear interest based on either the base rate or Term SOFR, at the Company’s option, in each case plus an applicable margin. The base rate is the greatest of (1) the floor rate (as defined in the credit agreement as a rate of interest equal to 0.0%) (2) Wells Fargo’s prime rate, (3) the federal funds rate (as defined in the Amended Credit Agreement) plus 0.50% or (4) the one-month Term SOFR (as defined in the Amended Credit Agreement) plus 1.00%. The applicable margin for loans under the revolving credit facility, which varies based on the average daily availability, ranges from 0.25% to 0.50% per year for base rate loans and from 1.35% to 1.60% per year for Term SOFR loans. The Company is required to pay a commitment fee for the unused portion of the revolving credit facility, which will range from 0.20% to 0.225% per annum, depending on the average daily availability under the Revolving Line of Credit.

The Company may be required to make mandatory prepayments under the Revolving Line of Credit in the event of a disposition of certain property or assets, in the event of receipt of certain insurance or condemnation proceeds, upon the issuance of certain debt or equity securities, upon the incurrence of certain indebtedness for borrowed money or upon the receipt of certain payments not received in the ordinary course of business.

The 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 Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base and contains customary events of default. The Revolving Line of Credit matures on May 27, 2027.

Each of the subsidiaries of Holdings is a borrower under the Revolving Line of Credit, and all obligations under the Revolving Line of Credit are guaranteed by Holdings. All of the obligations under the Revolving Line of Credit are secured by a lien on substantially all of Holdings’ tangible and intangible working capital assets and the tangible and intangible working capital assets of all of Holdings’ subsidiaries, including a pledge of all capital stock of each of Holdings’ subsidiaries. The lien securing the obligations under the Revolving Line of Credit is a first priority lien as to certain liquid assets, including cash, accounts receivable, deposit accounts and inventory.

As of October 29, 2022 and January 29, 2022, the Credit Agreement and the Company’s prior credit agreement had $695 and $333, respectively, in deferred financing fees. During the 13 and 39 weeks ended October 29, 2022, the Company recognized $38 and $146 of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 and 39 weeks ended October 30, 2021, the Company recognized $63 and $188 of non-cash interest expense with respect to the amortization of deferred financing fees.

During the 13 and 39 weeks ended October 29, 2022, gross borrowings under the Revolving Line of Credit and the Company’s prior revolving line of credit were $409,465 and $1,161,959, respectively. During the 13 and 39 weeks ended October 30, 2021 gross borrowing under the Company’s prior revolving line of credit were $477,879 and $1,270,059, respectively. During the 13 and 39 weeks ended October 29, 2022, gross paydowns under the Revolving Line of Credit and the Company’s prior revolving line of credit were $396,192 and $1,121,716, respectively. During the 13 and 39 weeks ended October 30, 2021, gross paydowns under the Company’s prior revolving line of credit were $441,531 and $1,197,001, respectively.

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 October 29, 2022, from being used to pay any dividends without prior written consent from the financial institutions party to the Revolving Line of Credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes

6 Months Ended

Jul. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(8) Income Taxes

The Company recognized income tax expense of $4,436 and $7,372, respectively, in the 13 weeks ended October 29, 2022 and October 30, 2021. The Company’s effective tax rate during the 13 weeks ended October 29, 2022 and October 30, 2021 was 25.6% and 25.2%, respectively. The Company recognized income tax expense of $10,012

and $16,519, respectively, in the 39 weeks ended October 29, 2022 and October 30, 2021. The Company’s effective tax rate for the 39 weeks ended October 29, 2022 and October 30, 2021 was 25.3% and 24.8%, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stockholders' Equity

9 Months Ended

Oct. 29, 2022

Earnings Per Share [Abstract]

Stockholders' Equity

(9) Stockholders' Equity

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 earnings per common share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
Net income	$	12,877	$	21,863	$	29,489	$	50,036
Weighted-average shares of common stock outstanding:
Basic		38,414		43,878		41,438		43,809
Dilutive effect of common stock equivalents		267		704		234		662
Diluted		38,681		44,582		41,672		44,471
Basic earnings per share	$	0.34	$	0.50	$	0.71	$	1.14
Diluted earnings per share	$	0.33	$	0.49	$	0.71	$	1.13
Restricted stock units considered anti-dilutive and excluded in the calculation		136		8		171		26

Repurchase Program

On March 24, 2022 the Company announced that its Board of Directors had authorized a share repurchase program (the “Repurchase Program”) to allow for the repurchase of up to $75.0 million of outstanding shares of the Company’s common stock, $0.01 par value per share commencing on March 31, 2022 (the “Commencement Date”). The Repurchase Program will terminate on the first anniversary of the Commencement Date. During the 13 weeks ended October 29, 2022, the Company repurchased approximately 1.2 million shares of its common stock for $10.4 million, utilizing cash on hand and available borrowings under our revolving credit facility. During the 39 weeks ended October 29, 2022 the Company repurchased approximately 6.5 million shares of its common stock for $62.4 million, utilizing cash on hand and available borrowings under our revolving credit facility. During the 13 weeks ended October 29, 2022 the Company has retired all repurchased stock.

Stock-Based Compensation

9 Months Ended

Oct. 29, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 and 39 weeks ended October 29, 2022 the Company recognized total stock-based compensation expense of $1,077 and $3,526. During the 13 and 39 weeks ended October 30, 2021, the Company recognized total stock-based compensation expense of $194 and $2,236. 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 October 29, 2022, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 1,744. As of October 29, 2022, there were 1,202 unvested stock awards outstanding under the 2019 Plan.

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 were authorized. During the 13 weeks ended October 29, 2022, no shares were issued under the ESPP and, as of October 29, 2022, the number of shares available for issuance was 310.

Nonvested Performance-Based Stock Awards

During the 13 weeks ended October 29, 2022, the Company did not issue any nonvested performance-based stock awards to employees. During the 39 weeks ended October 29, 2022, the Company issued 188 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $10.88 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 2022, 2023, and 2024 performance targets for total revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is 376, and the “target” number of shares subject to the award is 188 as reported below. Following the end of the performance period (fiscal years 2022, 2023, and 2024), the number of shares eligible to vest, based on actual performance, will be fixed and vesting will then be subject to each employee’s continued employment over the remaining service period.

During the 13 weeks ended October 30, 2021, the Company did not issue any 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 29, 2022		487		$	5.13
Grants		188			10.88
Forfeitures		(169	)		7.93
Vested		(168	)		3.49
Balance at October 29, 2022		338		$	7.75


				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 30, 2021		624		$	5.13
Grants		—			—
Forfeitures		(111	)		5.14
Vested		(22	)		4.91
Balance at October 30, 2021		491		$	5.13

Nonvested Stock Unit Awards

During the 13 and 39 weeks ended October 29, 2022, the Company issued 6 and 424 nonvested stock units, respectively, to employees and directors of the Company at an average value of $10.06 and $10.81 per share, respectively. 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 shares issued to directors of the Company vest over a 12 month period with one twelfth of the shares vesting each month.

During the 13 and 39 weeks ended October 30, 2021, the Company issued 110 and 359 nonvested stock units, respectively, to employees and directors of the Company at an average value of $17.44 per share, respectively. 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 shares issued to directors of the Company vest over a 12 month period with one twelfth of the shares vesting each month.

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 29, 2022		929		$	11.56
Grants		424			10.81
Forfeitures		(173	)		11.12
Vested		(317	)		9.40
Balance at October 29, 2022		863		$	12.07


				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 30, 2021		779		$	5.19
Grants		359			17.44
Forfeitures		(191	)		7.72
Vested		(330	)		5.54
Balance at October 30, 2021		617		$	11.37

Fair Value Measurements

9 Months Ended

Oct. 29, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

(11) Fair Value Measurements

Fair value measurements are reported based upon three categories, with the lowest level of measurement available applied. The levels of fair value measurement are as follows: Level 1 - quoted prices on active markets; Level 2 - observable market inputs other than quoted prices on active markets; Level 3 - unobservable data requiring the Company to develop its own approach that cannot be corroborated by market data.

The following table shows the fair value measurements of the Company on a recurring basis:

Fair Value as of

Fair Value as of

Asset

Type

Measurement Level

October 29, 2022

January 29, 2022

Short-term Investments (1)

Cash and Cash Equivalents (2)

Level 1

—

55,000

(1)

Fair value approximates carrying value because maturities are less than three months.

(2)

Cash equivalents are money market funds held by the Company.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

9 Months Ended

Oct. 29, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(12) 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.

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 in the Superior Court of CA, County of Santa Clara 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 terminated the lease pursuant to terms of the Lease after local authorities issued shelter in place orders which precluded the Company from operating its business due to COVID-19. The Plaintiff filed a motion for summary adjudication that the Lease did not authorize the Company to terminate the Lease. The court granted the Plaintiff’s motion. The court’s ruling leaves for trial any remaining defenses and the determination of damages. The Company intends to appeal the court’s ruling on the motion for summary adjudication and to continue to vigorously defend the claims.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 29, 2022
Accounting Policies [Abstract]
Share Retirement	Share Retirement The Company periodically repurchases and retires stock through a board authorized repurchase program. When shares are retired as part of this program the repurchased shares are returned to a status of authorized but unissued. The Company's policy to account for the retired shares is to allocate the excess of the repurchase price over the par value of shares acquired to Additional Paid in Capital ("APIC") and Retained Earnings. The portion allocated to APIC is determined by dividing the number of retired shares by the number of shares issued as of the retirement date. This ratio is applied to the balance of APIC as of the retirement date. Any remaining amount of the excess of the repurchase price over the par value not allocated to APIC reduces Retained Earnings.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the FASB issued (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”), certain tenors of which were phased out in 2021, to alternate reference rates, such as the Secured Overnight Financing Rate ("SOFR"). The Company adopted ASU 2020-04 on May 27, 2022 in connection with the Amended and Restated Credit Agreement, which converted the reference rate from LIBOR to SOFR. In addition, the Company elected the optional expedient offered under the Accounting Standards Codification 848, Reference Rate Reform, which allows for leases to be accounted for as a continuation of an existing contract with no reassessment or remeasurement of the lease payments, classifications or discount rates. See Note 7 for further discussion on the Revolving Line of Credit.

Revenue Recognition (Tables)

9 Months Ended

Oct. 29, 2022

Revenue from Contract with Customer [Abstract]

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


	October 29, 2022			January 29, 2022
Right of return assets, which are included in prepaid expenses and other	$	2,729		$	2,142
Estimated gift card contract liability, net of breakage		(22,147	)		(23,128	)
Estimated loyalty contract liability, net of breakage		(5,585	)		(7,211	)
Sales return liabilities, which are included in accrued expenses		(4,073	)		(3,197	)

Schedule of Revenue by Departments


		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		October 29,			October 30,			October 29,			October 30,
Department	Product Offerings	2022			2021			2022			2021
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		12.6	%		12.6	%		13.5	%		13.9	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		10.5	%		9.1	%		8.2	%		7.4	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		6.8	%		7.7	%		10.2	%		11.3	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		7.2	%		6.4	%		6.7	%		6.3	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		54.9	%		55.4	%		55.0	%		53.7	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		8.0	%		8.8	%		6.4	%		7.4	%
Total			100.0	%		100.0	%		100.0	%		100.0	%

Property and Equipment (Tables)

9 Months Ended

Oct. 29, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment as of October 29, 2022 and January 29, 2022 were as follows:


	October 29,			January 29,
	2022			2022
Furniture, fixtures, and equipment	$	128,593		$	115,597
Leasehold improvements		156,801			143,064
Construction in progress		19,657			5,007
Total property and equipment, gross		305,051			263,668
Less accumulated depreciation and amortization		(158,020	)		(135,364	)
Total property and equipment, net	$	147,031		$	128,304

Accrued Expenses (Tables)

9 Months Ended

Oct. 29, 2022

Payables and Accruals [Abstract]

Components of Accrued Expenses


	October 29,		January 29,
	2022		2022
Book overdraft	$	11,139	$	16,252
Unearned revenue		37,603		42,058
Accrued payroll and related expenses		17,125		26,309
Sales and use tax payable		7,854		8,788
Accrued construction costs		942		416
Other		18,391		15,189
Total accrued expenses	$	93,054	$	109,012

Leases (Tables)

9 Months Ended

Oct. 29, 2022

Leases [Abstract]

Summary of lease expense

In accordance with ASC 842, total lease expense was comprised of the following:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
Operating lease expense	$	14,729	$	14,365	$	43,674	$	42,067
Variable lease expense		4,635		4,173		13,697		12,730
Short-term lease expense		337		398		921		878
Total lease expense	$	19,701	$	18,936	$	58,292	$	55,675

Schedule of other information

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


	Thirty-Nine Weeks Ended
	October 29,			October 30,
	2022			2021
Operating cash flows from operating leases	$	(47,402	)	$	(44,094	)


	As of October 29,			As of October 30,
	2022			2021
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	46,050		$	27,979
Terminated right-of-use assets and liabilities		—			—
Weighted-average remaining lease term - operating leases		5.83			5.83
Weighted-average discount rate - operating leases		8.06	%		8.29	%

Schedule of maturities of operating lease liabilities

In accordance with ASC 842, maturities of operating lease liabilities as of October 29, 2022 were as follows:


	Operating
Year Endings:	Leases
2022 (remainder)	$	16,359
2023		66,188
2024		58,391
2025		51,831
2026		46,666
Thereafter		174,520
Undiscounted cash flows	$	413,955
Reconciliation of lease liabilities:
Present values	$	304,535
Lease liabilities - current		43,440
Lease liabilities - noncurrent		261,095
Lease liabilities - total	$	304,535
Difference between undiscounted and discounted cash flows	$	109,420

Stockholders' Equity (Tables)

9 Months Ended

Oct. 29, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
Net income	$	12,877	$	21,863	$	29,489	$	50,036
Weighted-average shares of common stock outstanding:
Basic		38,414		43,878		41,438		43,809
Dilutive effect of common stock equivalents		267		704		234		662
Diluted		38,681		44,582		41,672		44,471
Basic earnings per share	$	0.34	$	0.50	$	0.71	$	1.14
Diluted earnings per share	$	0.33	$	0.49	$	0.71	$	1.13
Restricted stock units considered anti-dilutive and excluded in the calculation		136		8		171		26

Stock-Based Compensation (Tables)

9 Months Ended

Oct. 29, 2022

Share-Based Payment Arrangement [Abstract]

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 29, 2022		487		$	5.13
Grants		188			10.88
Forfeitures		(169	)		7.93
Vested		(168	)		3.49
Balance at October 29, 2022		338		$	7.75


				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 30, 2021		624		$	5.13
Grants		—			—
Forfeitures		(111	)		5.14
Vested		(22	)		4.91
Balance at October 30, 2021		491		$	5.13

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 29, 2022		929		$	11.56
Grants		424			10.81
Forfeitures		(173	)		11.12
Vested		(317	)		9.40
Balance at October 29, 2022		863		$	12.07


				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 30, 2021		779		$	5.19
Grants		359			17.44
Forfeitures		(191	)		7.72
Vested		(330	)		5.54
Balance at October 30, 2021		617		$	11.37

Fair Value Measurements (Tables)

9 Months Ended

Oct. 29, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value measurements of the Company on a recurring basis

Fair Value as of

Fair Value as of

Asset

Type

Measurement Level

October 29, 2022

January 29, 2022

Short-term Investments (1)

Cash and Cash Equivalents (2)

Level 1

—

55,000

(1)

Fair value approximates carrying value because maturities are less than three months.

(2)

Cash equivalents are money market funds held by the Company.

Description of Business and Basis of Presentation (Details)	9 Months Ended
	Oct. 29, 2022 Segment Store State
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores \| Store	130
Number of states \| State	30
Number of reportable segments	1
Number of Operating Segments	1

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Oct. 29, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	May 27, 2022
Accounting standards update [extensible enumeration]	us-gaap:AccountingStandardsUpdate202004Member

- Definition

Indicates amendment to accounting standards.

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-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL120254519-210437

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL120254526-165497

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

+ Details

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Revenue from Contract with Customer [Abstract]
Gift card historical breakage (as a percent)			4.00%
Redemption period			2 years
Breakage of loyalty reward (as a percent)			25.00%
Gift breakage income	$ 333	$ 275	$ 1,118	$ 948
Recognized customer loyalty program breakage income	829	$ 1,581	2,425	$ 4,202
Recognized revenues relating to contract liabilities	$ 3,021		$ 18,404
Revenue from contract with customer liability recognition period			2 years

Revenue Recognition - Contract balances (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Right of return assets, which are included in prepaid expenses and other	$ 2,729	$ 2,142
Sales return liabilities, which are included in accrued expenses	(4,073)	(3,197)
Gift Card
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	(22,147)	(23,128)
Loyalty Reward Program
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (5,585)	$ (7,211)

Revenue Recognition - Disaggregation of revenue from contracts with customers (Details)	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	100.00%	100.00%	100.00%	100.00%
Camping
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	12.60%	12.60%	13.50%	13.90%
Apparel
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	10.50%	9.10%	8.20%	7.40%
Fishing
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	6.80%	7.70%	10.20%	11.30%
Footwear
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	7.20%	6.40%	6.70%	6.30%
Hunting and Shooting
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	54.90%	55.40%	55.00%	53.70%
Optics, Electronics, Accessories, and Other
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	8.00%	8.80%	6.40%	7.40%

Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 305,051	$ 263,668
Less accumulated depreciation and amortization	(158,020)	(135,364)
Total property and equipment, net	147,031	128,304
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	128,593	115,597
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	156,801	143,064
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 19,657	$ 5,007

Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022
Payables and Accruals [Abstract]
Book overdraft	$ 11,139	$ 16,252
Unearned revenue	37,603	42,058
Accrued payroll and related expenses	17,125	26,309
Sales and use tax payable	7,854	8,788
Accrued construction costs	942	416
Other	18,391	15,189
Total accrued expenses	$ 93,054	$ 109,012

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 29, 2022	Dec. 08, 2022	Jan. 29, 2022
Lessee, Lease, Description [Line Items]
Options to extend		true
Increase in ROU assets and operating lease liabilities	$ 22,078	$ 46,050
Lease liabilities - noncurrent	$ 261,095	$ 261,095		$ 236,227
Subsequent Events
Lessee, Lease, Description [Line Items]
Lease liabilities - noncurrent			$ 41,800
Lease term			10 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	15 years	15 years

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Leases [Abstract]
Operating lease expense	$ 14,729	$ 14,365	$ 43,674	$ 42,067
Variable lease expense	4,635	4,173	13,697	12,730
Short-term lease expense	337	398	921	878
Total lease expense	$ 19,701	$ 18,936	$ 58,292	$ 55,675

Leases - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases - Cash paid for lease liabilities - operating leases	$ (47,402)	$ (44,094)
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$ 46,050	$ 27,979
Weighted-average remaining lease term - operating leases	5 years 9 months 29 days	5 years 9 months 29 days
Weighted-average discount rate - operating leases	8.06%	8.29%

Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022 (remainder)	$ 16,359
2023	66,188
2024	58,391
2025	51,831
2026	46,666
Thereafter	174,520
Undiscounted cash flows	413,955
Reconciliation of lease liabilities:
Lease liabilities - current	43,440	$ 40,924
Lease liabilities - noncurrent	261,095	$ 236,227
Lease liabilities - total	304,535
Difference between undiscounted and discounted cash flows	$ 109,420

Revolving Line Of Credit (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Revolving Line Of Credit (Details) - USD ($) $ in Thousands	May 27, 2022	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Jan. 29, 2022
Line Of Credit Facility [Line Items]
Capitalization of fees paid	$ 508
Gross borrowings under revolving line of credit		$ 409,465	$ 477,879	$ 1,161,959	$ 1,270,059
Gross paydowns under revolving line of credit		396,192	441,531	1,121,716	1,197,001
Wells Fargo Senior Secured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000
Line of credit facility, amount outstanding		120,181		120,181		$ 76,976
Amounts in depository under lock-box arrangements		15,117		$ 15,117		10,923
Revolving credit facility, covenant term				The Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base and contains customary events of default.
Line of credit, maturity date				May 27, 2027
Deferred financing fees outstanding		695		$ 695		$ 333
Amortization of deferred financing fees		$ 38	$ 63	$ 146	$ 188
Wells Fargo Senior Secured Revolving Credit Facility \| Minimum
Line Of Credit Facility [Line Items]
Commitment fee				0.20%
Line of credit facility gross borrowing base percentage				10.00%
Wells Fargo Senior Secured Revolving Credit Facility \| Maximum
Line Of Credit Facility [Line Items]
Commitment fee				0.225%
Wells Fargo Senior Secured Revolving Credit Facility \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Basis spread (as a percent)				0.50%
Wells Fargo Senior Secured Revolving Credit Facility \| Floor rate
Line Of Credit Facility [Line Items]
Interest rate		0.00%		0.00%
Wells Fargo Senior Secured Revolving Credit Facility \| SOFR
Line Of Credit Facility [Line Items]
Basis spread (as a percent)				1.00%
Wells Fargo Senior Secured Revolving Credit Facility \| SOFR \| Minimum
Line Of Credit Facility [Line Items]
Basis spread (as a percent)				1.35%
Wells Fargo Senior Secured Revolving Credit Facility \| SOFR \| Maximum
Line Of Credit Facility [Line Items]
Basis spread (as a percent)				1.60%
Wells Fargo Senior Secured Revolving Credit Facility \| Base Rate \| Minimum
Line Of Credit Facility [Line Items]
Basis spread (as a percent)				0.25%
Wells Fargo Senior Secured Revolving Credit Facility \| Base Rate \| Maximum
Line Of Credit Facility [Line Items]
Basis spread (as a percent)				0.50%
Wells Fargo Stand-by Commercial Letters of Credit
Line Of Credit Facility [Line Items]
Net borrowing available under revolving line of credit		$ 1,967		$ 1,967

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,436	$ 7,372	$ 10,012	$ 16,519
Effective tax rate	25.60%	25.20%	25.30%	24.80%
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

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Mar. 24, 2022	Jan. 29, 2022
Earnings Per Share [Abstract]
Net income	$ 12,877	$ 21,863	$ 29,489	$ 50,036
Weighted-average shares of common stock outstanding:
Basic	38,414	43,878	41,438	43,809
Dilutive effect of common stock equivalents	267	704	234	662
Diluted	38,681	44,582	41,672	44,471
Basic earnings per share	$ 0.34	$ 0.50	$ 0.71	$ 1.14
Diluted earnings per share	$ 0.33	$ 0.49	$ 0.71	$ 1.13
Restricted stock units considered anti-dilutive and excluded in the calculation	136	8	171	26
Repurchase program					$ 75,000
Common stock, par value	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Repurchase of treasury stock (in shares)	1,200		6,500
Repurchase of treasury stock	$ 10,354		$ 62,411

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Jan. 30, 2016
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation			$ 3,526	$ 2,236
Nonvested Performance-Based Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares subject to award	376,000		376,000
Issuance of nonvested stock units			188,000
Nonvested stock issued, weighted average grant date fair value per share			$ 10.88
Employees \| Nonvested Performance-Based Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of nonvested stock units	0	0	188,000
Nonvested stock issued, weighted average grant date fair value per share			$ 10.88
Employees \| Nonvested Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years	3 years
Vesting percentage	0.33%	0.33%	0.33%	0.33%
Employees and Directors \| Nonvested Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of nonvested stock units	6,000	110,000	424,000	359,000
Nonvested stock issued, weighted average grant date fair value per share	$ 10.06	$ 17.44	$ 10.81	$ 17.44
Directors \| Nonvested Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months	12 months	12 months	12 months
Vesting percentage	0.083%	0.083%	0.083%	0.083%
Employee Stock Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for awards	310,000		310,000
Maximum number of shares subject to award					800,000
Issuance of common stock for cash per employee stock purchase plan (in shares)	0
2019 plan \| Employee Stock Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for awards	1,744,000		1,744,000
Number of awards outstanding	1,202,000		1,202,000
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 1,077	$ 194	$ 3,526	$ 2,236

Stock-Based Compensation - Additional Information (Details) - $ / shares shares in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Nonvested Performance-Based Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Shares	487	624
Grants, Shares	188
Forfeitures, Shares	(169)	(111)
Vested, Shares	(168)	(22)
Ending balance, Shares	338	491
Beginning balance, Weighted average grant-date fair value	$ 5.13	$ 5.13
Grants, Weighted average grant-date fair value	10.88
Forfeitures, Weighted average grant-date fair value	7.93	5.14
Vested, Weighted average grant-date fair value	3.49	4.91
Ending balance, Weighted average grant-date fair value	$ 7.75	$ 5.13
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Shares	929	779
Grants, Shares	424	359
Forfeitures, Shares	(173)	(191)
Vested, Shares	(317)	(330)
Ending balance, Shares	863	617
Beginning balance, Weighted average grant-date fair value	$ 11.56	$ 5.19
Grants, Weighted average grant-date fair value	10.81	17.44
Forfeitures, Weighted average grant-date fair value	11.12	7.72
Vested, Weighted average grant-date fair value	9.40	5.54
Ending balance, Weighted average grant-date fair value	$ 12.07	$ 11.37

Fair Value Measurements (Details) $ in Thousands	Jan. 29, 2022 USD ($)
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 55,000