0000950170-24-041618 | 10-K | XBRL Viewer | Sportsmans Warehouse Holdings INC

Summary of Significant Accounting Policies - Revenue Recognition Accounting Policy (Details) $ in Thousands	12 Months Ended
	Feb. 03, 2024 USD ($)
Accounting Policies [Abstract]
Gift card historical breakage (as a percent)	4.00%
Gift card escheat liability	$ 0
Redemption Period	2 years
Breakage of loyalty reward (as a percent)	20.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of its four wholly owned subsidiaries, Sportsman’s Warehouse, Inc. (“Sportsman’s Warehouse”), Pacific Flyway Wholesale, LLC (“Pacific Flyway”), Sportsman’s Warehouse Southwest, Inc., and Minnesota Merchandising Corporation. All intercompany transactions and accounts have been eliminated in consolidation.

Fiscal Year

The Company operates using a 52/53-week fiscal year ending on the Saturday closest to January 31. Fiscal year 2023 ended February 3, 2024 and contained 53 weeks of operations. Fiscal year 2022 ended January 28, 2023 and contained 52 weeks of operations. Fiscal year 2021 ended January 29, 2022 and contained 52 weeks of operations.

Seasonality

The Company’s business is generally seasonal, with a moderately higher portion of total sales occurring during the third and fourth quarters of the fiscal year.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Segment Reporting

The Company operates solely as a sporting goods retailer whose Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated and individual store and cost center basis, for purposes of allocating resources and evaluating financial performance. The Company’s stores typically have similar square footage and offer essentially the same general product mix. The Company’s core customer demographic remains similar chainwide, as does the Company’s process for the procurement and marketing of its product mix. The Company distributes its product mix chainwide from a single distribution center. Furthermore, the Company also operates an e-commerce platform at www.sportsmans.com. Given that the stores and e-commerce platform have the same economic characteristics, the Company's stores and website are aggregated into one operating and reportable segment.

Cash and Cash Equivalents

The Company considers cash on hand in stores and operating accounts as cash. Checks issued pending bank clearance that result in overdraft balances for accounting purposes are classified as accrued expenses in the

accompanying consolidated balance sheets. Cash equivalents consist of short-term money market securities with maturities less than three months from the time of investment.

In accordance with the terms of a financing agreement (Note 7), the Company maintains depository accounts with two banks in a lock-box or similar arrangement. Deposits into these accounts are used to reduce the outstanding balance on the line of credit as soon as the respective bank allows the funds to be transferred to the financing company. At February 3, 2024 and January 28, 2023, the combined balance in these accounts was $9,230 and $9,389, respectively. Accordingly, for fiscal year 2023 and fiscal year 2022 these amounts have been classified as a reduction in the line of credit as if the transfers had occurred on February 3, 2024 and January 28, 2023, respectively.

Accounts Receivable

The Company offers credit terms on the sale of products to certain government and corporate retail customers and requires no collateral from these customers. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for credit losses based upon historical experience and a specific review of accounts receivable at the end of each period. Actual bad debts may differ from these estimates and the difference could be significant. At February 3, 2024 and January 28, 2023, the Company had no allowance for credit losses.

Merchandise Inventories

The Company measures its inventory at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. The Company estimates a provision for inventory shrinkage based on its historical inventory accuracy rates as determined by periodic cycle counts. The Company also adjusts inventory for obsolete, slow moving, or damaged inventory based on inventory activity thresholds and by specific identification of certain slow moving or obsolete inventory. The inventory write downs for shrinkage, damage, or obsolescence totaled $8,827 and $9,436 at February 3, 2024 and January 28, 2023, respectively.

Property and Equipment

Property and equipment are recorded at cost. Leasehold improvements primarily include the cost of improvements funded by landlord incentives or allowances. Maintenance, repairs, minor renewals, and betterments are expensed as incurred. Major renewals and betterments are capitalized. Upon retirement or disposal of assets, the cost and accumulated depreciation and amortization are eliminated from the respective accounts and the related gains or losses are credited or charged to earnings.

Depreciation and amortization of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the useful lives of the improvements or the term of the lease. Furniture, fixtures, and equipment, are depreciated over useful lives ranging from three to ten years.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets with definite lives for impairment whenever events or changes in circumstances may indicate that the carrying value of an asset may not be recoverable. The Company uses an estimate of the future undiscounted net cash flows of the related asset or group of assets over their remaining useful lives in measuring whether the assets are recoverable. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset. Impairment of long-lived assets is assessed at the lowest levels for which there are identifiable cash flows that are independent of other groups of assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less the estimated costs to sell. There were no impairment charges relating to long-lived assets that were recorded during the fiscal years ended February 3, 2024, January 28, 2023 and January 29, 2022.

Goodwill

At least annually, during the fourth quarter, or when events and circumstances warrant an evaluation, the Company performs its impairment assessment of goodwill. This assessment permits an entity to initially perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the quantitative goodwill impairment test. If an entity concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it would not need to perform the impairment test for the reporting unit.

If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the impairment analysis is performed, which incorporates a fair-value based approach. The Company determines the fair value of its reporting units based on discounted cash flows and market approach analyses as considered necessary. The Company considers factors such as the economy, reduced expectations for future cash flows coupled with a decline in the market price of its stock and market capitalization for a sustained period as indicators for potential goodwill impairment. If the reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. No impairment charge to goodwill was recorded during the fiscal years ended February 3, 2024, January 28, 2023 and January 29, 2022.

Prepaid Expenses and Other

Prepaid expenses and other primarily consists of prepaid expenses, vendor rebates receivable, vendor advertising receivables, right of return assets, and miscellaneous deposits.

Leases

In accordance with ASC 842, the Company determines if an arrangement is a lease at inception. The Company has operating leases for the Company’s retail stores, distribution center, and corporate office. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent, on the consolidated balance sheet. Lease liabilities are initially recorded at the present value of the lease payments by discounting the lease payments by the Company's incremental borrowing rate (“IBR”) and then recording accretion over the lease term using the effective interest method. Operating lease classification results in a straight-line expense recognition pattern over the lease term and recognized lease expense as a single expense component, which results in amortization of the ROU asset that equals the difference between lease expense and interest expense. Operating lease expense is included in selling, general and administrative expense, based on the use of the leased asset, on the consolidated statement of operations. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are not material; the Company recognizes lease expense for these leases on a straight-line basis over the remaining lease term.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the reasonably certain lease term. As the Company’s leases generally do not provide an implicit rental rate, the Company uses an IBR to determine the present value of future rental payments. The IBR is determined by using the Company’s credit rating to develop a yield curve that approximates the Company’s market risk profile. The operating lease ROU asset also includes any prepaid lease payments made by the tenant and is reduced by lease incentives such as tenant improvement allowances. The operating lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

See Note 5 for further discussion on leases.

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 immaterial credit for 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 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. 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 recognizes revenue for the breakage of loyalty reward points as revenue in proportion to the pattern of customer redemption of the points by applying an estimated breakage rate of 20% using historical rates and future expectations.

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). Revenue associated with shipping and handling is not material. 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 February 3, 2024 and January 28, 2023:


	February 3, 2024			January 28, 2023
Right of return assets, which are included in prepaid expenses and other	$	1,659		$	1,951
Estimated gift card contract liability, net of breakage		(30,541	)		(29,174	)
Estimated loyalty contract liability, net of breakage		(4,340	)		(5,383	)
Sales return liabilities, which are included in accrued expenses		(2,476	)		(2,912	)

For the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, the Company recognized $1,655, $1,573, and $1,606 in gift card breakage, respectively. For the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, the Company recognized $3,125, $3,126, and $5,769, in loyalty reward breakage, respectively. The impact of these adjustments on the statement of cash flow for the year ended February 3, 2024 were recorded in cash provided by operating activities. For the fiscal years ended February 3, 2024, January 28, 2023 and January 29, 2022 the Company recognized $19,647, $20,656, and $17,167 of revenue related to the beginning contract liability from the previous year.

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 fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, was approximately:


		Fiscal year Ended
		February 3,			January 28,			January 29,
Department	Product Offerings	2024			2023			2022
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		11.2	%		12.5	%		13.1	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		8.8	%		9.3	%		8.4	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		8.9	%		8.9	%		10.0	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		7.2	%		7.3	%		6.8	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		57.4	%		54.9	%		54.2	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		6.5	%		7.1	%		7.5	%
Total			100.0	%		100.0	%		100.0	%

Cost of Goods Sold

Cost of goods sold primarily consists of merchandise acquisition costs, including freight-in costs, shipping costs, terms discounts received from the vendor and vendor allowances and rebates associated directly with merchandise. Vendor allowances include allowances and rebates received from vendors. The Company records an estimate of earned allowances based on purchase volumes. These funds are determined for each fiscal year, and the majority is based on various quantitative contract terms. Amounts expected to be received from vendors relating to purchase of merchandise inventories are recognized as a reduction of cost of goods sold as the merchandise is sold. Historical program results and current purchase volumes are reviewed when establishing the estimate for earned allowances.

Shipping and Handling Fees and Costs

All shipping and handling fees billed to customers are recorded as a component of net sales. All costs incurred related to the shipping and handling of products are recorded in cost of sales.

Vendor Allowances

Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation and advertising reimbursements received from vendors under the terms of specific arrangements with certain vendors. Vendor allowances related to merchandise are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases.

Health Insurance

The Company maintains for its employees a partially self-funded health insurance plan. The Company maintains stop-loss insurance through an insurance company with a $150 per person deductible and aggregate claims limit above a predetermined threshold. The Company intends to maintain this plan indefinitely. However, the plan may be terminated, modified, suspended, or discontinued at any time for any reason specified by the Company.

The Company has established reserve amounts based upon claims history and estimates of claims that have been incurred but not reported (“IBNR”) for this plan. As of February 3, 2024, and January 28, 2023, the Company estimated the IBNR for this plan to be $1,357 and $1,603, respectively. Actual claims may differ from the estimate and such difference could be significant. These reserves are included in accrued expenses in the accompanying consolidated balance sheets.

Workers Compensation Insurance

The Company maintains for its employees a high-deductible workers compensation plan. The Company maintains stop-loss insurance through an insurance company with a $150 per claim deductible and aggregate claims limit above a predetermined threshold. The Company intends to maintain this plan indefinitely. However, the plan may be terminated, modified, suspended, or discontinued at any time for any reason specified by the Company.

The Company has established reserve amounts based upon claims history and estimates of IBNR for this plan. As of February 3, 2024, and January 28, 2023, the Company estimated the IBNR for this plan to be $1,450 and $1,297, respectively, related to the workers compensation plan. Actual claims may differ from the estimate and such difference could be significant. These reserves are included in accrued expenses in the accompanying consolidated balance sheets.

Advertising

Costs for newspaper, television, radio, and other advertising are expensed in the period in which the advertising occurs. The Company participates in various advertising and marketing cooperative programs with its vendors, who, under these programs, reimburse the Company for certain costs incurred. Payments received under these cooperative programs are recorded as a decrease to expense in the period that the advertising occurred. For the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, net advertising expenses totaled $20,883, $23,816, and $20,537, respectively. These amounts are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Stock-Based Compensation

Compensation expense is estimated based on grant date fair value on a straight-line basis over the requisite service or offering period. Costs associated with awards are included in compensation expense as a component of selling, general, and administrative expenses.

Income Taxes

The Company recognizes a deferred income tax liability or deferred income tax asset for the future tax consequences attributable to differences between the financial statement basis of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided against deferred income tax assets when it is more likely than not that all or some portion of the deferred income tax assets will not be realized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant tax authorities, based on the technical merits of the position. Interest and potential penalties are accrued related to unrecognized tax benefits in the provision for income taxes.

Fair Value of Financial Instruments

As of February 3, 2024, and January 28, 2023, the carrying amounts of financial instruments except for long-term debt approximate fair value because of the general short-term nature of these instruments. The carrying amounts of long-term variable rate debt approximate fair value as the terms are consistent with market terms for similar debt instruments.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by 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.

Comprehensive Income

The Company has no components of income that would require classification as other comprehensive income for the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022.

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 Issued Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 73,828
2025	69,327
2026	64,555
2027	57,027
2028	50,015
Thereafter	154,173
Undiscounted cash flows	468,925
Reconciliation of lease liabilities:
Lease liabilities - current	48,693	$ 45,465
Lease liabilities - noncurrent	307,000	$ 260,479
Lease liabilities - total	355,693
Difference between undiscounted and discounted cash flows	$ 113,232

Leases (Tables)

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Summary of lease expense

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


	Fiscal Year Ended
	February 3,		January 28,		January 29,
	2024		2023		2022
Operating lease expense	$	66,213	$	58,562	$	56,293
Variable lease expense		22,632		18,740		17,252
Short-term lease expense		1,194		1,200		1,325
Total lease expense	$	90,039	$	78,502	$	74,870

Schedule of other information

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


	Fiscal Year Ended
	February 3,			January 28,			January 29,
	2024			2023			2022
Operating cash flows from operating leases	$	(69,972	)	$	(63,783	)	$	(59,502	)
Cash paid for lease liabilities - operating leases		(69,972	)		(63,783	)		(59,502	)

	As of February 3,			As of January 28,			As of January 29,
	2024			2023			2022
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	58,000		$	54,243		$	39,437
Terminated right-of-use assets and liabilities		—			—			—
Weighted-average remaining lease term - operating leases		5.85			5.75			5.83
Weighted-average discount rate - operating leases		7.72	%		7.96	%		8.29	%

Schedule of maturities of operating lease liabilities

In accordance with ASC 842, maturities of operating lease liabilities as of February 3, 2024 were as follows:


	Operating
Fiscal Year Endings:	Leases
2024	$	73,828
2025		69,327
2026		64,555
2027		57,027
2028		50,015
Thereafter		154,173
Undiscounted cash flows	$	468,925
Reconciliation of lease liabilities:
Present values	$	355,693
Lease liabilities - current		48,693
Lease liabilities - noncurrent		307,000
Lease liabilities - total	$	355,693
Difference between undiscounted and discounted cash flows	$	113,232

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Cash flows from operating activities:
Net (loss) income	$ (28,997)	$ 40,518	$ 108,470
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation of property and equipment	38,947	31,710	26,200
Amortization of deferred financing fees	154	184	251
Amortization of definite lived intangible	62	66	26
Noncash lease expense	17,099	28,582	31,536
Deferred income taxes	(10,049)	3,765	5,345
Stock-based compensation	4,237	4,673	3,328
Change in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net	(67)	(116)	(1,356)
Operating lease liabilities	(8,134)	(25,336)	(26,479)
Merchandise inventories	44,418	(12,568)	(143,126)
Prepaid expenses and other	2,093	(46)	(7,093)
Accounts payable	1,786	(1,509)	(20,382)
Accrued expenses	(8,477)	(14,561)	(2,929)
Income taxes payable and receivable	(806)	(8,568)	4,583
Net cash provided by (used in) operating activities	52,266	46,794	(21,626)
Cash flows from investing activities:
Purchase of property and equipment, net of amounts acquired	(79,895)	(63,511)	(53,452)
Proceeds from sale-leaseback transactions		2,923
Net cash used in investing activities	(79,895)	(60,588)	(53,452)
Cash flows from financing activities:
Net borrowings on line of credit	38,540	21,449	66,054
Increase (Decrease) in book overdraft, net	(6,362)	4,471	2,806
Proceeds from issuance of common stock per employee stock purchase plan	796	894
Payment of withholdings on restricted stock units	(1,845)	(2,393)	(2,289)
Payments to acquire treasury stock	(2,748)	(64,748)
Payment of deferred financing costs		(508)
Net cash provided by (used in) financing activities	28,381	(40,835)	66,571
Net change in cash and cash equivalents	752	(54,629)	(8,507)
Cash and cash equivalents at beginning of period	2,389	57,018	65,525
Cash and cash equivalents at end of period	3,141	2,389	57,018
Cash paid during the period for:
Interest, net of amounts capitalized	12,092	3,396	1,380
Income taxes, net of refunds	1,646	18,154	25,841
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	58,000	54,243	39,437
Purchases of property and equipment included in accounts payable and accrued expenses	$ 334	$ 9,416	$ 3,821

Nature of Business

12 Months Ended

Feb. 03, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

(1) Nature of Business

Description of Business

Sportsman’s Warehouse Holdings, Inc. (“Holdings”), a Delaware corporation, and subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of February 3, 2024, the Company operated 146 stores in 32 states.

Common Stock (Details)	12 Months Ended
Common Stock (Details)	Feb. 03, 2024 Item
Equity [Abstract]
Vote per share of common stock.	1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated (deficit) earnings
Balance, shares at Jan. 30, 2021		43,623,000
Balance at Jan. 30, 2021	$ 204,660	$ 436		$ 89,815	$ 114,409
Vesting of restricted stock units (in shares)		257,000
Vesting of restricted stock units		$ 3		(3)
Payment of withholdings on restricted stock units	(2,289)			(2,289)
Stock based compensation	3,328			3,328
Net (loss) income	108,470				108,470
Balance, shares at Jan. 29, 2022		43,880,000
Balance at Jan. 29, 2022	314,169	$ 439		90,851	222,879
Repurchase of treasury stock (in shares)			6,797,000
Repurchase of treasury stock	(64,748)		$ (64,748)
Retirement of treasury stock (in shares)		(6,797,000)	(6,797,000)
Retirement of treasury stock		$ (68)	$ 64,748	(14,278)	(50,402)
Vesting of restricted stock units (in shares)		354,000
Vesting of restricted stock units		$ 3		(3)
Payment of withholdings on restricted stock units	(2,393)			(2,393)
Issuance of common stock for cash per employee stock purchase plan (in shares)		104,000
Issuance of common stock for cash per employee stock purchase plan	894	$ 1		893
Stock based compensation	4,673			4,673
Net (loss) income	$ 40,518				40,518
Balance, shares at Jan. 28, 2023	37,541,000	37,541,000
Balance at Jan. 28, 2023	$ 293,113	$ 375		79,743	212,995
Repurchase of treasury stock (in shares)			529,000
Repurchase of treasury stock	(2,748)		$ (2,748)
Retirement of treasury stock (in shares)		(529,000)	(529,000)
Retirement of treasury stock		$ (5)	$ 2,748	(1,128)	(1,615)
Vesting of restricted stock units (in shares)		375,000
Vesting of restricted stock units		$ 4		(4)
Payment of withholdings on restricted stock units	(1,845)			(1,845)
Issuance of common stock for cash per employee stock purchase plan (in shares)		142,000
Issuance of common stock for cash per employee stock purchase plan	796	$ 1		795
Stock based compensation	4,237			4,237
Net (loss) income	$ (28,997)				(28,997)
Balance, shares at Feb. 03, 2024	37,529,000	37,529,000
Balance at Feb. 03, 2024	$ 264,556	$ 375		$ 81,798	$ 182,383

Property and Equipment (Tables)

12 Months Ended

Feb. 03, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following as of February 3, 2024 and January 28, 2023:


	February 3,			January 28,
	2024			2023
Furniture, fixtures, and equipment	$	170,713		$	138,004
Leasehold improvements		226,787			170,494
Construction in progress		1,367			20,875
Total property and equipment, gross		398,867			329,373
Less accumulated depreciation and amortization		(204,415	)		(166,787	)
Total property and equipment, net	$	194,452		$	162,586

Stock-Based Compensation (Details) - $ / shares shares in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023
Nonvested Performance-Based Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Shares	313	487
Grants, Shares	36	188
Forfeitures, Shares	(98)	(194)
Vested, Shares	(221)	(168)
Ending balance, Shares	30	313
Beginning balance, Weighted average grant-date fair value	$ 7.72	$ 5.13
Grants, Weighted average grant-date fair value	8.4	10.88
Forfeitures, Weighted average grant-date fair value	10.94	7.95
Vested, Weighted average grant-date fair value	6.2	3.49
Ending balance, Weighted average grant-date fair value	$ 9.03	$ 7.72
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Shares	721	929
Grants, Shares	1,219	444
Forfeitures, Shares	(449)	(226)
Vested, Shares	(433)	(426)
Ending balance, Shares	1,058	721
Beginning balance, Weighted average grant-date fair value	$ 12.16	$ 11.56
Grants, Weighted average grant-date fair value	6.34	10.77
Forfeitures, Weighted average grant-date fair value	10.22	11.15
Vested, Weighted average grant-date fair value	10.07	9.94
Ending balance, Weighted average grant-date fair value	$ 7.13	$ 12.16

Stock-Based Compensation

12 Months Ended

Feb. 03, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(11) Stock-Based Compensation

Stock-Based Compensation

The Company recognized total stock-based compensation expense, including expense relating to the employee stock purchase plan, of $4,237, $4,673, and $3,328, during fiscal years 2023, 2022, and 2021, respectively. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the consolidated statements of operations. As of February 3, 2024, and January 28, 2023, the Company had $5,985 and $7,537, respectively, remaining in unrecognized compensation costs, respectively.

Employee Stock Plans

As of February 3, 2024, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,113. As of February 3, 2024, there were 758 awards outstanding under the 2019 Plan. All shares granted during fiscal year 2023 were newly issued shares. All subsequent awards were, and all future awards are expected to be, granted under the 2019 Plan.

Inducement Plan

On September 21, 2023, the Company's Board of Directors adopted and approved the Sportsman’s Warehouse Holdings, Inc. Inducement Plan (the “Inducement Plan”) to reserve 1,000 shares of the Company’s common stock to be used exclusively for grants of awards to individuals that were not previously employees or directors of the Company (or following a bona fide period of non-employment) as an inducement material to the individual's entering into employment with the Company in accordance with Nasdaq Marketplace Rule 5635(c)(4). The Inducement Plan provides for the grant of options, stock appreciation rights, restricted stock, stock bonuses, stock units, restricted stock units, performance stock, deferred shares, phantom stock, dividend equivalent rights and other cash or share-based awards. Awards granted under the Inducement Plan must be approved by either a majority of the Company’s independent directors or the compensation committee of the Company’s Board of Directors. As of February 3, 2024, the number of shares available for awards under the Inducement Plan was 670. As of February 3, 2024, there were 330 unvested stock awards outstanding under the Inducement Plan.

Nonvested Performance-Based Stock Awards

During fiscal year 2023, the Company issued 36 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $8.40 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 2023, 2024, and 2025 performance targets for percentage of total return on invested capital and total operating income percentage. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is 72, and the “target” number of shares subject to the award is 36 as reported below. Following the end of the performance period (fiscal years 2023, 2024,

and 2025), 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 fiscal year 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 at the end of three years. The number of shares issued is contingent on management achieving a 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.

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 28, 2023		313		$	7.72
Grants		36			8.40
Forfeitures		(98	)		10.94
Vested		(221	)		6.20
Balance at February 3, 2024		30		$	9.03

				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 29, 2022		487		$	5.13
Grants		188			10.88
Forfeitures		(194	)		7.95
Vested		(168	)		3.49
Balance at January 28, 2023		313		$	7.72

Nonvested Stock Unit Awards

During the fiscal year 2023, the Company issued 1,219 nonvested stock units to employees of the Company and independent members of the Board of Directors at a weighted average grant date fair value of $6.34 per share. The shares issued to the independent members of the Board of Directors vest over 12 months with one twelfth vesting each month from the grant date. 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 fiscal year 2022, the Company issued 444 nonvested stock units to employees of the Company and independent members of the Board of Directors at a weighted average grant date fair value of $10.77 per share. The shares issued to the independent members of the Board of Directors vest over 12 months with one twelfth vesting each month from the grant date. 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:


				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 28, 2023		721		$	12.16
Grants		1,219			6.34
Forfeitures		(449	)		10.22
Vested		(433	)		10.07
Balance at February 3, 2024		1,058		$	7.13

				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 29, 2022		929		$	11.56
Grants		444			10.77
Forfeitures		(226	)		11.15
Vested		(426	)		9.94
Balance at January 28, 2023		721		$	12.16

As of February 3, 2024, and January 28, 2023, the weighted average grant date fair value of the outstanding shares was $7.13 and $12.16, respectively.

Revolving Line Of Credit (Details) - USD ($) $ in Thousands		12 Months Ended
Revolving Line Of Credit (Details) - USD ($) $ in Thousands	May 27, 2022	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Line Of Credit Facility [Line Items]
Capitalization of fees paid	$ 508
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		$ 135,272	$ 96,892
Amounts in depository under lock-box arrangements		$ 9,230	9,389
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		$ 503	657
Amortization of deferred financing fees		154	184	$ 251
Gross borrowings under revolving line of credit		1,458,076	1,558,928	1,731,998
Gross paydowns under revolving line of credit		1,432,841	$ 1,543,677	$ 1,656,140
Available for borrowings, subject to borrowing base restrictions		$ 88,300
Weighted average interest rate, outstanding		7.01%	5.86%
Wells Fargo Senior Secured Revolving Credit Facility \| Minimum
Line Of Credit Facility [Line Items]
Line of credit facility gross borrowing base percentage		10.00%
Commitment fee		0.20%
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%
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 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 Stand-by Commercial Letters of Credit
Line Of Credit Facility [Line Items]
Net borrowing available under revolving line of credit		$ 2,012

Nature of Business (Details)	Feb. 03, 2024 Store State
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores \| Store	146
Number of states \| State	32

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Feb. 03, 2024 USD ($) Segment Subsidiary	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of subsidiaries \| Subsidiary	4
Fiscal period duration	371 days	364 days	364 days
Number of reportable segments \| Segment	1
Number of operating segments \| Segment	1
Allowance for credit losses	$ 0	$ 0
Inventory write downs	8,827,000	9,436,000
Impairment charge to long-lived assets	0	0	$ 0
Impairment of goodwill	0	0	0
Stop-loss insurance maintained by health insurance company, deductible per person under health insurance	150,000
Reserve on claims included in accrued expenses	1,357,000	1,603,000
Stop-loss insurance maintained by workers compensation insurance company, deductible per person under workers compensation insurance	150,000
Workers compensation plan, estimated IBNR	1,450,000	1,297,000
Advertising Expense	20,883,000	23,816,000	20,537,000
Other comprehensive income, net of tax	$ 0	0	$ 0
Minimum
Significant Accounting Policies [Line Items]
Fiscal period duration	364 days
Furniture, fixtures, and equipment, estimated useful life	3 years
Maximum
Significant Accounting Policies [Line Items]
Fiscal period duration	371 days
Furniture, fixtures, and equipment, estimated useful life	10 years
Wells Fargo Senior Secured Revolving Credit Facility
Significant Accounting Policies [Line Items]
In Transit Deposits	$ 9,230,000	$ 9,389,000

Terminated Merger with Great Outdoors Group, LLC (Details) - Great Outdoors Group, LLC and Phoenix Merger Sub I, Inc $ in Millions	Dec. 02, 2021 USD ($)
Merger termination fee income	$ 55.0
Merger termination fees	$ 55.0

Sale Leaseback Transactions (Details) $ in Thousands	12 Months Ended
Sale Leaseback Transactions (Details) $ in Thousands	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($)	Feb. 03, 2024 Store
Sale Leaseback Transaction [Line Items]
Number of stores \| Store			146
Sale-leaseback transactions amount \| $		$ 0
Buildings \| Two Store Locations
Sale Leaseback Transaction [Line Items]
Number of sale-leaseback transactions \| Store			2
Tenant allowance received \| $	$ (2,923)

Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Current:
Federal	$ 203	$ 6,853	$ 23,107
State	643	2,737	7,312
Total current	846	9,590	30,419
Deferred:
Federal	(8,251)	3,602	5,133
State	(1,804)	158	217
Total deferred	(10,055)	3,760	5,350
Total income tax provision	$ (9,209)	$ 13,350	$ 35,769

- Definition

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

+ References + Details

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Operating cash flows from operating leases - Cash paid for lease liabilities - operating leases	$ (69,972)	$ (63,783)	$ (59,502)
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$ 58,000	$ 54,243	$ 39,437
Weighted-average remaining lease term - operating leases	5 years 10 months 6 days	5 years 9 months	5 years 9 months 29 days
Weighted-average discount rate - operating leases	7.72%	7.96%	8.29%

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Feb. 03, 2024

Payables and Accruals [Abstract]

Components of Accrued Expenses

Accrued expenses and other liabilities consist of the following at February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
Book overdraft	$	14,361	$	20,723
Unearned revenue		38,044		41,203
Accrued payroll and related expenses		10,507		15,820
Sales and use tax payable		5,170		5,896
Accrued construction costs		—		1,469
Other		15,583		14,865
Total accrued expenses	$	83,665	$	99,976

Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	$ 550	$ 550
Accumulated amortization	(223)	(161)
Net carrying amount	$ 327	$ 389
Domain Name
Finite-Lived Intangible Assets, Net [Abstract]
Amortization period	10 years	10 years
Gross carrying amount	$ 450	$ 450
Accumulated amortization	(181)	(132)
Net carrying amount	$ 269	$ 318
Intellectual Property
Finite-Lived Intangible Assets, Net [Abstract]
Amortization period	8 years	8 years
Gross carrying amount	$ 100	$ 100
Accumulated amortization	(42)	(29)
Net carrying amount	$ 58	$ 71

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Deferred tax assets:
Accrued liabilities	$ 555	$ 928
Operating lease liability	89,279	76,792
Gift card liability	2,622	1,992
Goodwill	507	589
Intangible asset	635	781
Inventories	3,322	3,109
Sales return reserve	205	241
Stock-based compensation	778	993
Tax credits	791
Net operating losses	15,474
Loyalty program	1,089	1,351
Total gross deferred tax assets	115,257	86,776
Deferred tax liabilities:
Depreciation	(35,872)	(27,742)
ROU asset	(77,654)	(67,417)
Prepaid expenses	(1,226)	(1,161)
Total gross deferred tax liabilities	(114,752)	(96,320)
Net deferred tax liability		$ (9,544)
Net deferred tax asset	$ 505

Leases

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Leases

(5) 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.

In the fiscal year ended February 3, 2024, the Company recorded a non-cash increase of $58,000, to ROU assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added.

The Company has certain retail locations at which the leases provide for variable payments for common area maintenance, property taxes, insurance and rental payments based on future sales volumes at the leased location, which are not measurable at the inception of the lease. The Company recognizes variable lease expense for these leases in the period incurred.

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:


	Fiscal Year Ended
	February 3,		January 28,		January 29,
	2024		2023		2022
Operating lease expense	$	66,213	$	58,562	$	56,293
Variable lease expense		22,632		18,740		17,252
Short-term lease expense		1,194		1,200		1,325
Total lease expense	$	90,039	$	78,502	$	74,870

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


	Fiscal Year Ended
	February 3,			January 28,			January 29,
	2024			2023			2022
Operating cash flows from operating leases	$	(69,972	)	$	(63,783	)	$	(59,502	)
Cash paid for lease liabilities - operating leases		(69,972	)		(63,783	)		(59,502	)

	As of February 3,			As of January 28,			As of January 29,
	2024			2023			2022
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	58,000		$	54,243		$	39,437
Terminated right-of-use assets and liabilities		—			—			—
Weighted-average remaining lease term - operating leases		5.85			5.75			5.83
Weighted-average discount rate - operating leases		7.72	%		7.96	%		8.29	%

In accordance with ASC 842, maturities of operating lease liabilities as of February 3, 2024 were as follows:


	Operating
Fiscal Year Endings:	Leases
2024	$	73,828
2025		69,327
2026		64,555
2027		57,027
2028		50,015
Thereafter		154,173
Undiscounted cash flows	$	468,925
Reconciliation of lease liabilities:
Present values	$	355,693
Lease liabilities - current		48,693
Lease liabilities - noncurrent		307,000
Lease liabilities - total	$	355,693
Difference between undiscounted and discounted cash flows	$	113,232

The Company has excluded in the table above approximately $13.8 million of leases (undiscounted basis) that were entered into as of April 4, 2024. These leases will commence in 2025 with lease terms of 10 years.

Retirement Plan

12 Months Ended

Feb. 03, 2024

Retirement Benefits [Abstract]

Retirement Plan

(15) Retirement Plan

The Company sponsors a profit-sharing plan (the “Plan”) for which Company contributions are based upon wages paid. As approved by the Board of Directors (the “Board”), the Company makes discretionary contributions to the Plan at rates determined by management. The Company made contributions of $1,706, $1,343, and $1,974, for the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively.

Revolving Line of Credit

12 Months Ended

Feb. 03, 2024

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 February 3, 2024, and January 28, 2023, the Company had $135,272 and $96,892, respectively, in outstanding revolving loans under the Revolving Line of Credit. Amounts outstanding are offset on the consolidated balance sheets by amounts in depository accounts under lock-box type arrangements, which were $9,230 and $9,389 as of February 3, 2024 and January 28, 2023, respectively. As of February 3, 2024, the Company had $88.3 million available for borrowing, calculated based upon certain borrowing base restrictions, and stand-by commercial letters of credit of $2,012 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 (as defined in the Credit Agreement), 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 Credit Agreement) plus 0.50% or (4) the one-month Term SOFR (as defined in the Credit Agreement) plus 1.00%. The applicable margin for loans under the Revolving Line of Credit, 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 Line of Credit, which will range from 0.20% to 0.225% per annum, depending on the average daily availability under the Revolving Line of Credit. The weighted average interest rate on the amounts outstanding under the revolving credit facility as of February 3, 2024 and January 28, 2023 was 7.01% and 5.86%, respectively.

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 February 3, 2024 and January 28, 2023, the Credit Agreement had $503 and $657, respectively in outstanding deferred financing fees. During fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, the Company recognized $154, $184 and $251, respectively, of non-cash interest expense in relation to the amortization of deferred financing fees.

As of February 3, 2024, January 28, 2023, and January 29, 2022, gross borrowings under the Revolving Line of Credit and the Company's prior revolving line of credit were $1,458,076, $1,558,928, and $1,731,998, respectively. As of February 3, 2024, January 28, 2023, and January 29, 2022, gross paydowns under the Revolving Line of Credit and the Company's prior revolving line of credit were $1,432,841, $1,543,677, and $1,656,140, 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 February 3, 2024, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Income Taxes - Additional Information (Details) - USD ($)	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0
Accrued interest and penalties	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Right of return assets, which are included in prepaid expenses and other	$ 1,659	$ 1,951
Sales return liabilities, which are included in accrued expenses	(2,476)	(2,912)
Gift breakage income	1,655	1,573	$ 1,606
Recognized customer loyalty program breakage income	3,125	3,126	5,769
Revenue related to the contract liability	$ 19,647	20,656	$ 17,167
Revenue from contract with customer liability recognition period	2 years
Gift Card
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (30,541)	(29,174)
Loyalty Reward Program
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (4,340)	$ (5,383)

Property and Equipment

12 Months Ended

Feb. 03, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

(3) Property and Equipment

Property and equipment consisted of the following as of February 3, 2024 and January 28, 2023:


	February 3,			January 28,
	2024			2023
Furniture, fixtures, and equipment	$	170,713		$	138,004
Leasehold improvements		226,787			170,494
Construction in progress		1,367			20,875
Total property and equipment, gross		398,867			329,373
Less accumulated depreciation and amortization		(204,415	)		(166,787	)
Total property and equipment, net	$	194,452		$	162,586

Depreciation expense was $38,947, $31,710, and $26,200, for the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively.

Summary of Significant Accounting Policies - Disaggregation of revenue from contracts with customers (Details)	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	100.00%	100.00%	100.00%
Camping
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	11.20%	12.50%	13.10%
Apparel
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	8.80%	9.30%	8.40%
Fishing
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	8.90%	8.90%	10.00%
Footwear
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	7.20%	7.30%	6.80%
Hunting and Shooting
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	57.40%	54.90%	54.20%
Optics, Electronics, Accessories, and Other
Disaggregation of revenue from contracts with customers
Net sales (as a percent)	6.50%	7.10%	7.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Operating lease expense	$ 66,213	$ 58,562	$ 56,293
Variable lease expense	22,632	18,740	17,252
Short-term lease expense	1,194	1,200	1,325
Total lease expense	$ 90,039	$ 78,502	$ 74,870

Acquisition of Field and Stream Stores (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Business Acquisition [Line Items]
Net sales	$ 1,287,987	$ 1,399,515	$ 1,506,072
Net income	$ (28,997)	$ 40,518	$ 108,470

- Definition

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

+ References

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Principles of Consolidation

Fiscal Year

Seasonality

The Company’s business is generally seasonal, with a moderately higher portion of total sales occurring during the third and fourth quarters of the fiscal year.

Use of Estimates in the Preparation of Consolidated Financial Statements

Segment Reporting

Cash and Cash Equivalents

accompanying consolidated balance sheets. Cash equivalents consist of short-term money market securities with maturities less than three months from the time of investment.

Accounts Receivable

Merchandise Inventories

Property and Equipment

Impairment of Long-Lived Assets

Goodwill

Prepaid Expenses and Other

Prepaid expenses and other primarily consists of prepaid expenses, vendor rebates receivable, vendor advertising receivables, right of return assets, and miscellaneous deposits.

Leases

See Note 5 for further discussion on leases.

Revenue Recognition

Revenue recognition accounting policy

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

Sales returns

Contract Balances

The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of February 3, 2024 and January 28, 2023:


	February 3, 2024			January 28, 2023
Right of return assets, which are included in prepaid expenses and other	$	1,659		$	1,951
Estimated gift card contract liability, net of breakage		(30,541	)		(29,174	)
Estimated loyalty contract liability, net of breakage		(4,340	)		(5,383	)
Sales return liabilities, which are included in accrued expenses		(2,476	)		(2,912	)

Disaggregation of revenue from contracts with customers


		Fiscal year Ended
		February 3,			January 28,			January 29,
Department	Product Offerings	2024			2023			2022
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		11.2	%		12.5	%		13.1	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		8.8	%		9.3	%		8.4	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		8.9	%		8.9	%		10.0	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		7.2	%		7.3	%		6.8	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		57.4	%		54.9	%		54.2	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		6.5	%		7.1	%		7.5	%
Total			100.0	%		100.0	%		100.0	%

Cost of Goods Sold

Shipping and Handling Fees and Costs

All shipping and handling fees billed to customers are recorded as a component of net sales. All costs incurred related to the shipping and handling of products are recorded in cost of sales.

Vendor Allowances

Health Insurance

Workers Compensation Insurance

Advertising

Stock-Based Compensation

Income Taxes

Fair Value of Financial Instruments

Earnings Per Share

Comprehensive Income

The Company has no components of income that would require classification as other comprehensive income for the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022.

Share Retirement

Recently Issued Accounting Pronouncements

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Statement [Abstract]
Net sales	$ 1,287,987	$ 1,399,515	$ 1,506,072
Cost of goods sold	904,574	939,275	1,015,775
Gross profit	383,413	460,240	490,297
Selling, general, and administrative expenses	408,750	402,177	399,678
(Loss) income from operations	(25,337)	58,063	90,619
Other (income) expense
Merger termination payment			(55,000)
Interest expense	12,869	4,195	1,380
(Loss) income before income taxes	(38,206)	53,868	144,239
Income tax (benefit) expense	(9,209)	13,350	35,769
Net (loss) income	$ (28,997)	$ 40,518	$ 108,470
(Loss) income per share:
Basic	$ (0.77)	$ 1	$ 2.47
Diluted	$ (0.77)	$ 1	$ 2.44
Weighted average shares outstanding:
Basic	37,489	40,489	43,827
Diluted	37,489	40,719	44,543

Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes

For the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, the income tax provision consisted of the following:


	February 3,			January 28,		January 29,
	2024			2023		2022
Current:
Federal	$	203		$	6,853	$	23,107
State		643			2,737		7,312
Total current		846			9,590		30,419
Deferred:
Federal		(8,251	)		3,602		5,133
State		(1,804	)		158		217
Total deferred		(10,055	)		3,760		5,350
Total income tax provision	$	(9,209	)	$	13,350	$	35,769

Schedule of Federal Statutory Tax Rate

The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:


	February 3,				January 28,				January 29,
		2024				2023				2022
Federal statutory rate			21.0	%			21.0	%			21.0	%
State tax, net of federal benefit			4.1				4.1				4.1
Permanent items			(2.4	)			1.1				0.1
Tax Credits			2.4				(1.7	)			(0.6	)
Other items			(1.0	)			0.3				0.2
Effective income tax rate			24.1	%			24.8	%			24.8	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at February 3, 2024 and January 28, 2023, respectively, are presented below:


	February 3,			January 28,
	2024			2023
Deferred tax assets:
Accrued liabilities	$	555		$	928
Operating lease liability		89,279			76,792
Gift card liability		2,622			1,992
Goodwill		507			589
Intangible asset		635			781
Inventories		3,322			3,109
Sales return reserve		205			241
Stock-based compensation		778			993
Tax credits		791			—
Net operating losses		15,474			—
Loyalty program		1,089			1,351
Total gross deferred tax assets	$	115,257		$	86,776
Deferred tax liabilities:
Depreciation	$	(35,872	)	$	(27,742	)
ROU asset		(77,654	)		(67,417	)
Prepaid expenses		(1,226	)		(1,161	)
Total gross deferred tax liabilities		(114,752	)		(96,320	)
Net deferred tax asset	$	505		$	(9,544	)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

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

The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of February 3, 2024 and January 28, 2023:


	February 3, 2024			January 28, 2023
Right of return assets, which are included in prepaid expenses and other	$	1,659		$	1,951
Estimated gift card contract liability, net of breakage		(30,541	)		(29,174	)
Estimated loyalty contract liability, net of breakage		(4,340	)		(5,383	)
Sales return liabilities, which are included in accrued expenses		(2,476	)		(2,912	)

Schedule of Revenue by Departments


		Fiscal year Ended
		February 3,			January 28,			January 29,
Department	Product Offerings	2024			2023			2022
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		11.2	%		12.5	%		13.1	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		8.8	%		9.3	%		8.4	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		8.9	%		8.9	%		10.0	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		7.2	%		7.3	%		6.8	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		57.4	%		54.9	%		54.2	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		6.5	%		7.1	%		7.5	%
Total			100.0	%		100.0	%		100.0	%

Definite Lived Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for definite lived intangible asset, fiscal year	$ 62	$ 66	$ 26

Accrued Expenses and Other Liabilities

12 Months Ended

Feb. 03, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

(6) Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following at February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
Book overdraft	$	14,361	$	20,723
Unearned revenue		38,044		41,203
Accrued payroll and related expenses		10,507		15,820
Sales and use tax payable		5,170		5,896
Accrued construction costs		—		1,469
Other		15,583		14,865
Total accrued expenses	$	83,665	$	99,976

Income Taxes - Schedule of Federal Statutory Tax Rate (Details) - Parent Company	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Reconciliation of the federal statutory income tax rate to the effective income tax rate
Federal statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	4.10%	4.10%	4.10%
Permanent items	(2.40%)	1.10%	0.10%
Tax credits	2.40%	(1.70%)	(0.60%)
Other	(1.00%)	0.30%	0.20%
Effective income tax rate	24.10%	24.80%	24.80%

Sale Leaseback Transactions

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Sale Leaseback Transactions

(8) Sale-Leaseback Transactions

During the fiscal year ended February 3, 2024, the Company did not complete any sale-leaseback transactions. In fiscal year 2022 the Company completed two sale-leaseback transactions the buildings associated to new store locations. For the sale-leaseback transaction, the Company was the owner of the building and paid all construction costs directly. Once construction was deemed complete and occupancy permits were obtained, the Company sold the building and rights to the constructed assets to the landlord for a predetermined amount and were written off the Company’s books. Any remaining assets were considered leasehold improvements or property and equipment. The total value of tenant allowances received under these transactions during fiscal year 2022 was $2,923. The Company did not have any sale-leaseback transactions during fiscal years 2021.

Employee Stock Purchase Plan (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2015	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 4,237	$ 4,673	$ 3,328
Employee Stock Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted under ESPP	800
Percentage of market value per share fixed as purchase price	85.00%
Stock-based compensation expense		$ 214	$ 240	$ 35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023	Mar. 22, 2024	Jul. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Feb. 03, 2024
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, par value $0.01 per share
Trading Symbol	SPWH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float				$ 225
Entity Common Stock, Shares Outstanding			37,625,006
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement relating to the 2024 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s 2023 fiscal year ended February 3, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Name	GRANT THORNTON LLP	GRANT THORNTON LLP
Auditor Firm ID	248	248
Auditor Location	Salt Lake City, Utah	Salt Lake City, Utah
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001132105
Amendment Flag	false

Earnings Per Share (Tables)

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

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


	Fiscal Year Ended
	February 3,			January 28,		January 29,
	2024			2023		2022
Net (loss) income	$	(28,997	)	$	40,518	$	108,470
Weighted-average shares of common stock outstanding:
Basic		37,489			40,489		43,827
Dilutive effect of common stock equivalents		—			230		716
Diluted		37,489			40,719		44,543
Basic (loss) earnings per share	$	(0.77	)	$	1.00	$	2.47
Diluted (loss) earnings per share	$	(0.77	)	$	1.00	$	2.44
Restricted stock units considered anti-dilutive and excluded in the calculation		354			244		38

Common Stock

12 Months Ended

Feb. 03, 2024

Equity [Abstract]

Common Stock

(9) Common Stock

Holders of common stock are entitled to one vote per share, and to receive dividends and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders on a proportional basis with the restricted nonvoting common stockholders. The holders have no preemptive or other subscription rights, and there are no redemption or sinking fund provisions with respect to such shares.

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Apr. 04, 2024	Jan. 28, 2023
Lessee, Lease, Description [Line Items]
Options to extend	true
Increase in ROU assets and operating lease liabilities	$ 58,000
Lease liabilities - noncurrent	$ 307,000		$ 260,479
Lease term	10 years
Subsequent Event
Lessee, Lease, Description [Line Items]
Lease liabilities - noncurrent		$ 13,800
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	15 years

Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Retirement Benefits [Abstract]
Company contribution under plan	$ 1,706	$ 1,343	$ 1,974

Definite Lived Intangible Assets

12 Months Ended

Feb. 03, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Definite Lived Intangible Assets

(4) Definite Lived Intangible Assets

Definite lived intangible assets consisted of the following as of February 3, 2024 and January 28, 2023:


	February 3, 2024
	Amortization Period	Gross carrying amount		Accumulated amortization			Net carrying amount
Amortizing intangible assets:
Domain Name	10 years		450		(181	)		269
Intellectual Property	8 years		100		(42	)		58
Total		$	550		(223	)		327

	January 28, 2023
	Amortization Period	Gross carrying amount		Accumulated amortization			Net carrying amount
Amortizing intangible assets:
Domain Name	10 years		450		(132	)		318
Intellectual Property	8 years		100		(29	)		71
Total		$	550		(161	)		389

Amortization expense for definite lived intangible asset was $62, $66, and $26, for the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively.

Income Taxes

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Income Taxes

(13) Income Taxes

For the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, the income tax provision consisted of the following:


	February 3,			January 28,		January 29,
	2024			2023		2022
Current:
Federal	$	203		$	6,853	$	23,107
State		643			2,737		7,312
Total current		846			9,590		30,419
Deferred:
Federal		(8,251	)		3,602		5,133
State		(1,804	)		158		217
Total deferred		(10,055	)		3,760		5,350
Total income tax provision	$	(9,209	)	$	13,350	$	35,769

The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:


	February 3,				January 28,				January 29,
		2024				2023				2022
Federal statutory rate			21.0	%			21.0	%			21.0	%
State tax, net of federal benefit			4.1				4.1				4.1
Permanent items			(2.4	)			1.1				0.1
Tax Credits			2.4				(1.7	)			(0.6	)
Other items			(1.0	)			0.3				0.2
Effective income tax rate			24.1	%			24.8	%			24.8	%


	February 3,			January 28,
	2024			2023
Deferred tax assets:
Accrued liabilities	$	555		$	928
Operating lease liability		89,279			76,792
Gift card liability		2,622			1,992
Goodwill		507			589
Intangible asset		635			781
Inventories		3,322			3,109
Sales return reserve		205			241
Stock-based compensation		778			993
Tax credits		791			—
Net operating losses		15,474			—
Loyalty program		1,089			1,351
Total gross deferred tax assets	$	115,257		$	86,776
Deferred tax liabilities:
Depreciation	$	(35,872	)	$	(27,742	)
ROU asset		(77,654	)		(67,417	)
Prepaid expenses		(1,226	)		(1,161	)
Total gross deferred tax liabilities		(114,752	)		(96,320	)
Net deferred tax asset	$	505		$	(9,544	)

Deferred tax assets have resulted primarily from the Company’s future deductible temporary differences. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income.

Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. At February 3, 2024, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its deferred tax assets.

As of February 3, 2024, the Company had no unrecognized tax benefits. The Company does not anticipate that unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. Federal and state tax years that remain subject to examination are periods ended January 30, 2021 through January 28, 2023.

The Company’s policy is to accrue interest expense, and penalties as appropriate, on estimated unrecognized tax benefits as a charge to interest expense in the consolidated statements of operations. No interest or penalties were accrued for fiscal years 2023, 2022 or 2021.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Stock Purchase Plan

12 Months Ended

Feb. 03, 2024

Share-Based Payment Arrangement [Abstract]

Employee Stock Purchase Plan

(12) Employee Stock Purchase Plan

In June 2015, the Company’s stockholders approved the Sportsman’s Warehouse Holdings, Inc. Employee Stock Purchase Plan (“ESPP”), which provides for the granting of up to 800 shares of the Company’s common stock to eligible employees. The ESPP period is semi-annual and allows participants to purchase the Company’s stock at 85% of the lower of (i) the market value per share of the common stock on the first day of the offering period or (ii) the market value per share of the common stock on the purchase date. The first plan period began on January 1, 2016. Stock-based compensation expense related to the ESPP in fiscal year 2023, 2022, and 2021 was $214, $240, and $35, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Feb. 03, 2024	Jan. 28, 2023
Statement of Financial Position [Abstract]
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	37,529,000	37,541,000
Common stock, shares outstanding	37,529,000	37,541,000

Stock-Based Compensation (Tables)

12 Months Ended

Feb. 03, 2024

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 28, 2023		313		$	7.72
Grants		36			8.40
Forfeitures		(98	)		10.94
Vested		(221	)		6.20
Balance at February 3, 2024		30		$	9.03

				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 29, 2022		487		$	5.13
Grants		188			10.88
Forfeitures		(194	)		7.95
Vested		(168	)		3.49
Balance at January 28, 2023		313		$	7.72

Rollforward of Outstanding Nonvested Stock Units


				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 28, 2023		721		$	12.16
Grants		1,219			6.34
Forfeitures		(449	)		10.22
Vested		(433	)		10.07
Balance at February 3, 2024		1,058		$	7.13

				Weighted
				average
				grant-date
	Shares			fair value
Balance at January 29, 2022		929		$	11.56
Grants		444			10.77
Forfeitures		(226	)		11.15
Vested		(426	)		9.94
Balance at January 28, 2023		721		$	12.16

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 398,867	$ 329,373
Less accumulated depreciation and amortization	(204,415)	(166,787)
Total property and equipment, net	194,452	162,586
Depreciation of property and equipment	38,947	31,710	$ 26,200
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	170,713	138,004
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	226,787	170,494
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,367	$ 20,875

Commitments and Contingencies

12 Months Ended

Feb. 03, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(14) 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.

On January 22, 2024, Jon Kogut filed a putative class action lawsuit against the Company and the members of its Board of Directors in the Delaware Court of Chancery (the “2024 Delaware Litigation”). The lawsuit asserts claims on behalf of a putative class comprised of all stockholders other than defendants and any current directors or officers of the Company and is captioned Kogut v. Bejar, et al., C.A. No. 2024-0055-MTZ (Del. Ch.). In his complaint, Mr. Kogut contends that certain provisions in the Company’s advance notice bylaws (the “Challenged Provisions”) are invalid and void and that the members of the Board have breached their fiduciary duty of loyalty by adopting and maintaining the Challenged Provisions. In addition to seeking declaratory, equitable, and injunctive relief, Mr. Kogut seeks an award of attorneys’ fees and other costs and expenses on behalf of the putative class.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Earnings Per Share [Abstract]
Net (loss) income	$ (28,997)	$ 40,518	$ 108,470
Weighted-average shares of common stock outstanding:
Basic	37,489	40,489	43,827
Dilutive effect of common stock equivalents	0	230	716
Diluted	37,489	40,719	44,543
Basic (loss) earnings per share	$ (0.77)	$ 1	$ 2.47
Diluted (loss) earnings per share	$ (0.77)	$ 1	$ 2.44
Restricted stock units considered anti-dilutive and excluded in the calculation	354	244	38

- 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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-Topic 250
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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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

Earnings Per Share

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Earnings Per Share

(10) Earnings Per Share

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

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


	Fiscal Year Ended
	February 3,			January 28,		January 29,
	2024			2023		2022
Net (loss) income	$	(28,997	)	$	40,518	$	108,470
Weighted-average shares of common stock outstanding:
Basic		37,489			40,489		43,827
Dilutive effect of common stock equivalents		—			230		716
Diluted		37,489			40,719		44,543
Basic (loss) earnings per share	$	(0.77	)	$	1.00	$	2.47
Diluted (loss) earnings per share	$	(0.77	)	$	1.00	$	2.44
Restricted stock units considered anti-dilutive and excluded in the calculation		354			244		38

Definite Lived Intangible Assets (Tables)

12 Months Ended

Feb. 03, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Definite Lived Intangible Assets

Definite lived intangible assets consisted of the following as of February 3, 2024 and January 28, 2023:


	February 3, 2024
	Amortization Period	Gross carrying amount		Accumulated amortization			Net carrying amount
Amortizing intangible assets:
Domain Name	10 years		450		(181	)		269
Intellectual Property	8 years		100		(42	)		58
Total		$	550		(223	)		327

	January 28, 2023
	Amortization Period	Gross carrying amount		Accumulated amortization			Net carrying amount
Amortizing intangible assets:
Domain Name	10 years		450		(132	)		318
Intellectual Property	8 years		100		(29	)		71
Total		$	550		(161	)		389

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Current assets:
Cash and cash equivalents	$ 3,141	$ 2,389
Accounts receivable, net	2,119	2,053
Merchandise inventories	354,710	399,128
Prepaid expenses and other	20,078	22,326
Total current assets	380,048	425,896
Operating lease right of use asset	309,377	268,593
Property and equipment, net	194,452	162,586
Goodwill	1,496	1,496
Deferred tax asset	505
Definite lived intangibles, net	327	389
Total assets	886,205	858,960
Current liabilities:
Accounts payable	56,122	61,948
Accrued expenses	83,665	99,976
Income taxes payable	126	932
Operating lease liability, current	48,693	45,465
Revolving line of credit	126,043	87,503
Total current liabilities	314,649	295,824
Long-term liabilities:
Deferred income taxes	0	9,544
Operating lease liability, noncurrent	307,000	260,479
Total long-term liabilities	307,000	270,023
Total liabilities	621,649	565,847
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; 37,529 and 37,541 shares issued and outstanding, respectively	375	375
Additional paid-in capital	81,798	79,743
Retained earnings	182,383	212,995
Total stockholders' equity	264,556	293,113
Total liabilities and stockholders' equity	$ 886,205	$ 858,960

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022	Sep. 21, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 4,237	$ 4,673	$ 3,328
Unrecognized compensation costs	$ 5,985	$ 7,537
Nonvested Performance-Based Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested stock issued, weighted average grant date fair value per share	$ 8.4	$ 10.88
Unvested stock awards outstanding	30	313	487
Issuance of nonvested stock units	36	188
Weighted average grant date fair value per share	$ 9.03	$ 7.72	$ 5.13
Maximum number of shares subject to award	72	376
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested stock issued, weighted average grant date fair value per share	$ 6.34	$ 10.77
Unvested stock awards outstanding	1,058	721	929
Issuance of nonvested stock units	1,219	444
Weighted average grant date fair value per share	$ 7.13	$ 12.16	$ 11.56
Employees \| Nonvested Performance-Based Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested stock issued, weighted average grant date fair value per share	$ 8.4	$ 10.88
Issuance of nonvested stock units	36	188
Vesting period		3 years
Employees \| Nonvested Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.00%	33.00%
Vesting period	3 years	3 years
Board Of Directors \| Nonvested Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	8.33%	8.33%
Vesting period	12 months	12 months
Employees And Board Of Directors \| Nonvested Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested stock issued, weighted average grant date fair value per share	$ 6.34	$ 10.77
Issuance of nonvested stock units	1,219	444
2019 plan \| Employee Stock Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for awards	2,113
Number of awards outstanding	758
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for awards	670
Unvested stock awards outstanding	330
Common stock reserve				1,000
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 4,237	$ 4,673	$ 3,328

Terminated Merger with Great Outdoors Group, LLC

12 Months Ended

Feb. 03, 2024

Terminated Merger with Great Outdoors Group

Terminated Merger with Great Outdoors Group,LLC

(16) Terminated Merger with Great Outdoors Group, LLC

On December 2, 2021, Sportsman’s Warehouse, Great Outdoors Group, LLC and Phoenix Merger Sub I, Inc. (“Merger Subsidiary”) entered into a Termination Agreement (the “Termination Agreement”) under which the parties agreed to terminate the merger agreement, dated December 21, 2020, among the same parties (the “merger Agreement”), effective immediately. Pursuant to the terms and conditions set forth in the Merger Agreement, Merger Subsidiary would have been merged with and into Sportsman’s Warehouse, with Sportsman’s Warehouse continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of Great Outdoors Group, LLC (the “Merger”). The decision to terminate the Merger Agreement followed feedback from the Federal Trade Commission (“FTC”) that led the parties to believe that they would not have obtained FTC clearance to consummate the Merger. Under the Termination Agreement, Great Outdoors Group, LLC agreed to pay us the Parent Termination Fee (as defined in the Merger Agreement) of $55.0 million by wire transfer of immediately available funds concurrently with the execution of the Termination Agreement. The Company received the $55.0 million payment on December 2, 2021 included in other income (expense) in the consolidated statements of operations.

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Payables and Accruals [Abstract]
Book overdraft	$ 14,361	$ 20,723
Unearned revenue	38,044	41,203
Accrued payroll and related expenses	10,507	15,820
Sales and use tax payable	5,170	5,896
Accrued construction costs	0	1,469
Other	15,583	14,865
Total accrued expenses	$ 83,665	$ 99,976