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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	May 02, 2020	Jun. 05, 2020
Document And Entity Information
Document Type	10-Q
Document Period End Date	May 02, 2020
Entity Registrant Name	SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,455,093
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001132105
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020
Current assets:
Cash	$ 22,090	$ 1,685
Accounts receivable, net	581	904
Merchandise inventories	300,851	275,505
Income tax receivable	4,564	812
Prepaid expenses and other	14,939	12,732
Total current assets	343,025	291,638
Operating lease right of use asset	221,671	224,520
Property and equipment, net	95,924	98,767
Goodwill	1,496	1,496
Definite lived intangibles, net	213	220
Total assets	662,329	616,641
Current liabilities:
Accounts payable	86,111	38,157
Accrued expenses	72,797	70,118
Operating lease liability, current	35,081	34,487
Revolving line of credit	118,423	116,078
Current portion of long-term debt, net of discount and debt issuance costs	1,979	5,936
Total current liabilities	314,391	264,776
Long-term liabilities:
Long-term debt, net of discount, debt issuance costs, and current portion	23,760	23,781
Deferred income taxes	3,524	562
Operating lease liability, noncurrent	211,469	217,254
Total long-term liabilities	238,753	241,597
Total liabilities	553,144	506,373
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding
Common stock, $.01 par value; 100,000 shares authorized; 43,551 and 43,296 shares issued and outstanding, respectively	436	433
Additional paid-in capital	86,850	86,806
Accumulated earnings	21,899	23,029
Total stockholders' equity	109,185	110,268
Total liabilities and stockholders' equity	$ 662,329	$ 616,641

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	May 02, 2020	Feb. 01, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	43,551	43,296
Common stock, shares outstanding	43,551	43,296

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 246,835	$ 174,017
Cost of goods sold	172,061	119,844
Gross profit	74,774	54,173
Selling, general, and administrative expenses	75,219	59,530
Loss from operations	(445)	(5,357)
Interest expense	1,534	2,105
Loss before income taxes	(1,979)	(7,462)
Income tax benefit	(849)	(2,003)
Net loss	$ (1,130)	$ (5,459)
Loss per share:
Basic	$ (0.03)	$ (0.13)
Diluted	$ (0.03)	$ (0.13)
Weighted average shares outstanding
Basic	43,327	43,003
Diluted	43,327	43,003

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in-capital	Accumulated (Deficit) Earnings	Total
Balance, shares at Feb. 02, 2019	42,978
Balance at Feb. 02, 2019	$ 430	$ 84,671	$ (6,441)	$ 78,660
Vesting of restricted stock units (in shares)	196
Vesting of restricted stock units	$ 2	(2)
Payment of withholdings on restricted stock units		(369)		(369)
Stock based compensation		453		453
Net loss			(5,459)	(5,459)
Balance, shares at May. 04, 2019	43,174
Balance at May. 04, 2019	$ 432	84,753	(2,645)	82,540
Impact of change for ASC 842 adoption			9,255	$ 9,255
Balance, shares at Feb. 01, 2020	43,296			43,296
Balance at Feb. 01, 2020	$ 433	86,806	23,029	$ 110,268
Vesting of restricted stock units (in shares)	255
Vesting of restricted stock units	$ 3	(3)
Payment of withholdings on restricted stock units		(689)		(689)
Stock based compensation		736		736
Net loss			(1,130)	$ (1,130)
Balance, shares at May. 02, 2020	43,551			43,551
Balance at May. 02, 2020	$ 436	$ 86,850	$ 21,899	$ 109,185

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Cash flows from operating activities:
Net Loss	$ (1,130)	$ (5,459)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of property and equipment	5,326	4,606
Amortization and write-off of discount on debt and deferred financing fees	84	84
Amortization of definite lived intangible	7	7
(Gain) loss on asset dispositions	803	(311)
Noncash lease expense	6,076	7,610
Deferred income taxes	2,962	431
Stock-based compensation	736	453
Change in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net	323	(40)
Operating lease liabilities	(7,321)	(8,513)
Merchandise inventories	(23,298)	(14,862)
Prepaid expenses and other	(2,270)	1,786
Accounts payable	46,645	25,340
Accrued expenses	6,090	(5,254)
Income taxes payable and receivable	(3,752)	(2,435)
Net cash provided by operating activities	31,281	3,443
Cash flows from investing activities:
Purchase of property and equipment, net of amounts acquired	(4,833)	(3,402)
Acquisition of Field and Stream stores, net of cash acquired	(1,024)
Proceeds from sale of property and equipment		311
Net cash used in investing activities	(5,857)	(3,091)
Cash flows from financing activities:
Net (payments) borrowings on line of credit	2,345	(2,734)
(Decrease) increase in book overdraft	(2,675)	4,919
Payment of withholdings on restricted stock units	(689)	(369)
Principal payments on long-term debt	(4,000)	(2,000)
Net cash used in financing activities	(5,019)	(184)
Net change in cash	20,405	168
Cash at beginning of period	1,685	1,547
Cash at end of period	22,090	1,715
Cash paid during the period for:
Interest, net of amounts capitalized	1,308	2,021
Income taxes, net of refunds	(59)
Supplemental schedule of noncash activities:
Noncash change in operating lease right of use asset and operating lease liabilities from remeasurement of existing leases and addition of new leases	2,150	13,149
Purchases of property and equipment included in accounts payable and accrued expenses	661	$ 1,356
Payable to seller relating to acquisition of Field and Stream stores	$ 1,024

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	May 02, 2020
Description of Business and Basis of Presentation
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Sportsman’s Warehouse Holdings, Inc. (“Holdings”) and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of May 2, 2020, the Company operated 105 stores in 27 states. The Company also operates an e-commerce platform at www.sportsmans.com. The Company’s stores and website are aggregated into one single operating and reportable segment. Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of February 1, 2020 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments that are, in the opinion of management, necessary to summarize fairly our condensed consolidated financial statements for the periods presented. All of these adjustments are of a normal recurring nature. The results of the fiscal quarter ended May 2, 2020 are not necessarily indicative of the results to be obtained for the year ending January 30, 2021. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020 filed with the SEC on April 9, 2020 (the “Fiscal 2019 Form 10-K”). Impact of COVID-19 Pandemic During March 2020, the World Health Organization declared the rapidly growing coronavirus outbreak to be a global pandemic. The COVID-19 pandemic has significantly impacted health and economic conditions throughout the United States. Beginning in March 2020, the Company reduced store hours to allow sufficient time to restock its shelves and perform additional cleaning, and the Company has also limited the number of customers in its stores at any one time. The Company may further restrict the operations of its stores and its distribution facility if it deems this necessary or if recommended or mandated by authorities.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	May 02, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 to the Company’s Fiscal 2019 Form 10-K. Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (“Topic 740”)-Simplifying the Accounting for Income Taxes, which removes certain exception to the general principles in Topic 740 and amends existing guidance to improve consistent application. For public entities, ASU 2019-12 is required to be adopted for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the impact of the adoption of this ASU on our consolidated financial statements and related disclosures.

Revenue Recognition

3 Months Ended

May 02, 2020

Revenue Recognition

Revenue Recognition

(3) Revenue Recognition

Revenue recognition accounting policy

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

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

Retail store sales

E-commerce sales

Gift cards and loyalty reward program

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

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

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

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

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

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

Contract balances

The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of May 2, 2020:


	May 2, 2020		February 1, 2020
Right of return assets, which are included in prepaid expenses and other	$	1,687	$	1,683
Estimated gift card contract liability, net of breakage		(16,236)		(13,575)
Estimated loyalty contract liability, net of breakage		(8,370)		(9,621)
Sales return liabilities, which are included in accrued expenses		(2,518)		(2,512)

For the 13 weeks ended May 2, 2020, the Company recognized approximately $276 in gift card breakage and approximately $555 in loyalty reward breakage, respectively. For the 13 weeks ended May 4, 2019, the Company recognized approximately $290 in gift card breakage and approximately $310 in loyalty reward breakage, respectively.

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

Disaggregation of revenue from contracts with customers

In the following table, revenue from contracts with customers is disaggregated by department. The percentage of net sales related to the Company’s departments for the 13 weeks ended May 2, 2020 and May 4, 2019, was approximately:


		Thirteen Weeks Ended
		May 2,	May 4,
Department	Product Offerings	2020	2019
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools	10.2%	11.9%
Clothing	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear	4.4%	8.0%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats	10.1%	12.1%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots	4.4%	7.4%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear	65.6%	53.6%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics (e.g. binoculars), two-way radios, and other license revenue, net of revenue discounts	5.3%	7.0%
Total		100.0%	100.0%

Property and Equipment

3 Months Ended

May 02, 2020

Property and Equipment.

Property and Equipment

(4) Property and Equipment

Property and equipment as of May 2, 2020 and February 1, 2020 were as follows:


	May 2,		February 1,
	2020		2020
Furniture, fixtures, and equipment	$	85,733	$	84,059
Leasehold improvements		102,787		103,791
Construction in progress		3,037		1,571
Total property and equipment, gross		191,557		189,421
Less accumulated depreciation and amortization		(95,633)		(90,654)
Total property and equipment, net	$	95,924	$	98,767

Accrued Expenses

3 Months Ended

May 02, 2020

Accrued Expenses

Accrued Expenses

(5) Accrued Expenses

Accrued expenses consisted of the following as of May 2, 2020 and February 1, 2020:


	May 2,		February 1,
	2020		2020
Book overdraft	$	13,152	$	15,827
Unearned revenue		28,956		25,705
Accrued payroll and related expenses		11,106		11,436
Sales and use tax payable		5,974		5,169
Accrued construction costs		300		1,112
Other		13,309		10,869
Total accrued expenses	$	72,797	$	70,118

Leases

3 Months Ended

May 02, 2020

Leases

Leases

(6) Leases

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

We determine whether a contract is or contains a lease at contract inception. Beginning in fiscal 2019, operating lease assets and operating lease liabilities are recognized at commencement date based on the present value of remaining fixed lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made and includes lease incentives and incurred initial direct costs. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Additionally, our leases do not contain any material residual guarantees or material restrictive covenants

In the 13 weeks ended May 2, 2020, the Company recorded a non-cash increase, net of terminations, of $2,150 to the ROU assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added.

In accordance with ASC 842, total lease expense, including common area maintenance (CAM), recorded during the 13 weeks ended May 2, 2020 and May 4, 2019 was $16,547 and $14,384, respectively.

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


	Thirteen Weeks Ended
	May 2,		May 4,
	2020		2019
Operating cash flows from operating leases	$	(13,464)	$	(11,868)
Cash paid for amounts included in the measurement of lease liabilities - operating leases		(13,464)		(11,868)

	As of May 2,		As of May 4,
	2020		2019

Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	5,352	$	13,149
Terminated right-of-use assets and liabilities		(3,202)		—
Weighted-average remaining lease term - operating leases		6.12		6.11
Weighted-average discount rate - operating leases		8.03%		7.80%

In accordance with ASC 842, maturities of operating lease liabilities as of May 2, 2020 were as follows:


	Operating
Year Endings:	Leases
2020 (remainder)	$	41,019
2021		52,270
2022		48,109
2023		43,426
2024		34,995
Thereafter		132,450
Undiscounted cash flows	$	352,269
Reconciliation of lease liabilities:
Present values	$	246,550
Lease liabilities - current		35,081
Lease liabilities - noncurrent		211,469
Lease liabilities - total	$	246,550
Difference between undiscounted and discounted cash flows	$	105,719

The Company has excluded in the table above approximately $9.4 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in the second quarter of fiscal year 2020 with lease terms of five to ten years.

Revolving Line of Credit	3 Months Ended
Revolving Line of Credit	May 02, 2020
Revolving Line of Credit
Revolving Line of Credit	(7) Revolving Line of Credit On May 23, 2018, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of the Company, as lead borrower, and Wells Fargo Bank, National Association (“Wells Fargo”), with a consortium of banks led by Wells Fargo, entered into an Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified, the “Amended Credit Agreement”). The Amended Credit Agreement governs the Company’s senior secured revolving credit facility (“Revolving Line of Credit”) and a $40,000 term loan (the “Term Loan”). The Revolving Line of Credit provides a borrowing capacity of up to $250,000, subject to a borrowing base calculation. Information on the Term Loan is provided in Note 8. In conjunction with the Amended Credit Agreement, the Company incurred $1,331 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid and other assets. Fees associated with the Term Loan offset the loan balance on the condensed consolidated balance sheet of the Company. As of May 2, 2020, and February 1, 2020, the Company had $132,923 and $123,478 in outstanding revolving loans under the Revolving Line of Credit, respectively. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box or similar arrangements, which were $14,499 and $7,400 as of May 2, 2020 and February 1, 2020, respectively. As of May 2, 2020, the Company had stand-by commercial letters of credit of $1,705 under the terms of the Revolving Line of Credit. The Amended Credit Agreement contains customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base. The Amended Credit Agreement contains customary events of default. The Revolving Line of Credit matures on May 23, 2023. As of May 2, 2020, the Revolving Line of Credit had $772 in deferred financing fees and as of February 1, 2020, the Revolving Line of Credit had $834 in deferred financing fees. During the 13 weeks ended May 2, 2020, the Company recognized $63 of non-cash interest expense with respect to the amortization of these deferred financing fees. During the 13 weeks ended May 4, 2019, the Company recognized $63 of non-cash interest expense with respect to the amortization of deferred financing fees. For the 13 weeks ended May 2, 2020, gross borrowings under the Revolving Line of Credit were $274,959. For the 13 weeks ended May 4, 2019 gross borrowing under the Revolving Line of Credit were $185,616. For the 13 weeks ended May 2, 2020, gross paydowns under the Revolving Line of Credit were $266,798. For the 13 weeks ended May 4, 2019, gross paydowns under the Revolving Line of Credit were $189,280.

Long-Term Debt

3 Months Ended

May 02, 2020

Long-Term Debt

Long-Term Debt

(8) Long-Term Debt

Long-term debt consisted of the following as of May 2, 2020 and February 1, 2020:


	May 2,		February 1,
	2020		2020
Term loan	$	26,000		30,000
Less debt issuance costs		(261)		(283)
		25,739		29,717
Less current portion, net of discount and debt issuance costs		(1,979)		(5,936)
Long-term portion	$	23,760	$	23,781

Term Loan

On May 23, 2018, Sportsman’s Warehouse, a wholly owned subsidiary of Holdings, as lead borrower, and Wells Fargo, with a consortium of banks led by Wells Fargo, entered into the Amended Credit Agreement. The Amended Credit Agreement governs the Revolving Line of Credit and the Term Loan. The Term Loan was issued at a price of 100% of the aggregate principal amount of $40,000 and has a maturity date of May 23, 2023. Information on the Revolving Credit Facility is provided in Note 7.

The Term Loan bears interest at a rate of LIBOR plus 5.75%. The effective rate for the Term Loan as of May 2, 2020 was 6.75%

As of May 2, 2020, and February 1, 2020, the Term Loan had an outstanding balance of $26,000 and $30,000, respectively. The outstanding amounts under the Term Loan as of May 2, 2020 and February 1, 2020 are offset on the condensed consolidated balance sheets by debt issuance costs of $261 and $283, respectively.

During the 13 weeks ended May 2, 2020, the Company recognized $22 of non-cash interest expense with respect to the amortization of the deferred financing fees. During the 13 weeks ended May 4, 2019, the Company recognized $22 of non-cash interest expense with respect to the amortization of the deferred financing fees.

During the 13 weeks ended May 2, 2020, the Company made the required quarterly payment on the Term Loan of $4,000.

Restricted Net Assets

The provisions of the Term Loan and the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of May 2, 2020, from being used to pay any dividends without prior written consent from the financial institutions party to the Company’s Term Loan and Revolving Line of Credit.

Income Taxes	3 Months Ended
Income Taxes	May 02, 2020
Income Taxes
Income Taxes	(9) Income Taxes The Company recognized an income tax benefit of $849 and $2,003 in the 13 weeks ended May 2, 2020 and May 4, 2019, respectively. The Company’s effective tax rate for the 13 weeks ended May 2, 2020 and May 4, 2019 was 42.9% and 26.8%, respectively. The change in the effective tax rate for the 13 weeks ended May 2, 2020 was primarly due to near breakeven profit before tax for the period and various discrete items. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to state taxes, permanent items, and discrete items relating to stock award deductions.

Earnings Per Share

3 Months Ended

May 02, 2020

Earnings Per Share

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, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

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


	Thirteen Weeks Ended
		May 2,		May 4,
		2020		2019
Net loss	$	(1,130)	$	(5,459)
Weighted-average shares of common stock outstanding:
Basic		43,327		43,003
Dilutive effect of common stock equivalents		—		—
Diluted		43,327		43,003
Basic loss per share	$	(0.03)	$	(0.13)
Diluted loss per share	$	(0.03)	$	(0.13)
Restricted stock units considered anti-dilutive and excluded in the calculation		6		155

Stock-Based Compensation

3 Months Ended

May 02, 2020

Stock-Based Compensation

Stock-Based Compensation

(11) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended May 2, 2020 and May 4, 2019, the Company recognized total stock-based compensation expense of $736 and $453, respectively. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations.

Employee Stock Plans

As of May 2, 2020, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,558. As of May 2, 2020, there were 1,309 unvested stock awards outstanding under the 2019 Plan.

Employee Stock Purchase Plan

The Company also has an Employee Stock Purchase Plan (“ESPP”) that was approved by shareholders in fiscal year 2015, under which 800 shares of common stock have been authorized. Shares are issued under the ESPP twice yearly at the end of each offering period. For the 13 weeks ended May 2, 2020, no shares were issued under the ESPP and the number of shares available for issuance was 446.

Nonvested Restricted Stock Awards

During the 13 weeks ended May 2, 2020 and May 4, 2019, the Company did not issue any nonvested restricted stock awards to employees.

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


		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 2, 2019	26	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	(26)		11.25
Balance at May 4, 2019	—	$	—

Nonvested Performance-Based Stock Awards

During the 13 weeks ended May 2, 2020, the Company issued 198 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $5.63 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued is contingent on management achieving fiscal year 2020, 2021, and 2022 performance targets for total revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is 396, and the “target” number of shares subject to the award is 198 as reported below. Following the end of the performance period (fiscal years 2020, 2021, and 2022), the number of shares eligible to vest, based on actual performance, will be fixed and vesting will then be subject to each employee’s continued employment over the remaining service period.

During the 13 weeks ended May 4, 2019, the Company did not issue any nonvested performance-based stock awards.

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


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

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 2, 2019	34	$	6.07
Grants	—		—
Forfeitures	—		—
Vested	(6)		11.25
Balance at May 4, 2019	28	$	4.91

Nonvested Stock Unit Awards

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

During the 13 weeks ended May 4, 2019, the Company issued 157 nonvested stock units to employees of the Company at an average value of $4.89 per share.

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


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

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 2, 2019	441	$	4.92
Grants	157		4.89
Forfeitures	(9)		4.91
Vested	(185)		4.75
Balance at May 4, 2019	404	$	4.91

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	May 02, 2020
Commitments and Contingencies.
Commitments and Contingencies	(12) Commitments and Contingencies Legal Matters The Company is involved in various legal matters generally incidental to its business. After discussion with legal counsel, management is not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on its consolidated financial condition, liquidity, or results of operations. Parsons v. Colt’s Manufacturing Company, 2:19-cv-01189-APG-EJY – On July 2, 2019 the estate and family of a victim of the Route 91 Harvest Festival shooting filed litigation against 16 defendants, one of which being a subsidiary of Sportsman’s Warehouse Holdings, Inc., for wrongful death and negligence. The Company believes the plaintiffs’ attempts to re-interpret the federal National Firearms Act and Gun Control Act are improper and intend to vigorously defend ourselves in the matter. No reasonable estimate of the amount of any potential losses or range of potential losses relating to this matter can be determined at this time.

Acquisition of Field and Stream Stores

3 Months Ended

May 02, 2020

Acquisition of Field and Stream Stores

Acquisition of Field and Stream Stores

(13) Acquisition of Field and Stream Stores

2020 Acquisition

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

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

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

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


		March 12, 2020
Cash paid to seller	$	1,075
Payable to seller		1,024
Total purchase price	$	2,099

The net purchase price of $2.1 million was preliminarily allocated solely to the inventory acquired. In conjunction with the acquisition of the store, the Company recorded a right of use asset and liability relating to the lease entered into in the amount of $1,794.

2019 Acquisition

On September 28, 2019, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “Purchase Agreement”) with DICK’S Sporting Goods, Inc. (“DICK’S”). Pursuant to the Purchase Agreement, SWI agreed, subject to certain conditions, to acquire from DICK’S all cash, inventory, furniture, fixtures, and equipment, and certain other assets related to up to eight Field & Stream stores operated by DICK’S (the “2019 Acquired Stores”). The 2019 Acquired Stores are located in New York (2), Pennsylvania (3), North Carolina (2) and Michigan (1). The acquisition of the eight 2019 Acquired Stores closed on October 11, 2019 (the “Closing Date”). On or prior to the Closing Date, SWI entered into a sublease with DICK’s with respect to each Acquired Store location. Pursuant to the Purchase Agreement and in connection with closing of the acquisition, the parties also entered into a transition services agreement related to the 2019 Acquired Stores by which DICK’S provided transition services to the Company for a period of up to 120 days of the Closing Date.

The aggregate consideration paid to DICK’S under the Purchase Agreement was $28,703 (the “Purchase Price”). On the Closing Date, SWI drew $19,703 under the Revolving Line of Credit to fund a portion of the Purchase Price. The remaining approximately $9,000 of consideration owed to DICK’S was paid in January 2020.

As part of the acquisition, the Company incurred legal, accounting, and other due diligence fees that were expensed as incurred. Total fees incurred relating to this acquisition were $662 which were included as a component of Selling, general, and administrative expenses.

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


		October 11, 2019
Cash paid to seller	$	19,241
Payable to seller		9,462
Total purchase price	$	28,703

The net Purchase Price of $28,703 has been allocate to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2019 Acquired Stores other than the lease obligation. The excess of the Purchase Price over the fair value of the tangible and intangible assets acquired is recorded as goodwill. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date:


		October 11, 2019
Cash	$	167
Inventory		19,152
Property, plant, and equipment		5,250
Operating lease right of use asset		33,436
Operating lease right of use liability		(31,051)
Deferred tax asset		253
Goodwill		1,496
Total	$	28,703

The allocation of the purchase price for the 2019 stores that were acquired was finalized as of February 1, 2020 and the Company does not expect any further adjustments to the allocation in future periods.

Right of Use Asset and Liability

The right of use asset and liability were determined by taking the present value of the future minimum lease payments associated with the 2019 acquired stores. The Company utilized discount rates for the leases similar to the rates used to present value its other leases. The difference between the asset and the liability noted above is attributable to favorable lease rates in the acquired store leases.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the assets acquired. The Company believes that the primary factors supporting the amount of goodwill is the workforce acquired in the store locations. The amount of goodwill that is amortizable for tax purposes is $4,134.

Pro Forma Results

The following pro forma results are based on the individual historical results of the 2019 and 2020 acquired stores with adjustments to give effect to the combined operations as if the acquisition had been consummated at the beginning of fiscal year 2019. The pro forma results are intended for informational purposes only and do not purport to represent what the combined results of operations would actually have been had the acquisition in fact occurred at the beginning of the earliest period presented. The pro forma information includes the following adjustments (i) depreciation based on the fair value of acquired property, plant, and equipment; (ii) cost of goods sold based on the step-up in fair value of the acquired inventory; (iii) interest expense incurred in connection with the borrowings on the revolving line of credit used to finance the acquisition; and (iv) elimination of acquisition expenses.


		Thirteen Weeks Ended
		May 2,	May 4,
		2020	2019
Net sales	$	247,386	187,798
Net income	$	(1,215)	(5,430)

Earnings per share:
Basic	$	(0.03)	(0.13)
Diluted	$	(0.03)	(0.13)

Subsequent Event	3 Months Ended
Subsequent Event	May 02, 2020
Subsequent Event
Subsequent Event	(14) Subsequent Event On March 6, 2020, Sportsman’s Warehouse entered into an Asset Purchase Agreement (the “March Purchase Agreement”) with DICK’S. Pursuant to the February Purchase Agreement, Sportsman’s Warehouse agreed to acquire from DICK’S all cash, inventory, furniture, fixtures, and equipment, and certain other assets related to one Field & Stream store located in Michigan operated by DICK’S (the “Acquired Michigan Store”). The March Purchase Agreement is on substantially similar terms to those contained in the Purchase Agreement related to the Acquired Stores in fiscal year 2019. The acquisition of the Acquired Michigan Store closed on May 14, 2020 and the $2.4 million purchase price was funded through borrowings under the Company’s Revolving Line of Credit. The purchase price is also subject to certain post-closing adjustments set forth the March Purchase Agreement and 50% of the agreed upon inventory value of the Acquired Michigan Store will be paid within 90 days after the closing date.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	May 02, 2020
Summary of Significant Accounting Policies
Recently Adopted Accounting Updates	Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (“Topic 740”)-Simplifying the Accounting for Income Taxes, which removes certain exception to the general principles in Topic 740 and amends existing guidance to improve consistent application. For public entities, ASU 2019-12 is required to be adopted for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the impact of the adoption of this ASU on our consolidated financial statements and related disclosures

Revenue Recognition (Tables)

3 Months Ended

May 02, 2020

Revenue Recognition

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


	May 2, 2020		February 1, 2020
Right of return assets, which are included in prepaid expenses and other	$	1,687	$	1,683
Estimated gift card contract liability, net of breakage		(16,236)		(13,575)
Estimated loyalty contract liability, net of breakage		(8,370)		(9,621)
Sales return liabilities, which are included in accrued expenses		(2,518)		(2,512)

Schedule of Revenue by Departments


		Thirteen Weeks Ended
		May 2,	May 4,
Department	Product Offerings	2020	2019
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools	10.2%	11.9%
Clothing	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear	4.4%	8.0%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats	10.1%	12.1%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots	4.4%	7.4%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear	65.6%	53.6%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics (e.g. binoculars), two-way radios, and other license revenue, net of revenue discounts	5.3%	7.0%
Total		100.0%	100.0%

Property and Equipment (Tables)

3 Months Ended

May 02, 2020

Property and Equipment.

Schedule of Property and Equipment


	May 2,		February 1,
	2020		2020
Furniture, fixtures, and equipment	$	85,733	$	84,059
Leasehold improvements		102,787		103,791
Construction in progress		3,037		1,571
Total property and equipment, gross		191,557		189,421
Less accumulated depreciation and amortization		(95,633)		(90,654)
Total property and equipment, net	$	95,924	$	98,767

Accrued Expenses (Tables)

3 Months Ended

May 02, 2020

Accrued Expenses

Components of Accrued Expenses


	May 2,		February 1,
	2020		2020
Book overdraft	$	13,152	$	15,827
Unearned revenue		28,956		25,705
Accrued payroll and related expenses		11,106		11,436
Sales and use tax payable		5,974		5,169
Accrued construction costs		300		1,112
Other		13,309		10,869
Total accrued expenses	$	72,797	$	70,118

Leases (Tables)

3 Months Ended

May 02, 2020

Leases

Schedule of other information


	Thirteen Weeks Ended
	May 2,		May 4,
	2020		2019
Operating cash flows from operating leases	$	(13,464)	$	(11,868)
Cash paid for amounts included in the measurement of lease liabilities - operating leases		(13,464)		(11,868)

	As of May 2,		As of May 4,
	2020		2019

Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	5,352	$	13,149
Terminated right-of-use assets and liabilities		(3,202)		—
Weighted-average remaining lease term - operating leases		6.12		6.11
Weighted-average discount rate - operating leases		8.03%		7.80%

Schedule of maturities of operating lease liabilities


	Operating
Year Endings:	Leases
2020 (remainder)	$	41,019
2021		52,270
2022		48,109
2023		43,426
2024		34,995
Thereafter		132,450
Undiscounted cash flows	$	352,269
Reconciliation of lease liabilities:
Present values	$	246,550
Lease liabilities - current		35,081
Lease liabilities - noncurrent		211,469
Lease liabilities - total	$	246,550
Difference between undiscounted and discounted cash flows	$	105,719

Long-Term Debt (Tables)

3 Months Ended

May 02, 2020

Long-Term Debt

Summary of Long-Term Debt


	May 2,		February 1,
	2020		2020
Term loan	$	26,000		30,000
Less debt issuance costs		(261)		(283)
		25,739		29,717
Less current portion, net of discount and debt issuance costs		(1,979)		(5,936)
Long-term portion	$	23,760	$	23,781

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Earnings Per Share (Tables)

3 Months Ended

May 02, 2020

Earnings Per Share

Computation of Basic and Diluted Earnings Per Common Share


	Thirteen Weeks Ended
		May 2,		May 4,
		2020		2019
Net loss	$	(1,130)	$	(5,459)
Weighted-average shares of common stock outstanding:
Basic		43,327		43,003
Dilutive effect of common stock equivalents		—		—
Diluted		43,327		43,003
Basic loss per share	$	(0.03)	$	(0.13)
Diluted loss per share	$	(0.03)	$	(0.13)
Restricted stock units considered anti-dilutive and excluded in the calculation		6		155

Stock-Based Compensation (Tables)

3 Months Ended

May 02, 2020

Stock-Based Compensation

Rollforward of Outstanding Nonvested Stock Awards

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


		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 2, 2019	26	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	(26)		11.25
Balance at May 4, 2019	—	$	—

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 February 1, 2020	250	$	3.66
Grants	198		5.63
Forfeitures	—		—
Vested	—		—
Balance at May 2, 2020	448	$	4.53

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 2, 2019	34	$	6.07
Grants	—		—
Forfeitures	—		—
Vested	(6)		11.25
Balance at May 4, 2019	28	$	4.91

Rollforward of Outstanding Nonvested Stock Units

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


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

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 2, 2019	441	$	4.92
Grants	157		4.89
Forfeitures	(9)		4.91
Vested	(185)		4.75
Balance at May 4, 2019	404	$	4.91

Acquisition of Field and Stream Stores (Tables)

3 Months Ended

May 02, 2020

Business Acquisition [Line Items]

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


		October 11, 2019
Cash	$	167
Inventory		19,152
Property, plant, and equipment		5,250
Operating lease right of use asset		33,436
Operating lease right of use liability		(31,051)
Deferred tax asset		253
Goodwill		1,496
Total	$	28,703

Summary of pro forma information


		Thirteen Weeks Ended
		May 2,	May 4,
		2020	2019
Net sales	$	247,386	187,798
Net income	$	(1,215)	(5,430)

Earnings per share:
Basic	$	(0.03)	(0.13)
Diluted	$	(0.03)	(0.13)

2019 Acquisition

Business Acquisition [Line Items]

Summary of the purchase price consideration and related cash outflow


		October 11, 2019
Cash paid to seller	$	19,241
Payable to seller		9,462
Total purchase price	$	28,703

2020 Acquisition

Business Acquisition [Line Items]

Summary of the purchase price consideration and related cash outflow


		March 12, 2020
Cash paid to seller	$	1,075
Payable to seller		1,024
Total purchase price	$	2,099

Description of Business and Basis of Presentation (Details)	3 Months Ended
	May 02, 2020 state segment store
Description of Business and Basis of Presentation
Number of stores \| store	105
Number of states \| state	27
Number of reportable segments	1
Number of operating segments	1

Revenue Recognition (Details) $ in Thousands	3 Months Ended
Revenue Recognition (Details) $ in Thousands	May 02, 2020 USD ($)
Revenue Recognition
Gift card historical breakage (as a percent)	3.50%
Gift card escheat liability	$ 0
Redemption period	2 years
Breakage of loyalty reward (as a percent)	50.00%
Loyalty reward escheat liability	$ 0

Revenue Recognition - Contract balances (Details) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019	Feb. 01, 2020
Disaggregation of Revenue [Line Items]
Right of return assets, which are included in prepaid expenses and other	$ 1,687		$ 1,683
Sales return liabilities, which are included in accrued expenses	(2,518)		(2,512)
Gift breakage income	276	$ 290
Recognized customer loyalty program breakage income	$ 555	$ 310
Revenue from contract with customer liability recognition period	2 years
Gift Card
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (16,236)		(13,575)
Loyalty Reward Program
Disaggregation of Revenue [Line Items]
Estimated contract liability, net of breakage	$ (8,370)		$ (9,621)

Revenue Recognition - Disaggregation of revenue from contracts with customers (Details)	3 Months Ended
	May 02, 2020	May 04, 2019
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	100.00%	100.00%
Camping
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	10.20%	11.90%
Clothing
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	4.40%	8.00%
Fishing
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	10.10%	12.10%
Footwear
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	4.40%	7.40%
Hunting and Shooting
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	65.60%	53.60%
Optics, Electronics, Accessories, and Other
Disaggregation of Revenue [Line Items]
Net sales (as a percent)	5.30%	7.00%

Property and Equipment (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 191,557	$ 189,421
Less accumulated depreciation and amortization	(95,633)	(90,654)
Total property and equipment, net	95,924	98,767
Furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	85,733	84,059
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	102,787	103,791
Construction in progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 3,037	$ 1,571

Accrued Expenses (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020
Accrued Expenses
Book overdraft	$ 13,152	$ 15,827
Unearned revenue	28,956	25,705
Accrued payroll and related expenses	11,106	11,436
Sales and use tax payable	5,974	5,169
Accrued construction costs	300	1,112
Other	13,309	10,869
Total accrued expenses	$ 72,797	$ 70,118

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	May 02, 2020	May 04, 2019
Lessee, Lease, Description [Line Items]
Options to extend	true
Increase in ROU assets and operating lease liabilities	$ 2,150
Lease expense	$ 16,547	$ 14,384
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

Leases - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Leases
Operating cash flows from operating leases - Cash paid for amounts included in the measurement of lease liabilities	$ (13,464)	$ (11,868)
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	5,352
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	2,150	$ 13,149
Terminated right-of-use assets and liabilities	$ (3,202)
Weighted-average remaining lease term - operating leases	6 years 1 month 13 days	6 years 1 month 10 days
Weighted-average discount rate - operating leases	8.03%	7.80%

Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020
Maturities:
2020 (remainder)		$ 41,019
2021		52,270
2022		48,109
2023		43,426
2024		34,995
Thereafter		132,450
Undiscounted cash flows		352,269
Reconciliation of lease liabilities:
Lease liabilities - current		35,081	$ 34,487
Lease liabilities - noncurrent		211,469	$ 217,254
Lease liabilities - total		246,550
Difference between undiscounted and discounted cash flows		$ 105,719
Forecast
Reconciliation of lease liabilities:
Lease liabilities - noncurrent	$ 9,400
Maximum \| Forecast
Reconciliation of lease liabilities:
Lease term	10 years
Minimum \| Forecast
Reconciliation of lease liabilities:
Lease term	5 years

Revolving Line Of Credit (Details) - USD ($) $ in Thousands		3 Months Ended
Revolving Line Of Credit (Details) - USD ($) $ in Thousands	May 23, 2018	May 02, 2020	May 04, 2019	Feb. 01, 2020
Line Of Credit Facility [Line Items]
Capitalization of fees paid	$ 1,331
Amortization of deferred financing fees		$ 22	$ 22
Gross borrowings under revolving line of credit		274,959	185,616
Gross paydowns under revolving line of credit		266,798	189,280
Wells Fargo Senior Secured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, amount outstanding		132,923		$ 123,478
Amounts in depository under lock-box arrangements		$ 14,499		7,400
Line Of Credit Facility Covenant Terms		The Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base
Line of credit , maturity date		May 23, 2023
Deferred financing fees outstanding		$ 772		$ 834
Amortization of deferred financing fees		$ 63	$ 63
Wells Fargo Senior Secured Revolving Credit Facility \| Minimum
Line Of Credit Facility [Line Items]
Line of credit facility gross borrowing base percentage		10.00%
Wells Fargo Senior Secured Revolving Credit Facility \| Maximum
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	250,000
New Term Loan
Line Of Credit Facility [Line Items]
New term loan	$ 40,000
New Term Loan \| LIBOR
Line Of Credit Facility [Line Items]
Term loan interest rate (as a percent)	5.75%
Wells Fargo Stand-by Commercial Letters of Credit
Line Of Credit Facility [Line Items]
Net borrowing available under revolving line of credit		$ 1,705

Long-Term Debt (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020
Less current portion, net of discount and debt issuance costs	$ (1,979)	$ (5,936)
Long-term portion	23,760	23,781
Prior Term Loan
Term loan		30,000
Less debt issuance costs		(283)
Long-term debt		29,717
Less current portion, net of discount and debt issuance costs		(5,936)
Long-term portion		$ 23,781
New Term Loan
Term loan	26,000
Less debt issuance costs	(261)
Long-term debt	25,739
Less current portion, net of discount and debt issuance costs	(1,979)
Long-term portion	$ 23,760

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	May 23, 2018	May 02, 2020	May 04, 2019	Feb. 01, 2020
Debt Instrument [Line Items]
Amortization of deferred financing fees		$ 22	$ 22
New Term Loan
Debt Instrument [Line Items]
Debt instrument issuance price, percentage of aggregate principal amount	100.00%
New term loan	$ 40,000
Line of credit, maturity date	May 23, 2023
Term loan effective rate		6.75%
Quarterly loan payment		$ 4,000
Term loan		26,000
Unamortized debt issuance costs		$ 261
Prior Term Loan
Debt Instrument [Line Items]
Term loan				$ 30,000
Unamortized debt issuance costs				$ 283
LIBOR \| New Term Loan
Debt Instrument [Line Items]
Term loan interest rate (as a percent)	5.75%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	May 02, 2020	May 04, 2019
Income Taxes
Income tax benefit	$ 849	$ 2,003
Effective tax rate	42.90%	26.80%
Federal statutory rate	21.00%

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Earnings Per Share
Net loss	$ (1,130)	$ (5,459)
Weighted-average shares of common stock outstanding:
Basic	43,327	43,003
Diluted	43,327	43,003
Basic loss per share	$ (0.03)	$ (0.13)
Diluted loss per share	$ (0.03)	$ (0.13)
Restricted stock units considered anti-dilutive and excluded in the calculation	6	155

- 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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-Name Accounting Standards Codification
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+ 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/exampleRef
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+ Details

- Definition

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

+ References + Details

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019	Jan. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 736	$ 453
Nonvested Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares		(26)
Nonvested Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	198
Nonvested stock issued, weighted average grant date fair value per share	$ 5.63
Vested, Shares		(6)
Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	382	157
Nonvested stock issued, weighted average grant date fair value per share	$ 5.63	$ 4.89
Vested, Shares	(258)	(185)
Employees \| Nonvested Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	0	0
Employees \| Nonvested Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares subject to award	396
Issuance of nonvested stock units	198	0
Nonvested stock issued, weighted average grant date fair value per share	$ 5.63
Employees \| Nonvested Performance-Based Stock Awards \| Minimum threshold performance target not achieved
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares	0
Employees \| Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units		157
Nonvested stock issued, weighted average grant date fair value per share		$ 4.89
Nonvested stock awards vested over grant date	3 years
Vesting percentage	33.00%
Employees And Board Of Directors \| Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of nonvested stock units	382
Nonvested stock issued, weighted average grant date fair value per share	$ 5.63
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for awards	446
Maximum number of shares subject to award			800
Shares issued under ESPP	0
2019 Plan \| Employee Stock Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for awards	2,558
Number of awards outstanding	1,309
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 736	$ 453

Stock-Based Compensation - Additional Information (Details) - $ / shares shares in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Nonvested Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Shares		26
Vested, Shares		(26)
Beginning balance, Weighted average grant-date fair value		$ 11.25
Vested, Weighted average grant-date fair value		$ 11.25
Nonvested Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Shares	250	34
Grants, Shares	198
Vested, Shares		(6)
Ending balance, Shares	448	28
Beginning balance, Weighted average grant-date fair value	$ 3.66	$ 6.07
Grants, Weighted average grant-date fair value	5.63
Vested, Weighted average grant-date fair value		11.25
Ending balance, Weighted average grant-date fair value	$ 4.53	$ 4.91
Nonvested Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Shares	744	441
Grants, Shares	382	157
Forfeitures, Shares	(5)	(9)
Vested, Shares	(258)	(185)
Ending balance, Shares	863	404
Beginning balance, Weighted average grant-date fair value	$ 4.32	$ 4.92
Grants, Weighted average grant-date fair value	5.63	4.89
Forfeitures, Weighted average grant-date fair value	4.89	4.91
Vested, Weighted average grant-date fair value	4.36	4.75
Ending balance, Weighted average grant-date fair value	$ 4.90	$ 4.91

Commitments and Contingencies - Additional Information (Details)	Jul. 02, 2019 defendant
Commitments and Contingencies.
Number of defendants in Parson's v. Colt's Manufacturing Company legal case	16
Number of company subsidiaries named as defendant in Parsons v. Colt's Manufacturing Company legal case	1

Acquisition of Field and Stream Stores (Details) $ in Thousands						1 Months Ended	3 Months Ended
	Mar. 12, 2020 USD ($)	Mar. 06, 2020 store	Feb. 14, 2020 USD ($) store	Oct. 11, 2019 USD ($) store	Sep. 28, 2019 USD ($) store	Jan. 31, 2020 USD ($)	May 02, 2020 USD ($)	Jun. 30, 2020 USD ($)
Business Acquisition [Line Items]
Payable to seller							$ 1,024
DICK’S
Business Acquisition [Line Items]
Aggregate consideration	$ 2,099
Payable to seller	1,024
Remaining Consideration Paid	$ 1,075
2020 Acquisition
Business Acquisition [Line Items]
Acquisition related cost							29
Sportsman’s Warehouse, Inc \| DICK’S
Business Acquisition [Line Items]
Number of stores acquired \| store		1	1		8
Number Of Acquired Stores Closed \| store				8
Maximum period for which transition services will be provided			120 days		120 days
Aggregate consideration			$ 2,100	$ 28,703	$ 28,703
Payable to seller				9,462				$ 1,000
Remaining Consideration Paid				$ 19,241		$ 9
Sportsman’s Warehouse, Inc \| DICK’S \| Revolving Credit Facility
Business Acquisition [Line Items]
Amount drawn					$ 19,703		1,100
Sportsman’s Warehouse, Inc \| 2019 Acquisition
Business Acquisition [Line Items]
Acquisition related cost							$ 662

Acquisition of Field and Stream Stores - Purchase price consideration and related cash outflow (Details) - USD ($) $ in Thousands					1 Months Ended
	Mar. 12, 2020	Feb. 14, 2020	Oct. 11, 2019	Sep. 28, 2019	Jan. 31, 2020	Jun. 30, 2020	May 02, 2020	Feb. 01, 2020
Business Acquisition [Line Items]
Payable to seller							$ 1,024
Right-of-use assets							221,671	$ 224,520
Lease liabilities							$ 246,550
Liabilities except leases assumed			$ 0
DICK’S
Business Acquisition [Line Items]
Cash paid to seller	$ 1,075
Payable to seller	1,024
Total purchase price	2,099
Right-of-use assets	1,794
Lease liabilities	$ 1,794
DICK’S \| Sportsman’s Warehouse, Inc
Business Acquisition [Line Items]
Cash paid to seller			19,241		$ 9
Payable to seller			9,462			$ 1,000
Total purchase price		$ 2,100	$ 28,703	$ 28,703

Acquisition of Field and Stream Stores - Estimated fair value of the identifiable assets acquired and assumed liabilities (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 14, 2020	Feb. 01, 2020	Oct. 11, 2019
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities
Cash				$ 167
Inventory		$ 2,100		19,152
Property, plant, and equipment				5,250
Operating lease right of use asset				33,436
Operating lease right of use liability				(31,051)
Deferred tax asset				253
Goodwill	$ 1,496		$ 1,496	1,496
Total				$ 28,703
Amount of goodwill amortizable for tax purpose	$ 4,134

Acquisition of Field and Stream Stores - Pro forma results - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Business Acquisitions ProForma
Net sales	$ 247,386	$ 187,798
Net income	$ (1,215)	$ (5,430)
Basic	$ (0.03)	$ (0.13)
Diluted	$ (0.03)	$ (0.13)

Subsequent Event (Details) - DICK’S $ in Thousands	May 14, 2020 USD ($)	Mar. 12, 2020 USD ($)	Mar. 06, 2020 store	Feb. 14, 2020 USD ($) store	Oct. 11, 2019 USD ($)	Sep. 28, 2019 USD ($) store
Subsequent Event
Total purchase price		$ 2,099
Sportsman’s Warehouse, Inc
Subsequent Event
Number of stores acquired \| store			1	1		8
Total purchase price				$ 2,100	$ 28,703	$ 28,703
Subsequent Event \| Sportsman’s Warehouse, Inc
Subsequent Event
Total purchase price	$ 2,400
Percentage of inventory to be paid within 90 days	50.00%