Sportsman's Warehouse (SPWH) Investor presentation summary

Business transformation and growth

• Reversed four years of sales declines, returning to same store sales growth in 2025 after leadership transition and strategic reset in 2024.

• Established a durable, repeatable growth model expected to continue into 2026 and beyond.

• Positive comp store growth and business optimization achieved through inventory reduction and net debt paydown.

• Grew fishing category by 10.2% year-over-year in omni-channel sales.

Merchandising and inventory discipline

• Year-end inventory reduced by 8.5% year-over-year, improving working capital efficiency.

• SKU and supplier rationalization led to healthier inventory and margin improvement.

• Seasonal alignment and controlled transitions protect margins and limit inventory risk.

• Deeper vendor partnerships improved in-stock levels and execution.

Core pursuits and local advantage

• Strategy focused on core pursuits: hunting, fishing, and shooting, with significant share growth opportunities.

• Highly experienced staff and localized assortments create a trusted, people-led advantage.

• Selective local and regional brand partnerships differentiate offerings.

• In-store events and education build community-driven loyalty.