Sportsman's Warehouse (SPWH) Q1 2026 earnings summary

Executive summary

• Achieved first positive year-over-year same-store sales comp in nearly four years, with Q1 sales up 2% to $249.1 million, driven by growth in Fishing, Hunting, and Shooting departments, and strong e-commerce performance, which grew 8% and comprised over 20% of total sales.

• Gross profit improved by 2.5% to $75.6 million, with gross margin rising to 30.4% from 30.2% year-over-year, aided by favorable mix in fishing and offset by higher freight costs from inventory pull-forward.

• Net loss widened to $21.3 million (loss per share of $0.56) from $18.1 million (loss per share of $0.48) last year, primarily due to increased interest expense and lower income tax benefit.

• Adjusted EBITDA was negative $9 million, margin (3.6)% of net sales, slightly worse than last year.

• Focused on inventory precision, digital-first marketing, and personal protection authority to drive business progress.

Financial highlights

• Q1 net sales were $249.1 million, a 2% increase from the prior year.

• Gross profit: $75.6 million, gross margin 30.4% (up from 30.2%).

• SG&A expenses were $95.3 million (38.2% of sales), down from 38.6% last year.

• Net loss: $21.3 million (negative $0.56 per share); adjusted net loss: $15.6 million (negative $0.41 per share).

• Adjusted EBITDA: $(9.0) million, margin (3.6)%.

Outlook and guidance

• Fiscal 2025 net sales expected to range from down 1% to up 3.5% versus 2024; adjusted EBITDA guidance of $33–$45 million.

• Capital expenditures projected at $20–$25 million, focused on technology, store productivity, and maintenance.

• Plans to open one new store in Surprise, Arizona during fiscal 2025.

• Guidance reiterated despite macroeconomic and tariff headwinds; positive EBITDA expected in the second half.

• Committed to generating positive free cash flow, improving inventory productivity, and paying down debt.