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Here are a few analogies for Sportsman's Warehouse (SPWH):

• Think of it as Bass Pro Shops or Cabela's, but with a generally smaller store footprint.
• It's like Dick's Sporting Goods, but with a heavier emphasis on hunting, fishing, and serious outdoor gear.

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• Camping Gear: Offers a range of products for outdoor camping, including tents, sleeping bags, coolers, and cooking equipment.
• Apparel: Provides various clothing items such as jackets, hats, technical gear, and work wear for outdoor enthusiasts.
• Fishing Equipment: Sells a comprehensive selection of fishing products including rods, reels, lures, and small boats.
• Footwear: Features hiking boots, work boots, sport sandals, and waders suitable for outdoor and casual use.
• Hunting and Shooting Supplies: Carries firearms, ammunition, archery items, tree stands, and related safety and storage products.
• Optics, Electronics, and Accessories: Includes gift items, GPS devices, knives, lighting, optics, and two-way radios.
• Private Label Products: Offers exclusive merchandise under brands such as Rustic Ridge, Killik, and Vital Impact.
• Equipment Services: Provides specialized services like archery technician assistance, fishing-reel line winding, bore sighting, scope mounting, and cleaning.
• License Issuance: Issues hunting and fishing licenses directly to customers.

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Sportsman's Warehouse (SPWH) operates as a retailer, primarily selling directly to individual consumers rather than other businesses. Based on its product offerings and services, the company serves the following major categories of customers:

• Hunters and Shooters: This segment includes individuals who purchase firearms, ammunition, archery equipment, hunting accessories (such as blinds, tree stands, and decoys), and utilize services like firearms safety and storage, reloading equipment, shooting gear, bore sighting, scope mounting, and hunting license issuance.
• Anglers (Fishermen): These customers are interested in fishing products, including rods, reels, lures, bait, fly fishing gear, and small boats. They also use services like fishing-reel line winding and fishing license issuance.
• Outdoor Recreationists and Campers: This category encompasses individuals engaged in camping, hiking, paddling, and general outdoor activities. They purchase items such as tents, sleeping bags, backpacks, canoes and kayaks, coolers, outdoor cooking equipment, apparel, footwear, and various optics, electronics, and accessories.

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Paul Stone President and Chief Executive Officer

Paul Stone is a highly experienced executive with over 30 years of leadership experience in the retail sector. Prior to joining Sportsman's Warehouse, he served as President and Chief Operating Officer of Hertz Global Holdings, Inc. from October 2021 to September 2023, and also as Interim Chief Executive Officer and on the Board of Directors from May 2020 to October 2021. Before his time at Hertz, Mr. Stone was the Chief Retail Officer of Cabela's Inc., an outdoor outfitter retail company, from November 2015 to December 2017. He also spent 28 years with Sam's Club, a retail warehouse subsidiary of Walmart Inc., in various leadership roles where he ultimately oversaw a P&L of approximately $18 billion and 30,000 employees.

Jennifer Fall Jung Chief Financial Officer

Jennifer Fall Jung oversees all financial aspects of Sportsman's Warehouse, including financial planning and analysis, accounting and financial reporting, tax, internal controls, investor relations, treasury, and risk management. Ms. Fall Jung has over 25 years of experience in the consumer goods industry. From June 2023 to April 2025, she served as the Executive Vice President, Chief Financial Officer of The Duckhorn Portfolio, Inc., a formerly publicly traded company that sells luxury wines. From August 2019 to February 2023, Ms. Fall Jung was the Chief Financial Officer of Funko, Inc., a publicly traded consumer goods company. Earlier in her career, she held various roles at The Gap, Inc.

Jeff Dunn Chief Merchandising Officer

Jeff Dunn was appointed Chief Merchandising Officer, effective February 5, 2025. He is responsible for the company's merchandising, planning, and private label development strategies. Mr. Dunn brings over 35 years of omni-channel merchandising experience, including 25 years at Walmart/Sam's Club, with extensive expertise in buying, planning, replenishment, and product development across outdoor sporting categories such as hunting, fishing, camping, and sport shooting.

Craig McNair Chief Retail Officer

Craig McNair oversees store operations, focusing on customer experience, in-store programs, training, and talent development. He has a strong background in retail operations, having most recently served as Chief Retail Officer at Batteries Plus Bulbs for over four years. Mr. McNair also has key leadership experience in the outdoor specialty retail space, with roles at both Academy Sports + Outdoors and Cabela's Inc., where he was responsible for large regions of stores. Additionally, he spent over 25 years building his career in store leadership roles with Sam's Club from 1988 to 2016.

Krischelle Tennessen Chief Human Resources Officer

Krischelle Tennessen was appointed Chief Human Resources Officer on March 19, 2024. In this role, she oversees company culture, HR strategy and processes, and talent development. Ms. Tennessen brings nearly 30 years of human resources experience, having most recently served as Chief Human Resources Officer with The Joint Chiropractic and as Senior Vice President of Human Resources for Five Below from 2019 to 2022. She also previously served as the Chief Human Resources Officer at Marvin Windows and Doors and spent nearly 10 years in various leadership roles at Walmart, Inc., beginning her career at Target.

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Key Risks to Sportsman's Warehouse (SPWH)

1. Macroeconomic Headwinds and Decreased Consumer Discretionary Spending: Sportsman's Warehouse faces significant risk from general macroeconomic conditions, including inflation, elevated interest rates, and economic slowdowns, which directly impact consumer discretionary spending. This has led to declining net sales and reduced store traffic, as consumers cut back on purchases of outdoor sporting goods. The company experienced a 7.0% decrease in net sales in fiscal year 2024 compared to 2023, largely due to these pressures.
2. Challenges in Inventory Management and Sustaining Profitability, Leading to Financial Vulnerability: The company has struggled with overstocking and slow-moving inventory, which drives up warehousing costs and ties up cash. This, coupled with declining demand, has resulted in significant profitability challenges, including negative EBIT and profit margins, and declining earnings per share (EPS). Sportsman's Warehouse has reported net losses and a high debt-to-equity ratio, indicating financial vulnerability and liquidity concerns, with efforts ongoing to reduce inventory and debt.
3. Intense Market Competition and Evolving Consumer Preferences: The outdoor sporting goods industry is highly fragmented and competitive. Sportsman's Warehouse also contends with shifts in consumer behavior, including a move away from big-ticket outdoor gear towards more casual and affordable products. Additionally, there is a growing demand for interactive e-commerce experiences, which presents a challenge for traditional brick-and-mortar retailers.

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For Sportsman's Warehouse (symbol: SPWH), the addressable markets for their main products and services in the U.S. region are as follows:

• Camping Products: The U.S. camping and hiking gear market was estimated at USD 8.61 billion in 2024.
• Apparel Products (Outdoor/Sportswear): The North American outdoor apparel market was approximately USD 13.73 billion in 2023, based on North America's 39% share of the global outdoor apparel market size of USD 35.2 billion.
• Fishing Products: The U.S. fishing goods market size was estimated at USD 8.78 billion in 2023.
• Footwear Products (Outdoor): The U.S. outdoor footwear market generated sales revenue of USD 8.72 billion in 2023.
• Hunting and Shooting Products: The USA hunting equipment and accessories market was valued at USD 15 billion in 2023.
• Optics and Outdoor Electronics: The North American sports optic market, which is a segment of outdoor electronics, accounted for approximately USD 0.93 billion in 2025, representing 38.73% of the global market size of USD 2.4 billion.

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Sportsman's Warehouse (SPWH) expects several key drivers to contribute to its future revenue growth over the next two to three years:

1. Execution of the Three-Year Turnaround Strategy: The company's comprehensive three-year turnaround strategy, initiated in 2024, is anticipated to continue driving positive same-store sales growth and overall revenue. This strategy has already been credited with achieving the first year of positive same-store sales since 2020.
2. Continued Strength in Hunting and Shooting Sports: Sportsman's Warehouse expects to leverage its strong performance and market share gains within the hunting and shooting sports category, particularly firearms and ammunition, to fuel future revenue growth. This segment has shown significant momentum in recent periods.
3. Growth in the Fishing Department: The fishing category is projected to be a consistent revenue driver, having demonstrated positive comparable sales growth and improved product margins. The company's emphasis on in-stocks and seasonal readiness for fishing products is a key factor.
4. Expansion of Omnichannel Capabilities and E-commerce: Ongoing investments in omnichannel development, including strong e-commerce performance and initiatives like "Buy Online, Pick Up In Store" (BOPUS), are expected to contribute to increased sales. Digital-first marketing efforts are also supporting higher customer engagement and acquisition across all channels.
5. Strategic Focus on Personal Protection Category: Sportsman's Warehouse is strategically expanding its offerings in the personal protection category, including both lethal and less-lethal alternatives. The introduction of in-store demos and a commitment to becoming an authority in this segment are expected to drive significant growth.

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