Here are 1-3 brief analogies to describe Sportsman's Warehouse (SPWH):

• Like **Dick's Sporting Goods**, but more focused on hunting, fishing, and camping.
• A smaller-scale **Bass Pro Shops** or **Cabela's**.
• Imagine **REI**, but also offering a full range of hunting, fishing, and firearms equipment.

• Firearms and Ammunition: A wide selection of rifles, shotguns, handguns, and various types of ammunition for hunting, sport shooting, and personal defense.
• Hunting Gear: Products essential for hunting, including optics, blinds, tree stands, calls, and other specialized accessories.
• Fishing Equipment: A comprehensive range of fishing rods, reels, tackle, bait, lures, and other accessories for fresh and saltwater angling.
• Camping and Outdoor Recreation Gear: Essentials for outdoor adventures such as tents, sleeping bags, backpacks, cooking equipment, and survival tools.
• Apparel and Footwear: Specialized clothing, outerwear, and boots designed for hunting, fishing, hiking, and general outdoor activities.
• Archery Equipment: Bows, arrows, broadheads, targets, and accessories for both bow hunting and target practice.

Sportsman's Warehouse (symbol: SPWH) primarily sells to **individuals** through its retail stores and e-commerce platform.

The company serves the following categories of individual customers:

• Hunters and Shooters: This core customer base purchases firearms, ammunition, hunting apparel, optics, treestands, and other hunting-related equipment.
• Anglers/Fishermen: Customers interested in fishing buy rods, reels, tackle, lures, fishing apparel, and other gear for various types of fishing.
• Outdoor Enthusiasts/Campers: This category includes individuals who enjoy general outdoor activities such as camping, hiking, and survival, purchasing items like tents, sleeping bags, backpacks, outdoor apparel, and related gear.

• Vista Outdoor Inc. (NYSE: VSTO)
• Sturm, Ruger & Company, Inc. (NYSE: RGR)
• Smith & Wesson Brands, Inc. (NASDAQ: SWBI)
• Olin Corporation (NYSE: OLN)
• YETI Holdings, Inc. (NYSE: YETI)
• Shimano Inc. (TYO: 7309)
• Johnson Outdoors Inc. (NASDAQ: JOUT)

Paul Stone, President and Chief Executive Officer

Paul Stone has served as the President and Chief Executive Officer of Sportsman's Warehouse since November 2023. He brings over 30 years of leadership experience in the retail sector. Prior to joining Sportsman's Warehouse, Mr. Stone was the President and Chief Operating Officer of Hertz Global Holdings, Inc. from October 2021 to September 2023. He also served as Interim Chief Executive Officer and on the Board of Directors for Hertz from May 2020 to October 2021, during which he oversaw the company's emergence from bankruptcy. Before Hertz, he was the Chief Retail Officer of Cabela's Inc. from November 2015 to December 2017. Mr. Stone spent 28 years with Sam's Club, a subsidiary of Walmart Inc., in various leadership roles, ultimately managing an approximately $18 billion P&L and 30,000 employees.

Jennifer Fall Jung, Chief Financial Officer

Jennifer Fall Jung was appointed Chief Financial Officer and Secretary of Sportsman's Warehouse, effective August 18, 2025. She possesses over 25 years of experience in the consumer goods industry. Most recently, Ms. Fall Jung served as Executive Vice President, Chief Financial Officer of The Duckhorn Portfolio, Inc., a publicly traded luxury wine company, from June 2023 to April 2025. From August 2019 to February 2023, she was the Chief Financial Officer of Funko, Inc., another publicly traded consumer goods company. Her career also includes various leadership positions at The Gap, Inc., such as Senior Vice President of Corporate Finance and Investor Relations, and Chief Financial Officer and Senior Vice President of Old Navy Global Stores and Online.

Craig McNair, Chief Retail Officer

Craig McNair joined Sportsman's Warehouse as Chief Retail Officer on January 29, 2024, overseeing store operations. He has a strong background in retail operations, having served as Chief Retail Officer at Batteries Plus Bulbs for over four years previously. His experience also includes key leadership roles in the outdoor specialty retail sector at Academy Sports + Outdoors and Cabela's Inc. Mr. McNair spent over 25 years at Sam's Club, from 1988 to 2016, in various store leadership capacities.

Michael Simpson, Chief Information Officer

Michael Simpson became the Chief Information Officer of Sportsman's Warehouse in March 2024. He brings over 20 years of leadership experience in technology and software development, with 15 years in the retail industry. Prior to Sportsman's Warehouse, Mr. Simpson held various technology leadership roles at Target Corporation, where he was responsible for store technology across more than 1900 locations.

Krischelle Tennessen, Chief Human Resources Officer

Krischelle Tennessen was appointed Chief Human Resources Officer of Sportsman's Warehouse in March 2024. She has nearly 30 years of human resources experience. Ms. Tennessen previously served as Chief Human Resources Officer at The Joint Chiropractic and as Senior Vice President of Human Resources for Five Below from 2019 to 2022. She was also the Chief Human Resources Officer at Marvin Windows and Doors from 2016 to 2019 and spent almost 10 years in leadership roles at Walmart, Inc. She began her career at Target, where she held positions in HR, Store Operations, and Project Management for 12 years.

The key risks to Sportsman's Warehouse's business include challenging macroeconomic conditions impacting consumer spending, significant debt levels and struggles with profitability, and intense competition within the fragmented outdoor activities and sporting goods market.

1. Macroeconomic Conditions and Consumer Spending: The company faces substantial risk from broader macroeconomic factors such as inflation, rising interest rates, economic slowdowns, and potential recessions. These conditions directly affect consumer discretionary spending, which has already shown signs of softening and has weighed on the company's sales. Inflation, in particular, has made middle to low-income families more cautious about spending on hobbies, leading to delayed purchases of items like tents, firearms, and related equipment.
2. Debt Levels and Financial Health/Profitability: Sportsman's Warehouse has accumulated a significant amount of debt, primarily to finance new store openings and inventory. This has resulted in a high debt-to-equity ratio and an elevated debt-to-EBITDA ratio, indicating substantial financial leverage. The company has also reported negative operating cash flow and net losses, suggesting that its core business activities are consuming cash rather than generating it. Managing operating expenses relative to gross profit continues to be a critical challenge, contributing to negative operating margins.
3. Intense Competition: The outdoor activities and sporting goods market is highly fragmented and fiercely competitive. Sportsman's Warehouse competes with a variety of retailers, including larger chains with greater market presence, brand recognition, and financial resources, as well as e-commerce giants like Amazon, which offer a vast selection and competitive pricing. This competitive landscape can constrain the company's net sales and profitability.

The accelerating shift of outdoor, hunting, and fishing brands towards robust direct-to-consumer (DTC) sales channels poses a significant emerging threat. Many manufacturers that Sportsman's Warehouse historically relied on for inventory and customer interest are increasingly investing in sophisticated e-commerce platforms, exclusive online product releases, and direct customer engagement. This trend allows brands to bypass traditional retailers, capture higher margins, and develop direct relationships with consumers. This not only siphons potential sales and foot traffic from Sportsman's Warehouse but can also lead to reduced product differentiation, potential limitations on inventory supplied to third-party retailers, and increased margin pressure as brands compete directly with their retail partners.

Sportsman's Warehouse (SPWH) operates within several segments of the outdoor sporting goods market in the United States. The addressable markets for its main products and services include:

• Hunting and Shooting Sports: The recreational hunting and target shooting market in the U.S. generated over $106.2 billion in combined retail sales in 2022. The global shooting sports equipment market size was estimated at USD 38.34 billion in 2024 and is projected to reach USD 53.90 billion by 2030. North America accounted for a 36.4% revenue share of the global shooting sports equipment market in 2023.
• Fishing: The U.S. fishing goods market size was estimated at USD 8.78 billion in 2023 and is expected to grow to USD 10.95 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 3.2% from 2024 to 2030. Another estimate for the U.S. fishing goods market projects growth from USD 8.9 billion in 2024 to USD 12.2 billion by 2034. North America is the largest regional market for fishing equipment, valued at approximately USD 6.5–7 billion in 2023–24.
• Camping and Hiking Gear: The U.S. camping and hiking gear market size was estimated at USD 8.61 billion in 2024 and is expected to reach USD 11.45 billion by 2030, growing at a CAGR of 4.2% from 2024 to 2030. The North American camping equipment market was around USD 4.9 billion in 2023 and is expected to reach USD 8.8 billion by 2032.
• Outdoor Apparel and Footwear: The U.S. outdoor apparel market generated approximately USD 5.41 billion in revenue in 2024. The broader U.S. outdoor apparel, footwear, and equipment market is valued at USD 35.2 billion, based on a five-year historical analysis.

Here are 3-5 expected drivers of future revenue growth for Sportsman's Warehouse (SPWH) over the next 2-3 years:

1. Accelerated New Store Expansion: Sportsman's Warehouse plans to significantly increase its physical footprint. The company aimed to open 15 new stores in 2023, marking its highest number of openings in a single year. Furthermore, by the end of fiscal year 2025, Sportsman's Warehouse expects to expand its store count from 131 (at the close of 2022) to between 190 and 210 locations. This represents an accelerated pace of 20 to 27 new stores annually, compared to a historical average of 8 to 12. This expansion is particularly focused on new markets, including the eastern United States.

2. Growth of Omnichannel and E-commerce Capabilities: The company is committed to enhancing its omnichannel strategies and capabilities. E-commerce sales are a key growth area, with the target to reach 25% of total sales by 2025, up from 15% in 2022 and 4% in 2019. Recent results show e-commerce sales growing by 3% year-over-year in Q2 2025, with a significant portion (over 70%) fulfilled through its buy online, pick up in store (BOPUS) program. "Precision Inventory" strategies, combined with localized expertise, have also contributed to double-digit e-commerce growth and increased in-store foot traffic.

3. Refined Merchandising Strategy and Category Focus: Sportsman's Warehouse is strategically focusing on specific product categories and improving its merchandising approach. This includes regaining market share in hunting, expanding its share in fishing, and growing its presence in personal protection. The company is simplifying its product assortments by removing less popular SKUs and emphasizing better seasonal timing and localization of merchandise. Strong performance in these core categories was evident in Q2 2025, with hunting and shooting sports growing by 4% and fishing by 10.9%. Initiatives like the "Safety Outpost" on its website further solidify its authority in personal protection.

4. Improved Inventory Management and In-Stock Rates: A key driver is the company's focus on "precision inventory" to ensure core products are in stock, which aims to boost customer satisfaction and drive sales. The CFO highlighted that simplifying product assortment also aims to drive efficiency in working capital and support margin improvement over time. This includes making targeted inventory investments in anticipation of increased tariffs to secure critical products ahead of seasonal demand.

5. Return to Positive Same-Store Sales Growth: After a period of decline, Sportsman's Warehouse has demonstrated a return to positive comparable same-store sales growth. The company achieved its first positive same-store sales comparable in nearly four years in Q1 2025, with a 2% increase, followed by a 2.1% increase in Q2 2025. Management expects this trend of comparable same-store sales growth to continue throughout 2025, signaling a turnaround in performance at existing locations.

Share Repurchases

• On March 24, 2022, Sportsman's Warehouse authorized a share repurchase program for up to $75.0 million of its common stock, commencing on March 31, 2022, and expiring on its first anniversary.

Share Issuance

• In the second quarter of fiscal year 2025, the company reported proceeds of $0.097 million from the issuance of common stock per its employee stock purchase plan.

Inbound Investments

• On December 21, 2020, Bass Pro Group, LLC (Great Outdoors Group, LLC) entered into a definitive agreement to acquire Sportsman's Warehouse Holdings, Inc. for approximately $810 million.
• This acquisition was subsequently cancelled on December 2, 2021.

Outbound Investments

• Net acquisitions/divestitures resulted in an outflow of $29 million in 2020 and $6 million in 2021.

Capital Expenditures

• For fiscal year 2025, capital expenditures are projected to be between $20 million and $25 million.
• These expenditures are primarily focused on technology investments to enhance store service and merchandising productivity, as well as general store maintenance.
• The company anticipates opening one new store in Surprise, Arizona, in November 2025.