Sportsman’s Warehouse Holdings, Inc. Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Sportsman’s Warehouse (Nasdaq: SPWH) reported Q1 2026 net sales of $256.1 million, up 2.8%, with same store sales up 2.1%. Hunting and shooting sports grew 7.4% and fishing 6.0%, while other categories declined.
Gross margin was 29.6%, SG&A fell to 36.7% of sales, and net loss was $21.8 million. Adjusted EBITDA was $(8.1) million. Inventory decreased by $25.1 million to $387.1 million, and net debt was $148.4 million. The company reaffirmed 2026 guidance, including same store sales between down 1.0% and up 2.0% and adjusted EBITDA of $30–$36 million.
Positive
- Net sales rose 2.8% to $256.1 million
- Same store sales increased 2.1% year-over-year
- Hunting and shooting sports category grew 7.4%
- SG&A expenses declined to $93.9 million, 36.7% of sales
- Adjusted EBITDA loss improved to $(8.1) million from $(9.0) million
- Inventory reduced by $25.1 million to $387.1 million
- Total liquidity of $116.7 million at quarter end
- 2026 guidance reaffirmed, adjusted EBITDA $30–$36 million
Negative
- Net loss widened slightly to $21.8 million
- Gross margin declined to 29.6% from 30.4%
- Adjusted EBITDA remained negative at $(8.1) million
- Net debt stood at $148.4 million
- No new store openings planned for 2026
News Market Reaction – SPWH
In the Jun 3 session, SPWH gained 2.11%, reflecting a moderate positive market reaction. Argus tracked a peak move of +21.9% during that session. Argus tracked a trough of -9.3% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. Trading volume was very high at 4.2x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | FY2025 results | Negative | -6.4% | Reported FY2025 net loss of $50.1M and impairment charges of $17.8M. |
| Mar 03 | Prelim FY2025 results | Positive | +28.7% | Preliminary FY2025 results with sales growth, positive comps and higher adjusted EBITDA. |
| Dec 04 | Q3 2025 earnings | Positive | -29.8% | Q3 2025 net sales and same-store sales up 2.2% with margin expansion. |
| Sep 04 | Q2 2025 earnings | Positive | +12.3% | Q2 2025 net sales up 1.8% and same-store sales growth of 2.1%. |
| Jun 03 | Q1 2025 earnings | Neutral | +11.2% | First positive same-store sales in nearly four years but continued net loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings headlines for SPWH have often produced sizable moves, mostly aligned with the tone of results, with one notable negative divergence on strong Q3 2025 metrics.
Over the past year, SPWH’s earnings updates have shown modest sales growth with ongoing net losses and active balance sheet management. Q2 and Q3 2025 delivered low single‑digit net sales and same‑store gains, alongside margin improvement and inventory reduction. Preliminary and final 2025 results highlighted net sales of $1,209.2M, a net loss of $50.1M, and lower net debt and inventory. The current Q1 2026 release, with net sales up 2.8% and guidance reaffirmed, fits this pattern of gradual operational improvement under ongoing financial pressure.
Key Terms
adjusted net (loss) income financial
adjusted EBITDA financial
non-GAAP financial measures financial
stock-based compensation expense financial
free cash flow financial
net debt financial
total liquidity financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
WEST JORDAN, Utah, June 02, 2026 (GLOBE NEWSWIRE) -- Sportsman’s Warehouse Holdings, Inc. (“Sportsman’s Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen weeks ended May 2, 2026.
“I’m pleased with our first quarter performance, as same store sales increased
For the thirteen weeks ended May 2, 2026:
- Net sales increased
2.8% to$256.1 million , compared to$249.1 million in the first quarter of fiscal year 2025. Performance was driven primarily by a7.4% gain in Hunting and Shooting Sports, led by firearms, ammunition, and less-lethal personal protection, with some additional event-driven demand. Fishing rose6.0% , driven by seasonal demands as customers prepared for the spring fishing season. Our other categories declined, reflecting continued pressure on the U.S. consumer. - Gross profit was
$75.8 million , or29.6% of net sales, compared to$75.6 million , or30.4% of net sales, in the first quarter of fiscal year 2025. The decrease, as a percentage of sales, was primarily driven by category mix. - Selling, general, and administrative (“SG&A”) expenses were
$93.9 million , or36.7% of net sales, compared to$95.3 million , or38.2% of net sales, in the first quarter of fiscal year 2025. The decrease in SG&A was primarily driven by decreased payroll expense as we emphasize disciplined cost control and lower depreciation expense. - Net loss was
$(21.8) million , compared to a net loss of$(21.3) million in the first quarter of fiscal year 2025. Adjusted net loss was$(15.1) million compared to an adjusted net loss of$(15.6) million in the first quarter of fiscal year 2025 (see “Non-GAAP and Other Financial Measures”). - Adjusted EBITDA was
$(8.1) million , compared to$(9.0) million in the first quarter of fiscal year 2025 (see “Non-GAAP and Other Financial Measures”). - Diluted loss per share was
$(0.56) compared to a diluted loss per share of$(0.56) in the corresponding prior-year period. Adjusted diluted loss per share was$(0.39) compared to adjusted diluted loss per share of$(0.41) in the first quarter of fiscal year 2025 (see “GAAP and Non-GAAP Financial Measures”).
Balance sheet and capital allocation highlights as of May 2, 2026:
- The Company ended the first quarter with net debt of
$148.4 million , comprised of$2.1 million of cash on hand,$44.3 million of net borrowings outstanding under the Company’s term loan facility and$106.2 million of net borrowings outstanding under the Company’s revolving credit facility. Total inventory at the end of the first quarter was$387.1 million , a decrease of$25.1 million compared to last year, reflecting our strategy to improve seasonally timed inventory and gain additional efficiency in our operating model. - Total liquidity was
$116.7 million as of the end of the first quarter of fiscal year 2026, comprised of$114.6 million of availability on the term loan and revolving credit facilities and$2.1 million of cash and cash equivalents.
Fiscal Year 2026 Outlook:
For fiscal year 2026, the Company is reiterating its guidance and estimates same store sales to be in the range of down
“We delivered a solid start to the year, with first quarter net sales increasing
The Company has not reconciled expected adjusted EBITDA for fiscal year 2026 to GAAP net income because the Company does not provide guidance for net (loss) income and is not able to provide a reconciliation to net (loss) income without unreasonable effort. The Company is not able to estimate net (loss) income on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from adjusted EBITDA.
Conference Call Information:
A conference call to discuss first quarter 2026 financial results is scheduled for June 2, 2026, at 5:00 PM Eastern Time. The conference call will be held via webcast and may be accessed via the Investor Relations section of the Company’s website at www.sportsmans.com.
Non-GAAP and Other Financial Measures
This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”) and that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): adjusted net (loss) income, adjusted diluted (loss) earnings per share and adjusted EBITDA. The Company defines adjusted net (loss) income as net (loss) income plus executive transition costs, cancelled contract expenses, legal expenses, valuation allowance, impairment costs and income tax expense (benefit). Net (loss) income is the most comparable GAAP financial measure to adjusted net (loss) income. The Company defines adjusted diluted (loss) earnings per share as adjusted net (loss) income divided by diluted weighted average shares outstanding. Diluted (loss) earnings per share is the most comparable GAAP financial measure to adjusted diluted (loss) earnings per share. The Company defines adjusted EBITDA as net (loss) income plus interest expense, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, executive transition costs and executive retention costs. Net (loss) income is the most comparable GAAP financial measure to adjusted EBITDA. The Company has reconciled these non-GAAP financial measures to the most directly comparable GAAP financial measures under “GAAP and Non-GAAP Financial Measures” in this release.
The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors and are frequently used by analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a more meaningful comparison of its diluted (loss) earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Management uses this information as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company’s industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s management believes that these non-GAAP financial measures allow investors to evaluate the Company’s operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or non-recurring items.
As noted above, the Company has not provided a reconciliation of fiscal year 2026 guidance for adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures, including stock-based compensation expense and income tax expense (benefit) that are difficult to predict in order to include in a GAAP estimate.
The Company defines net debt as borrowings outstanding under the Company’s revolving credit facility and term loan facility less cash and cash equivalents. The Company defines total liquidity as total availability under the Company’s revolving credit facility plus cash and cash equivalents.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our efforts to drive profitable growth, tightly manage inventory and expenses, and generate positive free cash flow; our expectations regarding momentum in our business; the impact of our strategic initiatives; and our guidance for same store sales and capital expenditures for fiscal year 2026; the number of store openings in 2026. Investors can identify these statements by the fact that they use words such as “aim,” “anticipate,” “assume,” “believe,” “can have,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may negatively impact the demand for the Company’s products and ability to conduct its business; the Company’s retail-based business model, which is impacted by general economic and market conditions such as elevated interest rates, inflationary pressures and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company’s concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region, and could affect the Company’s sales and cause its operating results to suffer; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company’s entrance into new markets or operations in existing markets, including the Company’s long-term strategy to open new stores in future periods, which may not be successful; the costs to close underperforming stores, if the Company decides to do so, which costs may be significant; stringent and evolving U.S. obligations related to data privacy and security; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, the impacts of tariffs and trade disputes, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company’s filings with the SEC, including under the caption “Risk Factors” in the Company’s Form 10-K for the fiscal year ended January 31, 2026, which was filed with the SEC on March 31, 2026, and the Company’s other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
About Sportsman’s Warehouse Holdings, Inc.
Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories.
For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com.
Investor Contact:
Riley Timmer
Vice President, Strategic Programs & Investor Relations
Sportsman’s Warehouse
(801) 566-6681
investors@sportsmans.com
| SPORTSMAN’S WAREHOUSE HOLDINGS, INC. | |||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||
| (amounts in thousands, except per share data) | |||||||||||||||||
| For the Thirteen Weeks Ended | |||||||||||||||||
| May 2, 2026 | % of net sales | May 3, 2025 | % of net sales | YOY Variance | |||||||||||||
| Net sales | $ | 256,078 | 100.0 | % | $ | 249,103 | 100.0 | % | $ | 6,975 | |||||||
| Cost of goods sold | 180,295 | 70.4 | % | 173,460 | 69.6 | % | 6,835 | ||||||||||
| Gross profit | 75,783 | 29.6 | % | 75,643 | 30.4 | % | 140 | ||||||||||
| Operating expenses: | |||||||||||||||||
| Selling, general and administrative expenses | 93,887 | 36.7 | % | 95,256 | 38.2 | % | (1,369 | ) | |||||||||
| Loss from operations | (18,104 | ) | (7.1 | %) | (19,613 | ) | (7.8 | %) | 1,509 | ||||||||
| Other losses | 77 | 0.0 | % | - | 0.0 | % | 77 | ||||||||||
| Interest expense | 2,624 | 1.0 | % | 2,971 | 1.3 | % | (347 | ) | |||||||||
| Loss before income taxes | (20,805 | ) | (8.1 | %) | (22,584 | ) | (9.1 | %) | 1,779 | ||||||||
| Income tax expense (benefit) | 1,043 | 0.4 | % | (1,330 | ) | (0.5 | %) | 2,373 | |||||||||
| Net loss | $ | (21,848 | ) | (8.5 | %) | $ | (21,254 | ) | (8.6 | %) | $ | (594 | ) | ||||
| Loss per share | |||||||||||||||||
| Basic | $ | (0.56 | ) | $ | (0.56 | ) | $ | - | |||||||||
| Diluted | $ | (0.56 | ) | $ | (0.56 | ) | $ | - | |||||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 38,764 | 38,144 | 620 | ||||||||||||||
| Diluted | 38,764 | 38,144 | 620 | ||||||||||||||
| SPORTSMAN’S WAREHOUSE HOLDINGS, INC. | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| (amounts in thousands, except par value data) | ||||||||
| May 2, | January 31, | |||||||
| 2026 | 2026 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,054 | $ | 1,659 | ||||
| Accounts receivable, net | 1,644 | 4,390 | ||||||
| Merchandise inventories | 387,149 | 312,858 | ||||||
| Prepaid expenses and other | 19,857 | 18,834 | ||||||
| Total current assets | 410,704 | 337,741 | ||||||
| Operating lease right of use asset | 295,578 | 288,590 | ||||||
| Finance lease right of use asset | 1,136 | 1,215 | ||||||
| Property and equipment, net | 128,892 | 133,329 | ||||||
| Goodwill | 1,496 | 1,496 | ||||||
| Definite lived intangibles, net | 197 | 211 | ||||||
| Total assets | $ | 838,003 | $ | 762,582 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 75,892 | $ | 44,933 | ||||
| Accrued expenses | 110,709 | 102,450 | ||||||
| Income taxes payable | 710 | 64 | ||||||
| Operating lease liability, current | 54,991 | 53,763 | ||||||
| Finance lease liability | 298 | 295 | ||||||
| Revolving line of credit | 106,155 | 47,524 | ||||||
| Total current liabilities | 348,755 | 249,029 | ||||||
| Long-term liabilities: | ||||||||
| Deferred income taxes | 408 | — | ||||||
| Term loan, net | 44,323 | 44,165 | ||||||
| Operating lease liability, noncurrent | 276,489 | 279,933 | ||||||
| Finance lease liability, noncurrent | 824 | 895 | ||||||
| Total long-term liabilities | 322,044 | 324,993 | ||||||
| Total liabilities | 670,799 | 574,022 | ||||||
| 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; 38,968 and 38,641 shares issued and outstanding, respectively | 390 | 386 | ||||||
| Additional paid-in capital | 89,399 | 88,911 | ||||||
| Accumulated earnings | 77,415 | 99,263 | ||||||
| Total stockholders’ equity | 167,204 | 188,560 | ||||||
| Total liabilities and stockholders’ equity | $ | 838,003 | $ | 762,582 | ||||
| SPORTSMAN’S WAREHOUSE HOLDINGS, INC. | ||||||||
| Condensed Consolidated Statements Cash Flows (Unaudited) | ||||||||
| (amounts in thousands) | ||||||||
| Thirteen Weeks Ended | ||||||||
| May 2, | May 3, | |||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (21,848 | ) | $ | (21,254 | ) | ||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
| Depreciation of property and equipment | 8,619 | 9,846 | ||||||
| Amortization of discount on debt and deferred financing fees | 197 | 136 | ||||||
| Amortization of definite lived intangible | 14 | 14 | ||||||
| Loss on asset dispositions | 69 | 64 | ||||||
| Deferred income taxes | 408 | (946 | ) | |||||
| Stock-based compensation | 779 | 793 | ||||||
| Change in operating assets and liabilities, net of amounts acquired: | ||||||||
| Accounts receivable, net | 2,747 | (523 | ) | |||||
| Operating lease assets and liabilities | (9,125 | ) | (1,373 | ) | ||||
| Merchandise inventories | (74,291 | ) | (70,310 | ) | ||||
| Prepaid expenses and other | (1,061 | ) | (3,828 | ) | ||||
| Accounts payable | 30,942 | 22,986 | ||||||
| Accrued expenses | 6,534 | 3,869 | ||||||
| Income taxes payable and receivable | 646 | 292 | ||||||
| Net cash used in operating activities | (55,370 | ) | (60,234 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property and equipment | (4,243 | ) | (3,815 | ) | ||||
| Proceeds from sale of property and equipment | 8 | 11 | ||||||
| Net cash used in investing activities | (4,235 | ) | (3,804 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net borrowings on line of credit | 58,631 | 67,210 | ||||||
| Increase (decrease) in book overdraft | 1,726 | (2,239 | ) | |||||
| Payment of finance leases | (70 | ) | — | |||||
| Payment of withholdings on restricted stock units | (287 | ) | (186 | ) | ||||
| Payment of deferred financing costs and discount on term loan | — | (19 | ) | |||||
| Net cash provided by financing activities | 60,000 | 64,766 | ||||||
| Net change in cash and cash equivalents | 395 | 728 | ||||||
| Cash and cash equivalents at beginning of period | 1,659 | 2,832 | ||||||
| Cash and cash equivalents at end of period | $ | 2,054 | $ | 3,560 | ||||
| SPORTSMAN’S WAREHOUSE HOLDINGS, INC. | ||||||||
| GAAP and Non-GAAP Financial Measures (Unaudited) | ||||||||
| (amounts in thousands, except per share data) | ||||||||
| The following table presents the reconciliations of (i) GAAP net loss to adjusted net loss and (ii) GAAP diluted loss per share to adjusted diluted loss per share: | ||||||||
| For the Thirteen Weeks Ended | ||||||||
| May 2, 2026 | May 3, 2025 | |||||||
| Numerator: | ||||||||
| Net loss | $ | (21,848 | ) | $ | (21,254 | ) | ||
| Valuation allowance (1) | 6,244 | 5,646 | ||||||
| Management transition costs (2) | 368 | - | ||||||
| Executive retention (3) | 275 | - | ||||||
| Less tax benefit | (161 | ) | - | |||||
| Adjusted net loss | $ | (15,122 | ) | $ | (15,608 | ) | ||
| Denominator: | ||||||||
| Diluted weighted average shares outstanding | 38,764 | 38,144 | ||||||
| Reconciliation of loss per share: | ||||||||
| Diluted loss per share: | $ | (0.56 | ) | $ | (0.56 | ) | ||
| Impact of adjustments to numerator and denominator | 0.17 | 0.15 | ||||||
| Adjusted diluted loss per share: | $ | (0.39 | ) | $ | (0.41 | ) | ||
| (1) Represents estimated tax benefit had the company not been in a deferred tax asset valuation allowance position. | ||||||||
| (2) Represents expenses incurred relating to the departure and the recruitment of key members of our management team. | ||||||||
| (3) An executive retention bonus implemented to maintain leadership continuity and organizational stability throughout the turnaround process. | ||||||||
| SPORTSMAN’S WAREHOUSE HOLDINGS, INC. | ||||||||
| GAAP and Non-GAAP Financial Measures (Unaudited) | ||||||||
| (amounts in thousands, except per share data) | ||||||||
| The following table presents the reconciliation of GAAP net loss to adjusted EBITDA for the periods presented: | ||||||||
| For the Thirteen Weeks Ended | ||||||||
| May 2, 2026 | May 3, 2025 | |||||||
| Net loss | $ | (21,848 | ) | $ | (21,254 | ) | ||
| Interest expense | 2,624 | 2,971 | ||||||
| Income tax expense (benefit) | 1,043 | (1,330 | ) | |||||
| Depreciation and amortization | 8,633 | 9,860 | ||||||
| Stock-based compensation expense (1) | 779 | 793 | ||||||
| Management transition costs (2) | 368 | - | ||||||
| Executive retention (3) | 275 | - | ||||||
| Adjusted EBITDA | $ | (8,126 | ) | $ | (8,960 | ) | ||
| (1) Represents non-cash expenses related to equity instruments granted to employees under our equity incentive plan and employee stock purchase plan. | ||||||||
| (2) Represents expenses incurred relating to the departure and the recruitment of key members of our management team. | ||||||||
| (3) Represents an executive retention bonus implemented to maintain leadership continuity and organizational stability throughout the turnaround process. | ||||||||
