First Year of Positive Comparable Store Sales Since 2020
Full year 2025 net sales and comparable store sales grew 1%, marking the company's first year of positive comps since 2020 and signaling measurable progress in the turnaround.
Adjusted EBITDA for Full Year
Adjusted EBITDA for the full year was $27.5 million, which exceeded the company’s revised expectations for the year despite being modestly below the prior year.
Inventory Discipline and Improved Inventory Position
Year-end inventory declined $29.1 million, down 8.5% year-over-year to $312.9 million, with improved SKU productivity, faster turns and better seasonal alignment planned for 2026.
Balance Sheet and Liquidity Improvement
Net debt ended the year at $90 million, a reduction of 6.1% versus prior year, total liquidity of $107.8 million, and positive free cash flow of $8.9 million which was used to pay down debt.
Fishing Category Outperformance
Fishing was the strongest growth driver in 2025, increasing 10.3% for the year and nearly 18% on a 2-year stack basis. In Q4, fishing grew 3.2% (and over 11% excluding ice fishing), and the company reported a double-digit start to the spring season.
Hunting & Shooting Sports Strength
Hunting and Shooting Sports grew 4.4% for the full year and 6.2% in Q4, driven by firearms, ammunition and growth in personal protection offerings, with firearm units outperforming adjusted NICS checks.
E‑commerce and Omnichannel Momentum
E-commerce sales were up 8.3% in the quarter and 6.6% for the year, with improvements in units per transaction and average order value driven by better in-stocks, regional assortments and attachment across categories.
Strategic Progress and 2026 Initiatives
Meaningful progress made on four strategic priorities in 2025 (in-stock improvement for core 20% SKUs, local market positioning, personal protection authority, and digital-first GTM). New 2026 initiatives include upgrading loyalty, firearm solution bundling online, and an omnichannel fishing strategy aimed at materially increasing share over 3–4 years.