The earnings call presented a positive outlook driven by consecutive quarters of sales growth, strong performance in key categories like hunting and fishing, and improved gross margins. However, challenges remain with the camping department's underperformance, increased net losses, and a strategic but significant increase in inventory levels. Despite these challenges, strategic initiatives and category growth provide a positive outlook.

Company Guidance

During the Sportsman's Warehouse Holdings, Inc. Q2 2025 earnings call, the company provided guidance reflecting a strategic focus on key growth areas despite ongoing macroeconomic challenges. They achieved a 2.1% increase in same-store sales and reported net sales of $393.9 million, up 1.8% from the previous year. The company experienced a gross margin improvement of 80 basis points to 32% despite a 40 basis point drag from increased freight expenses. Adjusted EBITDA rose to $8.3 million, a 20 basis point improvement as a percentage of net sales. Looking ahead, they raised the lower end of their full-year net sales outlook to reflect flat growth and maintained the top end at a 3.5% increase, with adjusted EBITDA guidance between $33 million and $45 million. The focus remains on profitable sales growth, margin improvement, and efficient inventory management, anticipating ending the year with lower total inventory and generating positive free cash flow.

Consecutive Quarter of Comp Store Sales Growth

Achieved a 2.1% increase in same-store sales compared to the previous year, marking the second consecutive quarter of growth.

Strong Performance in Key Categories

Hunting and shooting sports department grew by 4%, while fishing increased by 10.9% compared to last year.

Ammunition Sales Growth

Ammunition sales increased by 10% in the quarter, with average unit retail up in low single digits.

E-commerce Expansion

E-commerce sales grew by 3% over last year, with over 70% of online transactions fulfilled through the buy online pick up in store (BOPUS) program.

Improved Gross Margin

Gross margin for the quarter was 32%, an 80 basis point improvement compared to Q2 last year.

Positive Adjusted EBITDA

Adjusted EBITDA for the second quarter improved to $8.3 million, compared to $7.4 million in the second quarter of last year, a 20 basis point improvement as a percentage of net sales.

Sportsman's Warehouse (SPWH) Earnings, Revenues Date & History

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SPWH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 03, 2025	2025 (Q3)	0.08 / -	0.04	―	―	―
Sep 04, 2025	2025 (Q2)	-0.12 / -0.12	-0.14	14.29% (+0.02)	―
Jun 03, 2025	2025 (Q1)	-0.46 / -0.41	-0.47	12.77% (+0.06)	―
Apr 01, 2025	2024 (Q4)	-0.06 / 0.04	-0.2	120.00% (+0.24)	―
Dec 10, 2024	2024 (Q3)	>-0.01 / 0.04	-0.01	500.00% (+0.05)	―
Sep 03, 2024	2024 (Q2)	-0.09 / -0.14	-0.04	-250.00% (-0.10)	―
Jun 04, 2024	2024 (Q1)	-0.37 / -0.47	-0.39	-20.51% (-0.08)	―
Apr 03, 2024	2023 (Q4)	-0.31 / -0.20	0.33	-160.61% (-0.53)
Dec 06, 2023	2023 (Q3)	-0.12 / -0.01	0.34	-102.94% (-0.35)
Sep 06, 2023	2023 (Q2)	0.04 / -0.04	0.36	-111.11% (-0.40)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SPWH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Sep 04, 2025	$3.01	$3.38	+12.29%
Jun 03, 2025	$2.32	$2.58	+11.21%
Apr 01, 2025	$0.96	$1.91	+98.96%
Dec 10, 2024	$2.45	$2.84	+15.92%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.