The earnings call presented a mix of positive and negative aspects. The company achieved its first positive year-over-year sales comp in four years and gained market share in firearms. E-commerce also showed strong growth. However, there was a significant net loss and pressure on gross margin due to strategic inventory adjustments. The sentiment is balanced with both notable achievements and challenges.

Company Guidance

During the Sportsman's Warehouse Q1 2025 earnings call, the company provided guidance highlighting several key metrics and strategic initiatives. The company reported a 2% increase in net sales to $249.1 million compared to the previous year, marking the first positive year-over-year sales comp in nearly four years. Despite macroeconomic challenges, they achieved a 30.4% gross margin, up 20 basis points from the prior year, partly due to favorable mix and rate improvements in their fishing business. The company's firearms unit sales increased by nearly 7%, outperforming the adjusted NICS data, which declined 5.4%. Additionally, e-commerce sales rose by 8%, driven by a new digital-first marketing strategy. Looking ahead, Sportsman's Warehouse anticipates fiscal 2025 net sales to range between down 1% to up 3.5% compared to 2024, with adjusted EBITDA expected to be between $33 million and $45 million. The company remains focused on inventory efficiency, aiming to end the year with lower inventory levels and generate positive free cash flow to reduce debt.

Positive Year-Over-Year Sales Comp

Achieved the first positive year-over-year sales comp in nearly four years, with first quarter sales up 2% compared to last year.

Firearms Market Share Gain

Firearm unit sales increased nearly 7% over last year, significantly outpacing the adjusted NICS data which declined 5.4%, suggesting market share capture.

E-commerce Growth

E-commerce business posted a positive comp, up 8% over last year, fueled by a new digital-first marketing strategy and improved omnichannel customer experience.

Fishing Category Success

Fishing sales were up 11%, with a two-year comp stack growth of 12.3%, validating the new merchandising strategy.

SG&A Leverage Improvement

SG&A expenses improved as a percentage of net sales, dropping from 38.6% to 38.2%, reflecting continued focus on expense discipline.

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
Sep 03, 2025	2025 (Q2)	-0.12 / -	-0.14	―	―	―
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)	―
May 30, 2023	2023 (Q1)	-0.37 / -0.39	0.05	-880.00% (-0.44)	―

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
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%
Sep 03, 2024	$2.09	$2.23	+6.70%

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.