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 -

Q2 2025

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.