The earnings call reflects a balanced outlook with notable achievements such as the first positive year-over-year sales comp in nearly four years and significant growth in e-commerce and firearms unit sales. However, these are tempered by challenges including a net loss for the quarter, increased freight expenses, and pressure from tariffs. The sentiment is cautiously optimistic with improvements in key areas but remaining challenges in others.

Company Guidance

During the Sportsman's Warehouse Q1 2025 earnings call, significant guidance was provided regarding the company's strategic initiatives and financial outlook. The company reported a 2% increase in net sales to $249.1 million, marking the first positive year-over-year sales comp in nearly four years. Notably, firearm unit sales increased nearly 7% despite a 5.4% decline in adjusted NICS data, indicating market share gains. However, the Average Unit Retail (AUR) for Q1 decreased by 8% compared to the previous year. Gross margin improved slightly to 30.4% due to favorable mix and rate improvements, specifically in fishing, although it was partially offset by increased freight expenses. SG&A expenses reflected better leverage at 38.2% of net sales. The company ended Q1 with an inventory of $412.3 million, up from last year due to a strategic $20 million inventory pull-forward to mitigate tariff impacts. The full-year 2025 guidance was reiterated, with net sales expected to range from down 1% to up 3.5% compared to 2024, and adjusted EBITDA projected between $33 million and $45 million. The strategic focus includes improving inventory precision, enhancing local relevance, establishing authority in personal protection, and increasing brand awareness, all aimed at sustained profitability and growth.

First Positive Year-Over-Year Sales Comp in Nearly Four Years

The company delivered its first positive year-over-year sales comp in nearly four years with first quarter sales up 2% compared to last year.

Firearms Unit Sales Growth

Firearms unit sales increased nearly 7% over last year, significantly outpacing the adjusted NICS data which declined 5.4%.

E-commerce Growth

The 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

The fishing category achieved positive sales comps, up 11%, validating the new merchandising strategy with a two-year comp stack growth of 12.3%.

Improved Gross Margin

Gross margin for the quarter was 30.4%, up 20 basis points from 30.2% a year ago, driven by favorable mix and rate improvements in the Fishing business.

SG&A Expenses Improvement

SG&A expenses were 38.2% of net sales versus 38.6% in the prior year, reflecting a focus on expense discipline and simplification of the business.

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

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SPWH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 04, 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.