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Sportsman's Warehouse Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Dec, 2025
Executive summary
Achieved third consecutive quarter of positive same-store sales growth, with Q3 comps up 2.2% year-over-year, outperforming industry benchmarks despite a challenging consumer environment.
Net sales for Q3 were $331.3 million, up 2.2% compared to the prior year, driven by strong performance in hunting, shooting sports, and fishing categories.
E-commerce sales grew over 8% and comprised 19% of total sales for the quarter.
Opened a new store in Surprise, Arizona, with a unique personal protection-focused format; no further store openings planned for 2025 or 2026.
Strategic focus on inventory precision, local relevance, and personal protection categories contributed to improved results and market share gains.
Financial highlights
Q3 gross margin improved by 100 basis points to 32.8%, aided by healthier inventory, lower freight, and improved shrink.
Adjusted net income for Q3 was $3 million ($0.08 per diluted share), up from $1.4 million ($0.04 per share) last year.
Adjusted EBITDA for Q3 was $18.6 million, a 13% increase and a 50 basis point improvement as a percentage of net sales.
SG&A expenses were $104.5 million (31.5% of net sales), up from 30.8% last year, reflecting reinvestment in customer-facing areas and digital marketing.
Net loss for the nine months ended November 1, 2025, was $28.3 million, compared to $24.3 million last year.
Outlook and guidance
Full-year net sales guidance revised to be flat to slightly up, reflecting a tough Q4 environment and pressured U.S. consumer.
Adjusted EBITDA guidance for fiscal 2025 set at $22–$26 million due to margin pressure from increased promotions and lower Q4 sales.
Expect to end the year with inventory below $330 million and capital expenditures under $25 million, focused on technology and store maintenance.
Excess cash flow will be used to repay outstanding debt.
What specific actions for Q4 consumer headwinds?
What drives limited store openings for 2025-26?
How is product mix impacting gross margin?
How does 2025/2026 store plan affect growth
Future growth drivers for personal protection
Strategy to improve Camping category performance
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Next Sportsman's Warehouse earnings date
Q4 202631 Mar, 2026
Next Sportsman's Warehouse earnings date
Q4 202631 Mar, 2026
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Frequently asked questions
Sportsman's Warehouse Holdings Inc. operates a retail chain that offers outdoor sporting goods. The company sells products for hunting, shooting, fishing, camping, and outdoor recreation, including apparel, footwear, and equipment. It serves customers through physical stores and an e-commerce platform across the United States. The company is headquartered in West Jordan, Utah, and its shares are listed on the NASDAQ.
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