Sportsman's Warehouse logs $21.7M Q4 loss despite 1% same-store sales growth
Sportsman's Warehouse achieved 1% same-store sales growth for 2025 with e-commerce rising 8.3% in Q4 and fishing category up 10.3%, while inventory fell $29.1 million (8.5%). The retailer posted a $21.7 million Q4 net loss, compared with an $8.7 million loss last year, and will close five underperforming stores.
1. Strong Comparable Sales and Category Gains
Sportsman's Warehouse reported its first positive same-store sales since 2020, with a 1% increase for full-year 2025. The hunting and shooting sports segment grew over 5%, e-commerce surged 8.3% in Q4, and the fishing category climbed 10.3% for the year thanks to precise inventory timing.
2. Q4 Net Loss and Revenue Overview
The retailer recorded a net loss of $21.7 million in Q4, widening from an $8.7 million loss a year ago, on net sales of $334.9 million. For the full fiscal year, Sportsman's Warehouse posted revenue of $1.21 billion and a loss of $50.1 million ($1.30 per share).
3. Inventory Management and Margin Pressure
Inventory levels declined by $29.1 million (8.5% year-over-year), reflecting improved efficiency. Gross margin fell to 28.4% from 30.4% due to category mix shifts and increased promotional activity.
4. Store Closures and Guidance
The company plans to shutter approximately five underperforming stores over the next 12 months. Management expects SG&A to remain flat to slightly leveraged and forecasts a 1% to 2% sales increase for the upcoming year, with margins rebounding after Q1 pressures.