Sportsman's Warehouse Reports $1.21B FY25 Sales, Cuts Inventory $29.1M
Sportsman's Warehouse posted FY25 net sales of $1.21B with 1% same-store sales growth and cut inventory by $29.1M (8.5%) while lowering net debt by 6.1%. Q4 net loss widened to $21.7M on $17.8M impairment charges as gross margin slipped to 28.4% and same-store sales fell 1.8%.
1. FY25 Financial Performance
Sportsman's Warehouse delivered fiscal 2025 net sales of $1.21 billion, up 1.0% year-over-year, driven by gains in Hunting & Shooting Sports and Fishing. Same-store sales rose 1.0% and gross profit margin held at 30.9%, while adjusted EBITDA declined to $27.5 million from $29.6 million.
2. Q4 Results
In the fourth quarter, net sales fell 1.6% to $334.9 million and same-store sales dipped 1.8%, offset partially by a 6.2% increase in Hunting & Shooting Sports. Gross margin contracted to 28.4%, SG&A expenses fell to 28.7% of sales, and net loss widened to $21.7 million, including $17.8 million of impairment charges.
3. Balance Sheet Improvements and Outlook
The company reduced inventory by $29.1 million (8.5%) and lowered net debt by 6.1%, generating positive free cash flow in fiscal 2025. Management provided a cautious full-year 2026 outlook, emphasizing disciplined cost control, targeted merchandising in higher-growth categories, and improved inventory productivity.