Sportsman’s Warehouse posted first quarter net sales of $256.1 million, a 2.8% increase over last year, driven by a 7.4% gain in hunting and shooting sports and 6.0% growth in fishing. Adjusted EBITDA improved to an $8.1 million loss and inventory fell 6% as the company reaffirmed full-year guidance.
For the thirteen weeks ended May 2, 2026, net sales grew 2.8% to $256.1 million, driven by a 7.4% increase in hunting and shooting sports and a 6.0% rise in fishing, while same-store sales rose 2.1% despite consumer economic pressure.
Gross profit was $75.8 million, or 29.6% of net sales, versus $75.6 million, or 30.4% last year, reflecting category mix pressures; SG&A expenses fell to 36.7% of sales and adjusted EBITDA loss narrowed to $8.1 million from $9.0 million a year ago.
Inventory totaled $387.1 million at quarter end, down $25.1 million year-over-year, while total liquidity was $116.7 million, and net debt stood at $148.4 million, comprised of $2.1 million cash, $44.3 million term loan borrowings and $106.2 million revolver borrowings.
The company reaffirmed fiscal 2026 guidance with same-store sales projected between down 1.0% and up 2.0%, adjusted EBITDA of $30 million to $36 million, capital expenditures of $20 million to $25 million, and no new store openings planned.
