Sportsman’s Warehouse Holdings, Inc. released preliminary fourth quarter and 2025 results, indicating that both sales and earnings will exceed prior expectations and marked the first positive same-store sales growth for the full year since 2020. The hunt & fish retailer also plans to take a charge to potentially close five locations.

For the fourth quarter ended January 31, 2026, the company expects to report:

  • Net sales of approximately $334.9 million, and same-store sales of approximately $333.6 million.
  • Adjusted EBITDA of approximately $9.6 million.

For the fifty-two weeks ended January 31, 2026, the company expects to report:

  • Net sales of approximately $1.209 billion, and same-store sales of approximately $1.206 billion. This is an expected increase of 1.0 percent year over year for each metric.
  • Adjusted EBITDA of approximately $27.5 million.
  • Net debt of approximately $90.0 million, a decrease of 6.1 percent; ending inventory of approximately $312.9 million, a decrease of $29.1 million or 8.5 percent compared to the prior year; and total liquidity of approximately $107.8 million. The company expects free cash flow for the full year to be approximately $7.6 million.

“I am pleased to report that our preliminary fourth quarter and full year results exceeded our expectations,” said Paul Stone, chief executive officer of Sportsman’s Warehouse. “Although November and early December started out softer than expected – causing us to adjust our guidance — we saw sales accelerate mid fourth quarter, which carried into both January and February. The fourth quarter was highlighted by our strong performance in the hunting and shooting sports category, where we once again outperformed the adjusted NICS background check data, suggesting market share gains within the firearm space.”

When releasing its third-quarter results on December 4, Sportsman’s Warehouse downwardly adjusted its guidance for the year, netting that sales would be flat to up slightly and adjusted EBITDA would be in the range of $22 million to $26 million. At the time, the outdoor, hunting, and fishing retailer attributed its lowered guidance to a “tough fourth quarter environment due to a challenged U.S. consumer.”

Sportsman’s Warehouse also said that, as part of its store review, it identified about five stores for potential closure due to underperformance and profitability issues. The company expects to incur an impairment charge for fiscal year 2025 primarily related to leasehold improvements and operating lease assets. In addition, the company expects to incur additional charges if the stores are closed, primarily related to employee-related costs. The company is currently analyzing and determining the amount of the impairment charges and related expenses and will provide additional details and disclosure when it reports its full-year earnings. The impairment charges expected to be incurred in the fourth quarter of fiscal year 2025 will not impact net sales or adjusted EBITDA for fiscal year 2025. While the number of stores has not yet been determined, if the company were to close five stores, it would contribute approximately negative $1.5 million of adjusted EBITDA for fiscal year 2025.

“2025 marks the first year since 2020 where we have achieved positive same-store sales growth for the full year,” continued Stone. “This is a testament to the execution of our three-year turnaround strategy we began to implement in 2024. I am also pleased with how we efficiently managed our balance sheet, with inventory expected to be down nearly 8.5 percent compared to last year and net debt anticipated to be down 6.1 percent. This gives me confidence that our team has the business well-positioned to achieve profitable growth in 2026.”

Sportsman’s Warehouse had 147 stores at the close of the third quarter.

 Image courtesy Sportsman’s Warehouse Holdings, Inc.