Outdoor specialty retailer Sportsman's Warehouse (NASDAQ: SPWH) reported revenue ahead of Wall Street’s expectations in Q1 CY2026, with sales up 2.8% year on year to $256.1 million. Its non-GAAP loss of $0.39 per share was 32.8% above analysts’ consensus estimates.
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Sportsman's Warehouse (SPWH) Q1 CY2026 Highlights:
- Revenue: $256.1 million vs analyst estimates of $253 million (2.8% year-on-year growth, 1.2% beat)
- Adjusted EPS: -$0.39 vs analyst estimates of -$0.58 (32.8% beat)
- Adjusted EBITDA: -$8.13 million (-3.2% margin, 9.3% year-on-year growth)
- EBITDA guidance for the full year is $33 million at the midpoint, below analyst estimates of $33.7 million
- Operating Margin: -7.1%, in line with the same quarter last year
- Free Cash Flow was -$59.61 million compared to -$64.05 million in the same quarter last year
- Same-Store Sales rose 2.1% year on year, in line with the same quarter last year
- Market Capitalization: $53.55 million
“I’m pleased with our first quarter performance, as same store sales increased 2.1% compared to last year, despite continued consumer economic pressure and higher fuel prices,” said Paul Stone, President and Chief Executive Officer of Sportsman’s Warehouse.
Company Overview
A go-to destination for individuals passionate about hunting, fishing, camping, hiking, shooting sports, and more, Sportsman's Warehouse (NASDAQ: SPWH) is an American specialty retailer offering a diverse range of active gear, equipment, and apparel.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can have short-term success, but a top-tier one grows for years.
With $1.22 billion in revenue over the past 12 months, Sportsman's Warehouse is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers.
As you can see below, Sportsman's Warehouse’s demand was weak over the last three years. Its sales fell by 3.6% annually, a rough starting point for our analysis.
This quarter, Sportsman's Warehouse reported modest year-on-year revenue growth of 2.8% but beat Wall Street’s estimates by 1.2%.
Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months. While this projection implies its newer products will fuel better top-line performance, it is still below the sector average.
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Same-Store Sales
Same-store sales is a key performance indicator used to measure organic growth at brick-and-mortar shops for at least a year.
Sportsman's Warehouse’s demand has been shrinking over the last two years as its same-store sales have averaged 1.2% annual declines.
In the latest quarter, Sportsman's Warehouse’s same-store sales rose 2.1% year on year. This growth was a well-appreciated turnaround from its historical levels, showing the business is regaining momentum.
Key Takeaways from Sportsman's Warehouse’s Q1 Results
It was good to see Sportsman's Warehouse beat analysts’ EPS expectations this quarter. We were also excited its EBITDA outperformed Wall Street’s estimates by a wide margin. On the other hand, its full-year EBITDA guidance missed. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 23.1% to $1.75 immediately after reporting.
Sportsman's Warehouse may have had a good quarter, but does that mean you should invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
