Sportsman's Warehouse (SPWH) Q2 2026 Earnings Call: Margin Improves, Guidance Reiterated
Source Tradingkey
Key Takeaways
- Sportsman’s Warehouse (SPWH) reported Q2 2026 net sales of $295.6 million, up 0.6% year over year, while comparable sales were essentially flat.
- Hunting and shooting sports comparable sales rose 6.7%, including an 8% increase in firearms and nearly 11% growth in ammunition. Event-driven demand provided some support.
- Gross margin improved 50 basis points to 32.5%, despite a lower-margin sales mix and heavier promotions. Disciplined inventory management, lower freight costs and a one-time tariff benefit offset those pressures.
- Total inventory declined $44.5 million, or 10%, to $399 million. Net debt fell $26 million year over year to $169 million.
- Adjusted EBITDA increased to $8.7 million from $8.3 million, while adjusted net loss narrowed to $3.1 million from $4.7 million.
- Management reiterated its fiscal 2026 outlook for net sales growth of negative 1% to positive 2% and adjusted EBITDA of $30 million to $36 million.
Core Financial Data
| Metric | Q2 2026 | Q2 2025 | Change / Commentary |
|---|---|---|---|
| Net sales | $295.6 million | $293.9 million | Up 0.6% |
| Comparable sales | Essentially flat | — | Hunting and shooting growth offset weakness elsewhere |
| Gross margin | 32.5% | 32.0% | Up 50 basis points |
| SG&A | $97.1 million | $97.2 million | 32.9% of sales versus 33.1% |
| Net loss | $4.4 million | $7.1 million | Diluted EPS of negative $0.11 versus negative $0.18 |
| Adjusted net loss | $3.1 million | $4.7 million | Adjusted diluted EPS of negative $0.08 versus negative $0.12 |
| Adjusted EBITDA | $8.7 million | $8.3 million | Year-over-year improvement |
| Ending inventory | $399 million | — | Down $44.5 million, or 10%, year over year |
| Net debt | $169 million | — | Down $26 million year over year |
| Total liquidity | $105 million | — | Reported at quarter-end |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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