SPWH 8-K

Sportsman's Warehouse Holdings, Inc. (SPWH)

8-K 2026-03-31 For: 2026-03-31

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Added on April 12, 2026


Delaware	001-36401	39-1975614
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1475 West 9000 South Suite A
West Jordan, Utah		84088
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	SPWH	The Nasdaq Stock Market LLC


Exhibit 99.1.	Press Release, dated March 31, 2026

Exhibit 104.	Cover Page Interactive Data File (embedded within the Inline XBRL document)


			SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

Date:	March 31, 2026	By:	/s/ Jennifer Fall Jung
		Name: Title	Jennifer Fall Jung Secretary and Chief Financial Officer


	For the Fiscal Quarters Ended

	January 31, 2026			% of net sales	February 1, 2025			% of net sales	YOY Variance
Net sales	$	334,857		100.0%	$	340,398		100.0%	$	(5,541	)
Cost of goods sold		239,646		71.6%		236,824		69.6%		2,822
Gross profit		95,211		28.4%		103,574		30.4%		(8,363	)

Operating expenses:
Selling, general and administrative expenses		96,167		28.7%		99,978		29.4%		(3,811	)
Impairment expense		17,841		5.3%		-		0.0%		17,841
Income from operations		(18,797	)	(5.6%)		3,596		1.0%		(22,393	)
Other losses		-		0.0%		155		0.0%		(155	)
Interest expense		2,993		0.9%		2,870		0.8%		123
Income before income tax expense		(21,790	)	(6.5%)		571		0.1%		(22,361	)
Income tax expense		(58	)	0.0%		9,294		2.7%		(9,352	)
Net income	$	(21,732	)	(6.5%)	$	(8,723	)	(2.6%)	$	(13,009	)

Earnings per share
Basic	$	(0.56	)		$	(0.23	)		$	(0.33	)
Diluted	$	(0.56	)		$	(0.23	)		$	(0.33	)

Weighted average shares outstanding
Basic		38,568				38,045				523
Diluted		38,568				38,045				523

SPWH 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.

Press Release, dated March 31, 2026

Cover Page Interactive Data File (embedded within the Inline XBRL document)


	For the Fiscal Years Ended

	January 31, 2026			% of net sales	February 1, 2025			% of net sales	YOY Variance
Net sales	$	1,209,182		100.0%	$	1,197,633		100.0%	$	11,549
Cost of goods sold		835,660		69.1%		827,167		69.1%		8,493
Gross profit		373,522		30.9%		370,466		30.9%		3,056

Operating expenses:
Selling, general and administrative expenses		393,041		32.5%		388,705		32.5%		4,336
Impairment expense		17,841		1.5%		-		0.0%		17,841
Income from operations		(37,360	)	(3.1%)		(18,239	)	(1.6%)		(19,121	)
Other losses		75		0.0%		612		0.1%		(537	)
Interest expense		13,711		1.1%		12,278		1.0%		1,433
Income before income tax expense		(51,146	)	(4.2%)		(31,129	)	(2.7%)		(20,017	)
Income tax expense		(1,085	)	(0.1%)		1,930		0.2%		(3,015	)
Net income	$	(50,061	)	(4.1%)	$	(33,059	)	(2.9%)	$	(17,002	)

Earnings per share
Basic	$	(1.30	)		$	(0.87	)		$	(0.43	)
Diluted	$	(1.30	)		$	(0.87	)		$	(0.43	)

Weighted average shares outstanding
Basic		38,386				37,808				578
Diluted		38,386				37,808				578


	January 31,		February 1,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	1,659	$	2,832
Accounts receivable, net		4,390		2,410
Merchandise inventories		312,858		341,958
Prepaid expenses and other		18,834		18,802
Total current assets		337,741		366,002
Operating lease right of use asset		288,590		316,499
Finance lease right of use asset		1,215		—
Property and equipment, net		133,329		167,838
Goodwill		1,496		1,496
Deferred tax asset		—		—
Definite lived intangibles, net		211		267
Total assets	$	762,582	$	852,102

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	44,933	$	64,041
Accrued expenses		102,450		95,946
Income taxes payable		64		194
Operating lease liability, current		53,763		49,128
Finance lease liability, current		295		—
Revolving line of credit		47,524		74,654
Total current liabilities		249,029		283,963
Long-term liabilities:
Deferred income taxes		—		946
Term loan, net		44,165		24,067
Operating lease liability, noncurrent		279,933		307,422
Finance lease liability, noncurrent		895		—
Total long-term liabilities		324,993		332,435
Total liabilities		574,022		616,398

Stockholders' equity:
Common stock, $.01 par value; 100,000 shares authorized; 38,103 and 37,529 shares issued and outstanding, respectively		386		380
Additional paid-in capital		88,911		86,000
Retained earnings		99,263		149,324
Total stockholders' equity		188,560		235,704
Total liabilities and stockholders' equity	$	762,582	$	852,102


	Fiscal Year Ended
	January 31,			February 1,
	2026			2025
Cash flows from operating activities:
Net (loss) income	$	(50,061	)	$	(33,059	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of property and equipment		39,044			40,438
Amortization of discount on debt and deferred financing fees		677			353
Amortization of definite lived intangible		56			60
Impairment		17,841			—
Loss on asset dispositions		63			612
Deferred income taxes		(946	)		1,451
Stock-based compensation		3,061			4,229
Change in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net		(1,981	)		(290	)
Lease assets and liabilities		2,330			(6,265	)
Merchandise inventories		29,100			12,752
Prepaid expenses and other		3,083			1,124
Accounts payable		(19,644	)		7,996
Accrued expenses		8,833			4,680
Income taxes payable and receivable		(130	)		68
Net cash provided by operating activities		31,326			34,149
Cash flows from investing activities:
Purchase of property and equipment		(22,442	)		(14,556	)
Proceeds from sale of property and equipment		11			76
Net cash used in investing activities		(22,431	)		(14,480	)
Cash flows from financing activities:
Net borrowings on line of credit		(27,130	)		(51,389	)
Borrowings on term loan		20,000			25,000
Increase (decrease) in book overdraft, net		(2,297	)		7,568
Proceeds from issuance of common stock per employee stock purchase plan		209			304
Payment of withholdings on restricted stock units		(353	)		(326	)
Principal on capital leases		(69	)		—
Payment of deferred financing costs and discount on term loan		(428	)		(1,135	)
Net cash (used in) provided by financing activities		(10,068	)		(19,978	)
Net change in cash and cash equivalents		(1,173	)		(309	)
Cash and cash equivalents at beginning of period		2,832			3,141
Cash and cash equivalents at end of period	$	1,659		$	2,832


Reconciliation of GAAP net (loss) income and GAAP dilutive (loss) earnings per share to adjusted net (loss) income and adjusted diluted (loss) earnings per share:

	For the Fiscal Quarters Ended						For the Fiscal Years Ended
	January 31, 2026			February 1, 2025			January 31, 2026			February 1, 2025
Numerator:
Net (loss) income		(21,732	)		(8,723	)		(50,061	)		(33,059	)
Executive transition costs (1)		156			372			1,385			1,081
Cancelled contract (2)		-			-			-			911
Legal expense (3)		-			-			3,508			1,750
Valuation allowance (4)		(98	)		10,082			7,241			10,082
Impairment (5)		17,841			-			17,841			-
Less tax benefit		(39	)		(97	)		(1,223	)		(973	)
Adjusted net (loss) income		(3,872	)		1,634			(21,309	)		(20,208	)

Denominator:
Diluted weighted average shares outstanding		38,568			38,045			38,386			37,808

Reconciliation of earnings per share:
Dilutive (loss) earnings per share		(0.56	)		(0.23	)		(1.30	)		(0.87	)
Impact of adjustments to numerator and denominator		0.46			0.27			0.74			0.34
Adjusted diluted (loss) earnings per share		(0.10	)		0.04			(0.56	)		(0.53	)

(1) Expenses incurred relating to the departure of officers and the recruitment of key members of our senior management team.
(2) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems.
(3) Represents costs related to legal settlements and related fees and expenses.
(4) Represents estimated tax benefit had the company not been in a deferred tax asset valuation allowance position.
(5) Represents impairment costs primarily related to leasehold improvements, operating lease assets, and other fixed assets.


Reconciliation of net (loss) income to adjusted EBITDA:

	For the Fiscal Quarters Ended						For the Fiscal Years Ended
	January 31, 2026			February 1, 2025			January 31, 2026			February 1, 2025
Net (loss) income		(21,732	)		(8,723	)		(50,061	)		(33,059	)
Interest expense		2,993			2,870			13,711			12,278
Income tax expense (benefit)		(58	)		9,294			(1,085	)		1,930
Depreciation and amortization		9,699			9,962			39,100			40,498
Stock-based compensation expense (1)		661			791			3,061			4,229
Executive transition costs (2)		156			372			1,385			1,081
Cancelled contract (3)		-			-			-			911
Legal expense (4)		-			-			3,508			1,750
Impairment costs (5)		17,841			-			17,841			-
Adjusted EBITDA		9,560			14,566			27,460			29,618

(1) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to outfitters under the Sportsman's Warehouse Holdings, Inc. 2019 Performance Incentive Plan and the Sportsman's Warehouse Holdings, Inc. Employee Stock Purchase Plan.
(2) Expenses incurred relating to the departure of officers and the recruitment of key members of our senior management team.
(3) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems.
(4) Represents costs related to legal settlements and related fees and expenses.
(5) Represents impairment costs primarily related to leasehold improvements, operating lease assets, and other fixed assets.