Sportsman's Warehouse Surges Ahead: Q4 2025 Results Exceed Expectations
Sportsman's Warehouse, a leading outdoor recreation retailer, has announced its Q4 2025 results, exceeding revised expectations despite external pressures. In a conference call on March 31st, CEO Paul Stone and CFO Jennifer Fall Jung shared the company's achievements and strategic progress.
The quarter saw a turnaround in sales trends, with positive same-store sales growth in each of the first three quarters of 2025, resulting in a 1% growth for the year. This marks the company's first year of positive comparable store sales since 2020 and represents a significant milestone in their turnaround efforts.
While external factors such as the government shutdown and weaker-than-expected Black Friday and Cyber Week performance initially softened sales, Sportsman's Warehouse adjusted its holiday strategy with a more promotional cadence to meet value-driven consumers. These actions helped reverse trends, with sales turning positive in December and continuing through January, February, and March.
The company's core pursuits performed strongly, with hunting and shooting sports growing over 5%. Firearm units outperformed adjusted NICS checks, indicating continued market share gains. The personal protection category also showed strength, driven by external event factors and the company's focused assortment aligned with growing customer demand for safety solutions. This work is supported by the expertise of Sportsman's Warehouse outfitters, many of whom have law enforcement or military backgrounds.
Fishing delivered quarterly results of 3.2%, with warm weather in the West driving a double-digit decline in ice fishing. However, excluding ice fishing, the department grew over 11%, highlighting the strength of the business and share growth opportunities ahead. Camping and soft lines remain challenged due to their discretionary nature but are being sharpened through assortment reduction and elimination of lower productivity SKUs.
The company's e-commerce business outperformed, with sales up 8.3% in the quarter and 6.6% for the year. This demonstrates the strength of Sportsman's Warehouse's omni-channel model and growth potential in core pursuits. Improvements were also seen in units per transaction and average order value due to regionally and seasonally relevant merchandise, better in-stocks, and stronger attachment across categories.
Sportsman's Warehouse continues to execute its three-year strategy with discipline and has made meaningful progress across many areas of the business. While there is more work ahead, the company remains encouraged by these improving trends and the opportunities that lie within their core pursuits.
