Sportsman's Warehouse (06S) Q2 2026 Earnings Report
DE:06S Q2 2026 EPS Results
- Actual EPS
- -EUR 0.07
- Consensus EPS
- -EUR 0.11
- Beat/Miss
- Beat by +EUR 0.04
- One Year Ago EPS
- -EUR 0.11
DE:06S Q2 2026 Revenue Results
- Actual Revenue
- EUR 264.66M
- Expected Revenue
- EUR 264.19M
- Beat/Miss
- Beat by +EUR 477.25K
- YoY Revenue Growth
- +0.57%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/01/2026
- Time
- After Close
- Conference Call
- Tuesday, September 1, 2026
Sportsman's Warehouse's next earnings date is estimated for December 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call was cautiously positive. Despite elevated fuel prices, consumer pressure, category declines in fishing, camping, apparel, and softlines, and the need for heavier promotions, the company reported improved gross margin and profitability, strong hunting and shooting performance, significant inventory and debt reductions, stronger in-stock levels, continued e-commerce growth, and reiterated full-year guidance. Management expressed high confidence in its back-half plan and inventory objectives.
The company reiterated guidance for fiscal 26 net sales to range between down 1% to up 1% compared to last year, adjusted EBITDA to be between $30 million and $36 million, and capital expenditures between $20 million and $25 million; it continues to expect average inventory to be lower throughout the year and to end the year with less total inventory than 2025, with “extreme high confidence” it will “go get below last year's levels by the end of the year,” while promotional cadence is expected to persist for the remainder of the year, camp and apparel are expected to get to “flattish to positive,” with Q3 first for camp and Q4 for apparel.
- Net Sales Increased and Same-Store Sales Were Essentially FlatSecond-quarter net sales were $295.6 million, up 0.6% from $293.9 million last year. Same-store sales were essentially flat versus the prior year and in line with expectations.
- Hunting and Shooting Sports Delivered Strong GrowthHunting and shooting sports same-store sales increased 6.7%, led by firearms and ammunition. Firearms sales increased 8% and ammunition sales increased nearly 11% in the quarter, with demand described as extremely strong and partially influenced by event-driven demand.
- Improved Gross MarginGross margin was 32.5%, a 50-basis-point improvement from 32.0% in the prior-year quarter. The improvement was supported by disciplined inventory management, lower freight costs, and a one-time tariff benefit despite a lower-margin mix and a more promotional cadence.
- Lower SG&A and Improved Profitability MetricsSG&A expense was $97.1 million, compared with $97.2 million last year, while SG&A as a percentage of sales improved to 32.9% from 33.1%. Net loss improved to $4.4 million, or -$0.11 per diluted share, from $7.1 million, or -$0.18 per diluted share. Adjusted net loss improved to $3.1 million, or -$0.08 per diluted share, from $4.7 million, or -$0.12 per diluted share. Adjusted EBITDA increased to $8.7 million from $8.3 million.
- Inventory Reduced While Sales Remained StableTotal inventory was $399 million at the end of Q2, down $44.5 million, or 10%, year over year while delivering a flat sales comp. Management said inventory levels are the healthiest they have been in many years, with SKU reduction and assortment cleanup largely behind the company.
- Core In-Stock Levels Significantly ImprovedIn-stock levels on core products improved from about 50% two years ago to over 80% today. Management said the company has been able to remove non-go-forward and aged merchandise while reinvesting in core SKUs and more relevant products.
- E-Commerce Continued to Outgrow Total SalesE-commerce sales grew nearly 3% in the quarter, led by fishing, up 10%, and hunting, up 6%. E-commerce has grown faster than total company sales for the ninth consecutive quarter, and over 70% of online orders are picked up in stores.
- Balance Sheet and Liquidity StrengthenedNet debt declined by $26 million year over year to $169 million. Total liquidity was $105 million. The company amended its $45 million ABL term loan and revolving credit facility, extending both maturities to June 2031 and aligning the revolver commitment to $315 million.
- Continued Focus on Debt Reduction and Free Cash FlowManagement reiterated that generating positive free cash flow and using excess cash to reduce debt are priorities, with debt reduction identified as the top capital allocation priority.
- Back-Half Assortment and Seasonal Positioning ImprovedManagement said fall and holiday assortments are better aligned with core pursuits, including hunting, fishing, shooting, and personal protection. The company expects curated, localized assortments across its 147 stores and has added compelling price points to key holiday gift-giving items.
- Camping and Apparel Assortment Improvements EmergingManagement reported improved August trends in camping and softlines, although those categories had not yet turned positive. New merchandise is arriving with better seasonal timing and alignment to core pursuits, and management expects camping to recover first in Q3, followed by apparel in Q4.
- Loyalty Program Reinvention UnderwayThe company continues to advance a redesigned loyalty program, with rollout on track for early 2027. Management sees meaningful opportunity to grow total membership and loyalty sales and is using shopper data to support merchandising and marketing decisions.
- Full-Year Guidance ReiteratedThe company reiterated fiscal 2026 guidance for net sales of down 1% to up 1% versus last year, adjusted EBITDA of $30 million to $36 million, and capital expenditures of $20 million to $25 million. Planned capital expenditures are primarily related to technology investments that improve store service and merchandising productivity, as well as general store maintenance.
- Margin Opportunity in Firearms and Ammunition AttachmentsManagement said there is opportunity to improve margins in firearms and ammunition through attachment categories and bundling initiatives. It also expects additional opportunity to grow ammunition, which carries greater margin than firearms, while noting that bulk-ammunition mix can pressure the margin rate but generate more margin dollars.
DE:06S Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Dec 09, 2026 | 2026 (Q3) | 0.08- | 0.07 | ― | ― |
| Sep 01, 2026 | 2026 (Q2) | -0.11-0.07 | -0.11 | 33.33% (+0.04) | |
| Jun 02, 2026 | 2026 (Q1) | -0.48-0.35 | -0.37 | 4.88% (+0.02) | |
| Mar 31, 2026 | 2025 (Q4) | -0.09-0.09 | 0.04 | -350.00% (-0.13) | |
| Dec 04, 2025 | 2025 (Q3) | 0.070.07 | 0.04 | 100.00% (+0.04) | |
| Sep 04, 2025 | 2025 (Q2) | -0.10-0.11 | -0.13 | 14.29% (+0.02) | |
| Jun 03, 2025 | 2025 (Q1) | -0.42-0.37 | -0.42 | 12.77% (+0.05) | |
| Apr 01, 2025 | 2024 (Q4) | -0.060.04 | -0.18 | 120.00% (+0.21) | |
| Dec 10, 2024 | 2024 (Q3) | -0.010.04 | -0.01 | 500.00% (+0.04) | |
| Sep 03, 2024 | 2024 (Q2) | -0.08-0.13 | -0.04 | -250.00% (-0.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
