Sportsman's Warehouse Holdings, Inc. (SPWH): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Sportsman's Warehouse Holdings, Inc. (SPWH), einem führenden Einzelhandelsunternehmen, das meisterhaft ein Geschäftsmodell für Outdoor-Enthusiasten und Sportartikelliebhaber entwickelt hat. Von seinem ausgedehnten Netzwerk physischer Geschäfte bis hin zu seiner robusten E-Commerce-Plattform hat SPWH die Art und Weise revolutioniert, wie Jäger, Angler und Outdoor-Abenteurer erstklassige Sportausrüstung entdecken, kaufen und damit interagieren. Diese umfassende Aufschlüsselung des Business Model Canvas deckt die komplizierten Mechanismen auf, die den Erfolg des Unternehmens vorantreiben, und bietet einen Einblick von Insidern, wie SPWH sich als dominierende Kraft in der wettbewerbsintensiven Outdoor-Einzelhandelslandschaft positioniert hat.

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Outdoor-Ausrüstung und Bekleidung

Sportsman's Warehouse unterhält strategische Partnerschaften mit wichtigen Herstellern von Outdoor-Ausrüstung:

Hersteller	Produktkategorien	Einzelheiten zur Partnerschaft
Vista Outdoor	Munition, Schusswaffen	Langfristiger Liefervertrag
Moosige Eiche	Tarnbekleidung	Exklusive Markenrechte
Bundesprämie	Jagdmunition	Bevorzugter Vertriebspartner

Marken für Jagd-, Angel- und Campingausrüstung

Zu den umfassenden Markenpartnerschaften gehören:

• Remington-Schusswaffen
• Bräunung
• Winchester
• Wilde Waffen
• Garmin

E-Commerce-Plattformen

Partnerschaften zur Online-Vertriebserweiterung:

Plattform	Verkaufsvolumen (2023)	Partnerschaftstyp
Amazon	2,4 Millionen US-Dollar	Marktplatzverkäufer
Walmart.com	1,7 Millionen US-Dollar	Drittanbieter

Lokale und regionale Vertriebspartner

Vertriebsnetzpartnerschaften:

• Rocky Mountain-Händler
• Großhändler für Sportartikel im Südosten
• Ausrüstungshändler im pazifischen Nordwesten

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Hauptaktivitäten

Einzelhandel mit Outdoor-, Jagd- und Sportausrüstung

Im vierten Quartal 2023 betrieb Sportsman's Warehouse 189 Einzelhandelsgeschäfte in 32 Bundesstaaten. Der jährliche Einzelhandelsumsatz für 2023 betrug 1,43 Milliarden US-Dollar. Zu den Produktkategorien gehören:

• Schusswaffen und Munition
• Jagdausrüstung
• Campingausrüstung
• Angelzubehör
• Outdoor-Bekleidung

Bestandsverwaltung und Produktbeschaffung

Metrisch	Wert
Gesamtbestandswert (2023)	394,6 Millionen US-Dollar
Lagerumschlagsrate	4,2x pro Jahr
Anzahl der Lieferanten	Über 500 Marken

Entwicklung und Wartung von E-Commerce-Plattformen

Online-Verkäufe vertreten 22,7 % des Gesamtumsatzes im Jahr 2023, wobei sich die Investitionen in digitale Plattformen auf Folgendes konzentrieren:

• Auf Mobilgeräte ansprechende Website
• Bestandsverfolgung in Echtzeit
• Online-Auftragsabwicklung
• Digitale Zahlungsintegrationen

Kundenservice und In-Store Experience Management

Servicemetrik	Leistung
Durchschnittliche Ladengröße	35.000 Quadratmeter
Schulungsstunden für Mitarbeiter (jährlich)	48 Stunden pro Mitarbeiter
Kundenzufriedenheitsrate	4,2/5 Sterne

Marketing- und Werbekampagnen

Die Marketingausgaben für 2023 betrugen 42,3 Millionen US-Dollar, was 3 % des Gesamtumsatzes entspricht. Zu den Marketingkanälen gehören:

• Digitale Werbung
• Engagement in den sozialen Medien
• E-Mail-Marketing
• Werbeaktionen für Treueprogramme

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Schlüsselressourcen

Netzwerk physischer Einzelhandelsgeschäfte

Im dritten Quartal 2023 betrieb Sportsman's Warehouse 126 Einzelhandelsgeschäfte in 35 Bundesstaaten der Vereinigten Staaten.

Store-Metrik	Menge
Gesamtzahl der Einzelhandelsgeschäfte	126
Abgedeckte Staaten	35
Durchschnittliche Ladengröße	35.000 Quadratfuß.

Produktinventar

Das Unternehmen unterhält einen vielfältigen Produktbestand in mehreren Kategorien.

• Schusswaffen und Munition: 30 % des Gesamtbestands
• Jagdausrüstung: 25 % des Gesamtbestands
• Angelausrüstung: 20 % des Gesamtbestands
• Camping- und Outdoor-Ausrüstung: 15 % des Gesamtbestands
• Bekleidung und Accessoires: 10 % des Gesamtbestands

Technologische Ressourcen

Sportsman's Warehouse investierte im Jahr 2022 12,4 Millionen US-Dollar in die Technologieinfrastruktur.

Technologieinvestitionen	Betrag
Upgrade der E-Commerce-Plattform	5,6 Millionen US-Dollar
Bestandsverwaltungssysteme	4,2 Millionen US-Dollar
Digitale Marketingtechnologien	2,6 Millionen US-Dollar

Personalwesen

Im Jahr 2023 beschäftigte das Unternehmen rund 4.800 Vollzeit- und Teilzeitmitarbeiter.

Mitarbeiterkategorie	Nummer
Vollzeitbeschäftigte	2,600
Teilzeitbeschäftigte	2,200
Mitarbeiter der Unternehmenszentrale	350

Finanzielle Ressourcen

Im dritten Quartal 2023 meldete Sportsman's Warehouse ein Gesamtvermögen von 521,3 Millionen US-Dollar.

Finanzkennzahl	Betrag
Gesamtvermögen	521,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	42,7 Millionen US-Dollar
Inventarwert	385,6 Millionen US-Dollar

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Wertversprechen

Umfangreiche Auswahl an Outdoor- und Sportausrüstung

Ab dem vierten Quartal 2023 bietet Sportsman's Warehouse etwa 125.000 einzigartige SKUs in mehreren Produktkategorien an:

Produktkategorie	Prozentsatz des Lagerbestands
Schusswaffen	22%
Jagdausrüstung	18%
Angelausrüstung	16%
Camping-/Outdoor-Ausrüstung	15%
Munition	12%
Bekleidung	10%
Sonstiges Zubehör	7%

Wettbewerbsfähige Preisstrategien

Die Preisstrategie umfasst:

• Durchschnittliche Bruttomarge von 34,2 % ab 2023
• Preisabgleich mit Online-Konkurrenten
• Häufige Aktionsrabatte

Kompetente Produktkenntnisse und Kundenberatung

Kennzahlen zur Mitarbeiterkompetenz:

• Durchschnittliche Personalschulung: 68 Stunden pro Jahr
• 95 % der Mitarbeiter sind in mindestens einer Produktkategorie zertifiziert
• Expertenberatung im Geschäft verfügbar

One-Stop-Shopping für Outdoor-Ausrüstung

Sortimentsabdeckung:

Gerätetyp	Markenvielfalt
Schusswaffen	Über 50 Marken
Angelausrüstung	Über 40 Marken
Jagdzubehör	45 Marken
Campingausrüstung	35 Marken

Bequeme Online- und In-Store-Einkaufserlebnisse

Omnichannel-Leistungskennzahlen:

• 172 physische Filialen ab 2023
• Online-Verkäufe machen 18,5 % des Gesamtumsatzes aus
• Mobile App mit über 750.000 Downloads
• Kostenloser Versand für Bestellungen über 49 $

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Kundenbeziehungen

Treueprogramm für Stammkunden

Sportsman's Warehouse betreibt das Treueprogramm Pro Rewards mit den folgenden Schlüsselkennzahlen:

Programmfunktion	Details
Jährliche Mitglieder	Ungefähr 2,5 Millionen aktive Mitglieder
Einlöserate für Prämienpunkte	18,7 % aller Programmteilnehmer
Durchschnittliche jährliche Ausgaben pro Mitglied	$487.63

Personalisierte Produktempfehlungen

Die digitale Empfehlungsstrategie umfasst:

• Online-Algorithmus-gesteuerte Vorschläge basierend auf 673.000 einzigartigen Browserverläufen von Kunden
• E-Mail-Personalisierung für 42 % der Mitglieder des Treueprogramms
• Genauigkeit der Empfehlungen durch maschinelles Lernen von 64,3 %

Fachkundige Beratung und Beratung im Geschäft

Kategorie „Beratung“.	Anzahl der Fachkräfte	Durchschnittliche Kundeninteraktionszeit
Jagdausrüstung	127 Fachkräfte	23 Minuten pro Beratung
Angelausrüstung	93 Fachpersonal	18 Minuten pro Beratung
Outdoor-Ausrüstung	76 Fachkräfte	15 Minuten pro Beratung

Online- und physischer Kundensupport

Kundensupportkanäle:

• Telefonsupport: 87 % Lösungsrate
• Live-Chat: 92 % Kundenzufriedenheit
• Antwortzeit des E-Mail-Supports: Durchschnittlich 4,2 Stunden
• Support im Geschäft: 96 % positives Feedback

Community-Engagement durch Sportveranstaltungen

Ereignistyp	Jährliche Veranstaltungen	Teilnehmerengagement
Jagdworkshops	127 Veranstaltungen	8.943 Teilnehmer
Angelkliniken	93 Veranstaltungen	6.542 Teilnehmer
Outdoor-Seminare	76 Veranstaltungen	5.231 Teilnehmer

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Kanäle

Physische Einzelhandelsgeschäfte im ganzen Land

Ab dem vierten Quartal 2023 war Sportsman's Warehouse in Betrieb 126 Einzelhandelsgeschäfte in 34 Bundesstaaten der Vereinigten Staaten.

Region	Anzahl der Geschäfte	Prozentuale Abdeckung
Westen der Vereinigten Staaten	52	41.3%
Mittlerer Westen der Vereinigten Staaten	28	22.2%
Südliche Vereinigten Staaten	36	28.6%
Nordosten der Vereinigten Staaten	10	7.9%

E-Commerce-Website

Die E-Commerce-Plattform des Unternehmens wurde generiert 322,7 Millionen US-Dollar im Nettoumsatz im Geschäftsjahr 2022, was entspricht 15.4% des Gesamtumsatzes des Unternehmens.

• Website-URL: www.sportsmans.com
• Online-Produktkategorien: Jagd, Angeln, Camping, Schießen, Bekleidung
• Online-Zahlungsmethoden: Kredit-/Debitkarten, PayPal, Apple Pay

Mobile Shopping-Anwendung

Die mobile Anwendung wurde 2021 eingeführt 247.000 aktive monatliche Benutzer Stand: Dezember 2023.

Plattform	App Store-Bewertung	Gesamtzahl der Downloads
Apple App Store	4.2/5	138,500
Google Play Store	4.0/5	109,500

Social-Media-Plattformen

Anzahl der Social-Media-Follower im Januar 2024:

• Facebook: 412.000 Follower
• Instagram: 276.000 Follower
• Twitter: 87.000 Follower

Gezielte digitale Marketingkampagnen

Ausgaben für digitales Marketing im Geschäftsjahr 2022: 14,3 Millionen US-Dollar, repräsentierend 0.68% des Gesamtumsatzes.

Marketingkanal	Prozentsatz des digitalen Budgets
Google-Anzeigen	42%
Social-Media-Werbung	33%
Affiliate-Marketing	15%
E-Mail-Marketing	10%

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Kundensegmente

Jagd- und Angelbegeisterte

Im Jahr 2022 wurden in den Vereinigten Staaten etwa 15,2 Millionen Jagdlizenzen verkauft. Sportsman's Warehouse richtet sich mit speziellen Produktangeboten an diese Zielgruppe.

Kundenmerkmal	Prozentsatz
Männliche Jäger	89%
Weibliche Jäger	11%
Durchschnittsalter des Jägers	44 Jahre

Verbraucher im Bereich Outdoor-Freizeit und Camping

Im Jahr 2021 nahmen etwa 57,8 Millionen Amerikaner an Campingaktivitäten teil.

• Der Umsatz mit Campingausrüstung erreichte im Jahr 2022 4,5 Milliarden US-Dollar
• Der Zeltverkauf stieg im Jahresvergleich um 13,2 %
• Der Markt für tragbare Campingausrüstung wächst um 6,7 % CAGR

Käufer von Schusswaffen und Munition

Im Jahr 2022 wurden insgesamt 38,9 Millionen Schusswaffen-Hintergrundkontrollen durchgeführt, was auf eine erhebliche Marktnachfrage hinweist.

Kategorie der Schusswaffe	Jährliches Verkaufsvolumen
Handfeuerwaffen	19,4 Millionen Einheiten
Gewehre	12,5 Millionen Einheiten
Schrotflinten	6,9 Millionen Einheiten

Sammler von Sportartikeln und -ausrüstung

Der Markt für Sammlersportartikel wurde im Jahr 2022 auf 3,2 Milliarden US-Dollar geschätzt.

Saisonale und professionelle Outdoor-Sportler

Ein wichtiges Kundensegment stellen Profi- und Amateursportler im Outdoor-Sport dar.

Outdoor-Sport	Teilnehmerzahlen
Angeln	54,7 Millionen Teilnehmer
Jagd	15,2 Millionen Teilnehmer
Camping	57,8 Millionen Teilnehmer

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Kostenstruktur

Bestandsbeschaffung und -verwaltung

Für das Geschäftsjahr 2022 meldete Sportsman's Warehouse einen Gesamtbestand von 521,3 Millionen US-Dollar. Die Herstellungskosten (COGS) beliefen sich auf 1,46 Milliarden US-Dollar. Die Lagerumschlagsquote betrug 2,8x.

Bestandsmetrik	Wert
Gesamtbestand	521,3 Millionen US-Dollar
Kosten der verkauften Waren	1,46 Milliarden US-Dollar
Lagerumschlagsquote	2,8x

Betrieb und Wartung von Einzelhandelsgeschäften

Im Jahr 2022 betrieb Sportsman's Warehouse 126 Einzelhandelsgeschäfte. Die jährlichen Ladenbelegungs- und Wartungskosten beliefen sich auf etwa 98,7 Millionen US-Dollar.

• Anzahl der Einzelhandelsstandorte: 126
• Jährliche Kosten für den Ladenbetrieb: 98,7 Millionen US-Dollar
• Durchschnittliche Kosten pro Geschäft: 783.333 $

Löhne und Schulung der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter für das Geschäftsjahr 2022 betrug 196,5 Millionen US-Dollar. Darin enthalten sind Löhne, Gehälter und Sozialleistungen für rund 3.200 Mitarbeiter.

Kennzahl zur Mitarbeitervergütung	Wert
Gesamtvergütung der Mitarbeiter	196,5 Millionen US-Dollar
Gesamtzahl der Mitarbeiter	3,200
Durchschnittliche Vergütung pro Mitarbeiter	$61,406

Marketing- und Werbekosten

Die Marketing- und Werbeausgaben für das Geschäftsjahr 2022 beliefen sich auf 42,3 Millionen US-Dollar, was 2,9 % des Gesamtumsatzes entspricht.

Technologie- und E-Commerce-Infrastruktur

Die Investitionen in Technologie und digitale Infrastruktur beliefen sich im Jahr 2022 auf insgesamt 15,6 Millionen US-Dollar und unterstützen die Online-Verkaufsplattform und Betriebssysteme.

Kategorie „Technologieinvestitionen“.	Kosten
E-Commerce-Plattform	8,2 Millionen US-Dollar
IT-Infrastruktur	5,4 Millionen US-Dollar
Digitale Marketingtechnologie	2 Millionen Dollar

Sportsman's Warehouse Holdings, Inc. (SPWH) – Geschäftsmodell: Einnahmequellen

Einzelhandel mit Sportgeräten

Für das Geschäftsjahr 2022 meldete Sportsman's Warehouse einen Gesamtnettoumsatz von 1,7 Milliarden US-Dollar. Sportausrüstung machte einen erheblichen Teil dieses Umsatzes aus.

Produktkategorie	Umsatzbeitrag
Jagdausrüstung	412,5 Millionen US-Dollar
Angelausrüstung	308,2 Millionen US-Dollar
Camping & Erholung im Freien	276,6 Millionen US-Dollar

Online-Produktverkauf

Der E-Commerce-Umsatz von Sportsman's Warehouse machte im Jahr 2022 18,5 % des Gesamtnettoumsatzes aus, etwa 314,5 Millionen US-Dollar.

Verkauf von Schusswaffen und Munition

Das Segment Schusswaffen und Munition erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 523,7 Millionen US-Dollar.

• Schusswaffenverkäufe: 279,6 Millionen US-Dollar
• Munitionsverkauf: 244,1 Millionen US-Dollar

Markenbekleidung und Accessoires

Der Umsatz mit Bekleidung und Accessoires erreichte im Jahr 2022 186,3 Millionen US-Dollar.

Bekleidungstyp	Einnahmen
Jagdbekleidung	98,4 Millionen US-Dollar
Lässige Outdoor-Bekleidung	87,9 Millionen US-Dollar

Saisonale Werbe- und Ausverkaufsveranstaltungen

Saisonale Werbeaktionen trugen im Geschäftsjahr 2022 zu einem zusätzlichen Umsatz von 42,6 Millionen US-Dollar bei.

• Sommerräumungsveranstaltung: 18,3 Millionen US-Dollar
• Weihnachtsaktion: 24,3 Millionen US-Dollar

Sportsman's Warehouse Holdings, Inc. (SPWH) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Sportsman's Warehouse over competitors right now, late in fiscal year 2025. It's about having the right gear, the right expertise, and the right price when they need it.

Localized, deep product assortment for hunting, fishing, and camping enthusiasts.

Sportsman's Warehouse focuses on having depth in key products, which you can see in the category performance. For the third quarter of 2025, Hunting and Shooting Sports sales increased by 5% year-over-year, and Fishing delivered 'exceptional' growth. This validates the strategy of local relevance; for instance, in the second quarter, markets like Alaska saw sales grow by high single digits. The company operates 147 stores across the country as of Q3 2025.

Here's a snapshot of how key areas performed in Q3 2025:

Value Proposition Element	Metric/Data Point	Value
Localized Assortment Strength	Q3 2025 Hunting & Shooting Sports Growth	5%
Omni-channel Convenience	Q3 2025 E-commerce Sales Growth	8%
Pricing Strategy Success	Q3 2025 Ammunition Sales Growth	Nearly 2%
Store Footprint	Total Stores (as of Q3 2025)	147

Authority in personal protection, including lethal and non-lethal solutions.

Sportsman's Warehouse is actively positioning itself as the authority here. They expanded their non-lethal offerings, with Byrna demos available in 116 of their 147 stores during Q3 2025. This category, which includes both lethal and non-lethal items, is reported to be 'accretive' to margins. The new Surprise, Arizona location is even the first in their fleet to feature a unique personal protection-focused format.

Expert advice and service from knowledgeable in-store staff.

The company is reinvesting in its people to deliver this value. Selling, General, and Administrative (SG&A) expenses in Q3 2025 rose to $104.5 million, partly due to a reinvestment in 'store and support area labor' to enhance the 'Outfitter-led in-store experience'. This human element is a key differentiator they are funding.

Convenience through an integrated omni-channel shopping experience (BOPUS, ship-to-home).

The digital side is showing clear traction. E-commerce sales for the third quarter of 2025 grew by 8%, showing their digital strategy is working. This complements the physical stores, which together drove a 2.2% increase in same-store sales for Q3 2025. They are using digital marketing to drive 'omnichannel traffic'.

Competitive pricing, including an Everyday Low Price (EDLP) strategy on core ammunition calibers.

The EDLP strategy on core ammunition calibers is resonating, leading to ammunition sales growth of nearly 2% in Q3 2025. While implementing this, the Average Unit Retail (AUR) for ammunition was still up in the low single digits. To be fair, this pricing focus, combined with a sales mix shift toward firearms and ammo, partially offset gross margin improvement, as these categories carry a lower gross margin than Camping and Footwear.

• The company is projecting full-year 2025 capital expenditures to be under $25 million, focusing investment on technology and store productivity.
• The revised full-year 2025 Adjusted EBITDA guidance is set between $22 million and $26 million.
• Net sales for the third quarter of 2025 were $331.3 million.

Finance: draft 13-week cash view by Friday.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Canvas Business Model: Customer Relationships

You're looking at how Sportsman's Warehouse Holdings, Inc. keeps customers coming back, especially when the U.S. consumer is feeling the pinch from macroeconomic headwinds. The relationship strategy blends digital reach with in-store expertise, all while trying to drive higher-value interactions.

Loyalty program and credit card program to drive repeat visits and data capture.

Sportsman's Warehouse Holdings, Inc. has the 'Explorewards Loyalty Program' and the 'Explorewards Credit Card' as key tools for retention and data capture. While management noted in mid-2025 that 'evolution is needed' for these programs, the focus remains on using them to accelerate omnichannel traffic. The company is definitely investing in its digital-first marketing strategy, which relies on this first-party data. For context on the potential, general industry statistics for 2025 suggest that loyalty program members generate 12-18% more incremental revenue growth per year than non-members. Also, 65% of a company's revenue comes from repeat business from existing customers. The goal is to move customers from transactional buyers to loyal advocates.

High-touch, personal service model through in-store 'outfitters.'

The commitment to personal service is embodied by the in-store 'outfitters,' a term management used to recognize the team delivering on the promise of great service. This high-touch approach is being strategically deployed in high-growth areas. For instance, the company expanded live demonstrations for its growing personal protection category to 116 stores as of Q3 2025. This local expertise is a core part of winning back customer trust, especially in specialized categories like hunting and fishing, where the Q3 2025 fishing sales grew by 14%.

Targeted digital marketing using first-party data to personalize offers.

The company increased its digital marketing spend to stay competitive and accelerate omnichannel traffic, though this has put pressure on short-term margins. In Q3 2025, e-commerce growth was 8%, driven by both ship-to-home and Buy Online, Pick Up In Store (BOPUS) channels. This digital push is directly tied to capturing and using first-party data to personalize offers, a necessary step given the competitive retail environment. The Q3 2025 Net Sales reached $331.3 million, showing the digital efforts are supporting overall top-line growth.

In-store educational events and live product demonstrations.

Educational touchpoints are used to establish Sportsman's Warehouse Holdings, Inc. as an authority, particularly in the personal protection segment. Beyond the general live demonstrations, these events serve to deepen customer engagement beyond a simple purchase. The company's strategy leans into local expertise, which these events facilitate. The focus on being an authority in personal protection is a key driver, as this category, including non-lethal alternatives, is noted as 'accretive' to margins.

Transactional relationship for one-off gear purchases.

For many customers, the relationship remains purely transactional, focused on acquiring necessary gear. This is the baseline relationship that the other efforts aim to convert. Even with promotional intensity, the company achieved a Gross Margin of 32.8% in Q3 2025, partly due to better product margins and inventory management, suggesting that even transactional sales are being managed for better profitability. The company ended Q3 2025 with Total Inventory at $424 million, down 3.2% year-over-year, showing discipline even when fulfilling one-off needs.

Here's a quick look at how the digital engagement metrics stack up against the general industry benchmarks for driving loyalty as of late 2025:

Metric Category	Sportsman's Warehouse Holdings (2025 Data)	General Industry Benchmark (2025 Data)
E-commerce Sales Growth (Q3)	8%	N/A (Focus on SPWH)
Same-Store Sales Growth (Q3)	2.2%	N/A (Focus on SPWH)
Revenue from Repeat Customers	N/A (Focus on SPWH)	65% of total revenue
Incremental Revenue from Loyalty Members	N/A (Focus on SPWH)	12-18% higher per year than non-members
Stores with Live Product Demos (Personal Protection)	116 stores	N/A (Focus on SPWH)

The company is actively managing its SG&A expenses, which were $104.5 million in Q3 2025, or 31.5% of net sales, to offset margin pressure from promotions while still funding the digital marketing spend needed to engage customers across all channels.

Finance: draft 13-week cash view by Friday.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Canvas Business Model: Channels

You're looking at how Sportsman's Warehouse Holdings, Inc. gets its products into the hands of its customers-the Channels block of the canvas. This is where strategy meets the street, and honestly, the mix is evolving as they push their transformation plan.

Physical retail stores remain the backbone. As of the latest reporting period, Sportsman's Warehouse operated 146 stores across 32 states. This physical footprint is being optimized, not just expanded; for instance, the only planned new store opening for fiscal year 2025 and 2026 was the location in Surprise, Arizona. This new format store in Arizona is specifically focused on personal protection, showing a targeted approach within the existing physical network.

The e-commerce website is definitely driving growth, which is key for a retailer trying to capture broader market share. For the first quarter of fiscal year 2025, e-commerce sales posted an 8% comp gain, outpacing the overall business growth at that time. This digital channel is clearly a focus area, supported by increased investment.

The integration of physical and digital is happening through omni-channel services. The growth in e-commerce for the third quarter was explicitly driven by both ship-to-home and Buy Online, Pick Up In Store (BOPUS) options. Management noted that reinvestment in areas like digital marketing is intended to accelerate this omnichannel traffic.

To support these sales channels, digital and social media platforms are seeing increased investment. The company is executing a new digital-first marketing strategy to build brand awareness and drive traffic. You see this reflected in the SG&A expenses, where there was a reinvestment into customer-facing areas including digital marketing to drive sales. Here's a quick look at how the channels performed in the most recently reported quarters:

Channel Metric	Period Reported	Value/Rate
Total Physical Stores	Late 2025 (Q3 Report Context)	146
New Store Openings (FY2025/2026 Plan)	FY2025/2026	One
E-commerce Sales Growth	Q1 2025	8%
E-commerce Sales Growth	Q3 2025	8%
Digital Marketing Spend	Q3 2025	Increased

The focus on getting the right product in the right place at the right time-whether that's in one of the 146 stores or online-is what they believe is validating the strategy. The push on personal protection is also being supported across the channel mix, with the Safety Outpost concept piloted online and in-store.

You should track the capital expenditure budget, which for fiscal year 2025 was expected to be between $20 million and $25 million, with a primary focus on technology investments relating to merchandising and store productivity, which directly supports these channels. Finance: draft 13-week cash view by Friday.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Sportsman's Warehouse Holdings, Inc. serves as of late 2025, based on their recent performance indicators. It's clear where the growth is coming from.

Dedicated outdoor enthusiasts: Core customers for hunting, fishing, and shooting sports

These are the folks driving the core business. The third quarter of fiscal year 2025 showed strong engagement here, with net sales for the quarter reaching $331.3 million. Sportsman's Warehouse Holdings, Inc. continues to gain market share in this segment, as their firearms business outperformed adjusted NICS checks for another quarter.

Here's how the key outdoor categories performed in Q3 2025:

Customer Segment Focus	Q3 2025 Sales Growth (Year-over-Year)	Key Metric/Context
Hunting and Shooting Sports	5% increase	Inventory levels positioned for seasonal demand.
Fishing	14% growth	Up 17.9% on a two-year comp stack.
Apparel	1.4% increase	Led by technical outdoor wear.
Camping	Declined by high single digits	Inventory down double digits.

The overall same-store sales growth for the quarter was up 2.2%, marking the third consecutive quarter of positive comps.

Personal protection customers: Seeking firearms, ammunition, and less-lethal alternatives

This segment is a strategic growth area. The company is leaning into personal protection, which fueled sales growth in Q3 2025. The new store concept reflects this focus; the Surprise, Arizona location, opened in early November 2025, is the first personal protection-focused format in their fleet. This focus is accretive to margins per management commentary.

The push into this area includes specific product rollouts:

• Berna non-lethal products are now in 117 stores.
• Taser products are in additional select stores.

The company is definitely making moves to capture this demand.

First-time and casual outdoor participants: Needing entry-level gear and expert guidance

While direct financial segmentation for first-timers isn't published, their needs are met through the overall retail offering and digital channel performance. E-commerce growth rose 8% in Q3 2025, driven by both ship-to-home and BOPUS (Buy Online, Pick-up In Store) channels, which often serve customers needing quick access or research before a first purchase. The company's gross margin improved to 32.8%, partly due to higher-margin fishing sales, which often attracts a broader, more casual participant base.

The company operates 146 stores across 32 states, providing a physical touchpoint for guidance.

Regional customers in the Western and Mountain states where the store base is concentrated

The store footprint heavily favors the West and Mountain regions. The newest store opened in Surprise, Arizona, bringing the total in that state to 11 locations. This new location represents the only planned store opening for both fiscal year 2025 and 2026, showing a commitment to thoughtful capital management over aggressive expansion. The company ended Q3 2025 with total inventory valued at $424 million, which needs to be efficiently managed across this regional base.

Finance: draft 13-week cash view by Friday.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Canvas Business Model: Cost Structure

The cost structure for Sportsman's Warehouse Holdings, Inc. is heavily weighted toward the cost of the merchandise it sells, followed by the expenses associated with running its physical store footprint and corporate operations.

Cost of Goods Sold (COGS) represents the single largest component of the cost structure. This is the direct cost attributable to the production of the goods sold by Sportsman's Warehouse Holdings, Inc. The efficiency in managing this cost is critical, as evidenced by the reported Gross Margin of 32.8% for the thirteen weeks ended November 1, 2025. This margin improvement of 100 basis points versus the prior year was attributed to healthier inventory levels and stronger product margins, especially in the Fishing department.

Selling, General, and Administrative (SG&A) expenses are the next major cost category. For the third quarter ended November 1, 2025, SG&A expenses were reported at $104.5 million, which equated to 31.5% of net sales for that period. This spending reflects reinvestment into customer-facing areas, including store and support area labor, and increased digital marketing spend to drive sales and omnichannel traffic.

Store operating expenses cover the fixed and variable costs associated with maintaining the physical fleet. While the exact total operating expense isn't itemized separately from SG&A in the top-line figures, it encompasses significant outlays for the 147 stores mentioned in the business context. These costs include rent, utilities, and payroll for store associates. The capital allocation strategy for 2025 shows a disciplined approach to physical expansion, with only one new store opened in Surprise, Arizona, in November 2025, which is the only planned opening for both fiscal years 2025 and 2026.

Technology and capital expenditures are managed with a focus on efficiency. The expectation for capital expenditures for the full fiscal year 2025 is set to be less than $25 million. These expenditures are primarily directed toward strategic technological investments, such as tools for planogramming, merchandising and replenishment, and store scheduling, alongside general store fleet maintenance.

Interest expense is a function of the company's debt load. As of November 1, 2025, Sportsman's Warehouse Holdings, Inc. reported net debt of $179.7 million. This net debt was comprised of $137.9 million in borrowings under the revolving credit facility, $44.0 million in net borrowings under the term loan facility, and $2.2 million in cash and cash equivalents.

Here is a quick look at the key financial metrics driving the cost structure as of the latest reporting period:

Metric	Amount/Percentage	Period/Context
Net Sales	$331.3 million	Thirteen Weeks Ended November 1, 2025 (Q3 2025)
Gross Margin	32.8% of Net Sales	Thirteen Weeks Ended November 1, 2025 (Q3 2025)
SG&A Expenses	$104.5 million	Thirteen Weeks Ended November 1, 2025 (Q3 2025)
SG&A as % of Net Sales	31.5%	Thirteen Weeks Ended November 1, 2025 (Q3 2025)
Capital Expenditures Guidance	Less than $25 million	Full Fiscal Year 2025 Expectation
Net Debt	$179.7 million	As of November 1, 2025

The primary cost drivers that you need to monitor closely include:

• Inventory procurement costs impacting COGS.
• Store labor and occupancy costs for the fleet.
• Digital marketing spend within SG&A.
• Debt servicing costs tied to the $179.7 million net debt.

Finance: draft 13-week cash view by Friday.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Canvas Business Model: Revenue Streams

You're looking at the core ways Sportsman's Warehouse Holdings, Inc. brings in money as of late 2025. It's primarily a retail operation, but the mix is shifting, which is key for your analysis.

Merchandise sales form the backbone of revenue, covering the core outdoor categories. For the first nine months of fiscal year 2025, total net sales reached $874.3 million. That's a solid base, even with the consumer environment being what it is. Just to give you a snapshot of the most recent quarter, Q3 2025 net sales were $331.3 million, up 2.2% year-over-year.

The growth drivers within merchandise are telling. For the thirteen weeks ended November 1, 2025, the performance by department looked like this:

Department/Category	Q3 2025 Sales Change vs. Prior Year	Notes
Hunting and Shooting	Increased Sales	Grew by 5% in Q3 2025.
Fishing	Increased Sales	Grew by 14% in Q3 2025.
Apparel	Increased Sales	Increased by 1.4% in Q3 2025.
Camping	Declined	Declined by high single digits in Q3 2025.

The company is also strategically leaning into personal protection, including less-lethal alternatives, as a sales driver. Honestly, the focus on core seasonal categories like hunting and fishing, supported by better in-stocks, is paying off in the top-line numbers.

The full-year 2025 net sales guidance has been adjusted to reflect a tougher Q4 environment. Sportsman's Warehouse Holdings, Inc. now expects fiscal year 2025 net sales to be flat to up slightly. This is a revision from an earlier expectation that ranged from down 1.0% to up 3.5%.

E-commerce sales are definitely a growing component of the overall revenue picture. While the prompt mentions Q2 2025 net sales at $293.9 million, that figure actually represents the total net sales for that quarter. What's important for e-commerce specifically is its growth rate; it rose 8% in Q3 2025, continuing a trend where e-commerce was up 3% for the first half of fiscal 2025.

Beyond the physical goods, there are smaller, but important, revenue streams that support the model. You need to account for these ancillary sources:

• Service revenue: This includes sales of firearm service plans and used firearm sales. Specific dollar amounts for this segment weren't broken out in the latest releases, but it remains part of the offering.
• Credit card and loyalty program fees/commissions: The company is focused on deepening its loyalty subscribers, which is the foundation for any future fee or commission revenue derived from that program.

If onboarding takes 14+ days, churn risk rises, and similarly, if the loyalty program doesn't drive transaction volume, those fee-based revenues will stay small. Finance: draft 13-week cash view by Friday.