Sportsman's Warehouse Holdings, Inc. (SPWH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Sportsman's Warehouse Holdings, Inc. (SPWH), una potencia minorista que ha creado magistralmente un modelo de negocio que atiende a entusiastas al aire libre y aficionados a los artículos deportivos. Desde su amplia red de tiendas físicas hasta su sólida plataforma de comercio electrónico, SPWH ha revolucionado cómo los cazadores, pescadores y aventureros al aire libre descubren, compran e interactúan con equipos deportivos premium. Este desglose de lienzo de modelo comercial integral revela los intrincados mecanismos que impulsan el éxito de la compañía, ofreciendo una visión interna de cómo SPWH se ha posicionado como una fuerza dominante en el competitivo panorama minorista al aire libre.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: asociaciones clave

Fabricantes de ropa y ropa al aire libre

El almacén de Sportsman mantiene asociaciones estratégicas con fabricantes clave de equipos al aire libre:

Fabricante	Categorías de productos	Detalles de la asociación
Vista al aire libre	Municiones, armas de fuego	Acuerdo de suministro a largo plazo
Roble musgo	Ropa de camuflaje	Derechos de marca exclusivos
Prima federal	Munición de caza	Distribuidor preferido

Marcas de caza, pesca y equipos para acampar

Las asociaciones integrales de la marca incluyen:

• Armas de fuego de Remington
• Browning
• Winchester
• Brazos salvajes
• Garmin

Plataformas de comercio electrónico

Asociaciones de expansión de ventas en línea:

Plataforma	Volumen de ventas (2023)	Tipo de asociación
Amazonas	$ 2.4M	Vendedor del mercado
Walmart.com	$ 1.7M	Minorista de terceros

Distribuidores locales y regionales

Asociaciones de red de distribución:

• Distribuidores de montaña rocosa
• Mayores de productos deportivos del sudeste
• Distribuidores de equipos del noroeste del Pacífico

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: actividades clave

Ventas minoristas de equipos al aire libre, de caza y deportivo

A partir del cuarto trimestre de 2023, el almacén de Sportsman operaba 189 tiendas minoristas en 32 estados. Las ventas minoristas anuales para 2023 fueron de $ 1.43 mil millones. Las categorías de productos incluyen:

• Armas de fuego y municiones
• Equipo de caza
• Equipo para acampar
• Suministros de pesca
• Ropa al aire libre

Gestión de inventario y abastecimiento de productos

Métrico	Valor
Valor de inventario total (2023)	$ 394.6 millones
Tasa de facturación de inventario	4.2x por año
Número de proveedores	Más de 500 marcas

Desarrollo y mantenimiento de la plataforma de comercio electrónico

Ventas en línea representadas 22.7% de los ingresos totales en 2023, con inversiones de plataforma digital centradas en:

• Sitio web que responde a dispositivos móviles
• Seguimiento de inventario en tiempo real
• Cumplimiento del pedido en línea
• Integraciones de pagos digitales

Servicio al cliente y gestión de experiencia en la tienda

Métrico de servicio	Actuación
Tamaño promedio de la tienda	35,000 pies cuadrados
Horas de capacitación del personal (anual)	48 horas por empleado
Tasa de satisfacción del cliente	4.2/5 estrellas

Campañas de marketing y promoción

El gasto de marketing para 2023 fue $ 42.3 millones, representando el 3% de los ingresos totales. Los canales de comercialización incluyen:

• Publicidad digital
• Compromiso en las redes sociales
• Marketing por correo electrónico
• Promociones del programa de fidelización

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: recursos clave

Red de tiendas minoristas físicas

A partir del tercer trimestre de 2023, el almacén de Sportsman operaba 126 tiendas minoristas en 35 estados en los Estados Unidos.

Métrica de almacenamiento	Cantidad
Total de tiendas minoristas	126
Estados cubiertos	35
Tamaño promedio de la tienda	35,000 pies cuadrados.

Inventario de productos

La compañía mantiene un inventario de productos diverso en múltiples categorías.

• Armas de fuego y municiones: 30% del inventario total
• Equipo de caza: 25% del inventario total
• Equipo de pesca: 20% del inventario total
• Camping and Outdoor Gear: 15% del inventario total
• Ropa y accesorios: 10% del inventario total

Recursos tecnológicos

El almacén de Sportsman invirtió $ 12.4 millones en infraestructura tecnológica en 2022.

Inversión tecnológica	Cantidad
Actualización de la plataforma de comercio electrónico	$ 5.6 millones
Sistemas de gestión de inventario	$ 4.2 millones
Tecnologías de marketing digital	$ 2.6 millones

Recursos humanos

A partir de 2023, la compañía empleaba aproximadamente 4,800 empleados a tiempo completo y a tiempo parcial.

Categoría de empleado	Número
Empleados de tiempo completo	2,600
Empleados a tiempo parcial	2,200
Personal de la sede corporativa	350

Recursos financieros

A partir del tercer trimestre de 2023, el almacén de Sportsman reportó activos totales de $ 521.3 millones.

Métrica financiera	Cantidad
Activos totales	$ 521.3 millones
Equivalentes de efectivo y efectivo	$ 42.7 millones
Valor de inventario	$ 385.6 millones

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocio: propuestas de valor

Selección completa de equipos deportivos y al aire libre

A partir del cuarto trimestre de 2023, el almacén de Sportsman ofrece aproximadamente 125,000 SKU únicos en múltiples categorías de productos:

Categoría de productos	Porcentaje de inventario
Armas de fuego	22%
Equipo de caza	18%
Equipo de pesca	16%
Equipo para acampar/al aire libre	15%
Munición	12%
Vestir	10%
Otros accesorios	7%

Estrategias de precios competitivos

La estrategia de precios incluye:

• Margen bruto promedio de 34.2% a partir de 2023
• Matriota de precios con competidores en línea
• Descuentos promocionales frecuentes

Conocimiento de productos expertos y asesoramiento al cliente

Métricas de experiencia en el personal:

• Capacitación promedio del personal: 68 horas anuales
• 95% del personal certificado en al menos una categoría de productos
• Servicios de consulta de expertos en la tienda disponibles

Compras individuales para equipos al aire libre

Cobertura del rango de productos:

Tipo de equipo	Variedad de marca
Armas de fuego	Más de 50 marcas
Equipo de pesca	Más de 40 marcas
Accesorios de caza	45 marcas
Equipo para acampar	35 marcas

Convenientes experiencias de compra en línea y en la tienda

Métricas de rendimiento omnicanal:

• 172 ubicaciones de tiendas físicas a partir de 2023
• Ventas en línea que representan el 18.5% de los ingresos totales
• Aplicación móvil con más de 750,000 descargas
• Envío gratis en pedidos superiores a $ 49

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: relaciones con los clientes

Programa de fidelización para clientes habituales

El almacén de deportistas opera el Programa de fidelización de Pro Rewards Con las siguientes métricas clave:

Característica del programa	Detalles
Miembros anuales	Aproximadamente 2.5 millones de miembros activos
Tasa de redención de puntos de recompensa	18.7% del total de participantes del programa
Gasto anual promedio por miembro	$487.63

Recomendaciones de productos personalizadas

La estrategia de recomendación digital incluye:

• Sugerencias basadas en algoritmos en línea basadas en 673,000 historias únicas de navegación de clientes
• Personalización por correo electrónico dirigida al 42% de los miembros del programa de fidelización
• Recomendación de aprendizaje automático Precisión de 64.3%

Asesoramiento y consulta de expertos en la tienda

Categoría de consulta	Conteo de personal experto	Tiempo promedio de interacción con el cliente
Equipo de caza	127 personal especializado	23 minutos por consulta
Equipo de pesca	93 personal especializado	18 minutos por consulta
Equipo al aire libre	76 personal especializado	15 minutos por consulta

Atención al cliente en línea y física

Canales de atención al cliente:

• Soporte telefónico: tasa de resolución del 87%
• Chat en vivo: 92% Calificación de satisfacción del cliente
• Tiempo de respuesta de soporte por correo electrónico: 4.2 horas promedio
• Soporte en la tienda: 96% de retroalimentación positiva

Compromiso comunitario a través de eventos deportivos

Tipo de evento	Eventos anuales	Compromiso de los participantes
Talleres de caza	127 eventos	8,943 participantes
Clínicas de pesca	93 eventos	6.542 participantes
Seminarios de habilidades al aire libre	76 eventos	5.231 participantes

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: canales

Tiendas minoristas físicas en todo el país

A partir del cuarto trimestre de 2023, el almacén de Sportsman operaba 126 tiendas minoristas En 34 estados en los Estados Unidos.

Región	Número de tiendas	Porcentaje de cobertura
Estados Unidos occidental	52	41.3%
Medio oeste de los Estados Unidos	28	22.2%
Del sur de los Estados Unidos	36	28.6%
Noreste de los Estados Unidos	10	7.9%

Sitio web de comercio electrónico

La plataforma de comercio electrónico de la compañía generada $ 322.7 millones en ventas netas durante el año fiscal 2022, representando 15.4% de ingresos totales de la compañía.

• URL del sitio web: www.sportsmans.com
• Categorías de productos en línea: caza, pesca, campamento, tiroteo, ropa
• Métodos de pago en línea: Tarjetas de crédito/débito, PayPal, Apple Pay

Aplicación de compras móviles

Lanzado en 2021, la aplicación móvil ha 247,000 usuarios mensuales activos a diciembre de 2023.

Plataforma	Calificación de la tienda de aplicaciones	Descargas totales
Apple App Store	4.2/5	138,500
Google Play Store	4.0/5	109,500

Plataformas de redes sociales

El seguidor de las redes sociales cuenta a partir de enero de 2024:

• Facebook: 412,000 seguidores
• Instagram: 276,000 seguidores
• Gorjeo: 87,000 seguidores

Campañas de marketing digital dirigidas

Gasto de marketing digital en el año fiscal 2022: $ 14.3 millones, representando 0.68% de ingresos totales.

Canal de marketing	Porcentaje de presupuesto digital
Ads de Google	42%
Publicidad en las redes sociales	33%
Marketing de afiliados	15%
Marketing por correo electrónico	10%

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: segmentos de clientes

Entusiastas de la caza y la pesca

A partir de 2022, se vendieron aproximadamente 15,2 millones de licencias de caza en los Estados Unidos. El almacén de Sportsman se dirige a este grupo demográfico con ofertas de productos especializados.

Característica del cliente	Porcentaje
Cazadores masculinos	89%
Cazadores	11%
Edad promedio de cazador	44 años

Recreación al aire libre y consumidores para acampar

En 2021, aproximadamente 57.8 millones de estadounidenses participaron en actividades de campamento.

• Las ventas de equipos de campamento alcanzaron $ 4.5 mil millones en 2022
• Las ventas de carpas aumentaron en un 13,2% año tras año
• Mercado de equipos de campamento portátil que crece a 6.7% CAGR

Compradores de armas de fuego y municiones

En 2022, las verificaciones de antecedentes de armas de fuego totalizaron 38.9 millones, lo que indica una demanda significativa del mercado.

Categoría de armas de fuego	Volumen de ventas anual
Pistolas	19,4 millones de unidades
Rifles	12.5 millones de unidades
Escopetas	6.9 millones de unidades

Artículos deportivos y coleccionistas de equipos

El mercado de artículos deportivos coleccionables se valoró en $ 3.2 mil millones en 2022.

Participantes deportivos al aire libre estacionales y profesionales

Los participantes deportivos al aire libre profesionales y aficionados representan un segmento clave de clientes.

Deporte al aire libre	Números de participante
Pesca	54.7 millones de participantes
Caza	15,2 millones de participantes
Cámping	57.8 millones de participantes

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocio: Estructura de costos

Adquisición y gestión de inventario

Para el año fiscal 2022, Sportsman's Warehouse reportó un inventario total de $ 521.3 millones. El costo de los bienes vendidos (COGS) fue de $ 1.46 mil millones. La relación de rotación de inventario fue de 2.8x.

Métrico de inventario	Valor
Inventario total	$ 521.3 millones
Costo de bienes vendidos	$ 1.46 mil millones
Relación de rotación de inventario	2.8x

Operaciones y mantenimiento de la tienda minorista

A partir de 2022, el almacén de Sportsman operaba 126 tiendas minoristas. Los gastos anuales de ocupación y mantenimiento de la tienda fueron de aproximadamente $ 98.7 millones.

• Número de ubicaciones minoristas: 126
• Costo anual de operaciones de la tienda: $ 98.7 millones
• Costo promedio por tienda: $ 783,333

Salario de empleados y capacitación

La compensación total de los empleados para el año fiscal 2022 fue de $ 196.5 millones. Esto incluye salarios, salarios y beneficios para aproximadamente 3.200 empleados.

Métrica de compensación de empleados	Valor
Compensación total de empleados	$ 196.5 millones
Total de empleados	3,200
Compensación promedio por empleado	$61,406

Gastos de marketing y publicidad

Los gastos de marketing y publicidad para el año fiscal 2022 fueron de $ 42.3 millones, lo que representa el 2.9% de los ingresos totales.

Tecnología e infraestructura de comercio electrónico

Las inversiones en tecnología e infraestructura digital totalizaron $ 15.6 millones en 2022, apoyando la plataforma de ventas en línea y los sistemas operativos.

Categoría de inversión tecnológica	Gastos
Plataforma de comercio electrónico	$ 8.2 millones
Infraestructura	$ 5.4 millones
Tecnología de marketing digital	$ 2 millones

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negocios: flujos de ingresos

Ventas minoristas de equipos deportivos

Para el año fiscal 2022, Sportsman's Warehouse reportó ventas netas totales de $ 1.7 mil millones. El equipo deportivo constituyó una parte significativa de estos ingresos.

Categoría de productos	Contribución de ingresos
Equipo de caza	$ 412.5 millones
Equipo de pesca	$ 308.2 millones
Cámping & Recreación al aire libre	$ 276.6 millones

Ventas de productos en línea

Las ventas de comercio electrónico para el almacén de Sportsman en 2022 representaron el 18.5% de las ventas netas totales, aproximadamente $ 314.5 millones.

Ventas de armas de fuego y municiones

Las armas de fuego y el segmento de municiones generaron $ 523.7 millones en ingresos durante el año fiscal 2022.

• Ventas de armas de fuego: $ 279.6 millones
• Ventas de municiones: $ 244.1 millones

Ropa y accesorios de marca

Los ingresos de ropa y accesorios alcanzaron $ 186.3 millones en 2022.

Tipo de ropa	Ganancia
Ropa de caza	$ 98.4 millones
Ropa al aire libre casual	$ 87.9 millones

Eventos de promoción y autorización estacionales

Las promociones estacionales contribuyeron con $ 42.6 millones adicionales en ingresos durante el año fiscal 2022.

• Evento de liquidación de verano: $ 18.3 millones
• Promoción de la temporada navideña: $ 24.3 millones

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.