Sportsman's Warehouse Holdings, Inc. (SPWH): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Sportsman's Warehouse Holdings, Inc. (SPWH), une puissance de vente au détail qui a magistralement conçu un modèle d'entreprise qui s'adresse aux amateurs de plein air et aux aficionados d'articles de sport. De son vaste réseau de magasins physiques à sa robuste plate-forme de commerce électronique, SPWH a révolutionné comment les chasseurs, les pêcheurs et les aventuriers en plein air découvrent, achètent et s'engagent avec des équipements sportifs haut de gamme. Cette panne de toile complète du modèle commercial révèle les mécanismes complexes qui stimulent le succès de l'entreprise, offrant une vision d'un initié sur la façon dont SPWH s'est positionné comme une force dominante dans le paysage de vente au détail en plein air compétitif.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle commercial: partenariats clés

Fabricants d'équipement et de vêtements extérieurs

L'entrepôt de Sportsman conserve des partenariats stratégiques avec les principaux fabricants d'équipements en plein air:

Fabricant	Catégories de produits	Détails du partenariat
Vista Outdoor	Munitions, armes à feu	Contrat d'approvisionnement à long terme
Chêne moussu	Vêtements de camouflage	Droits de marque exclusifs
Prime fédérale	Munitions de chasse	Distributeur préféré

Marques d'équipement de chasse, de pêche et de camping

Les partenariats de marque complets comprennent:

• Remington Armes à feu
• Brunissement
• Winchester
• Bras sauvages
• Garmin

Plates-formes de commerce électronique

Partenariats d'expansion des ventes en ligne:

Plate-forme	Volume des ventes (2023)	Type de partenariat
Amazone	2,4 M $	Vendeur de marché
Walmart.com	1,7 M $	Détaillant tiers

Distributeurs locaux et régionaux

Partenariats du réseau de distribution:

• Distributeurs de montagnes rocheuses
• Groches des articles de sport du sud-est
• Distributeurs d'équipement du Nord-Ouest du Pacifique

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: Activités clés

Ventes au détail d'équipements d'extérieur, de chasse et de sport

Au quatrième trimestre 2023, l'entrepôt de Sportsman a exploité 189 magasins de détail dans 32 États. Les ventes de détail annuelles pour 2023 étaient de 1,43 milliard de dollars. Les catégories de produits comprennent:

• Armes à feu et munitions
• Équipement de chasse
• Matériel de camping
• Fournitures de pêche
• Vêtements de plein air

Gestion des stocks et l'approvisionnement en produit

Métrique	Valeur
Valeur d'inventaire totale (2023)	394,6 millions de dollars
Taux de rotation des stocks	4.2x par an
Nombre de fournisseurs	Plus de 500 marques

Développement et maintenance de la plate-forme de commerce électronique

Ventes en ligne représentées 22,7% du total des revenus en 2023, avec des investissements de plate-forme numérique axés sur:

• Site Web sensible au mobile
• Suivi des stocks en temps réel
• Réalisation des commandes en ligne
• Intégrations de paiement numérique

Service client et gestion de l'expérience en magasin

Métrique de service	Performance
Taille moyenne du magasin	35 000 pieds carrés
Heures de formation du personnel (annuel)	48 heures par employé
Taux de satisfaction client	4.2 / 5 étoiles

Campagnes marketing et promotionnelles

Les dépenses de marketing pour 2023 étaient 42,3 millions de dollars, représentant 3% des revenus totaux. Les canaux de marketing comprennent:

• Publicité numérique
• Engagement des médias sociaux
• E-mail marketing
• Promotions du programme de fidélité

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle commercial: Ressources clés

Réseau de magasins de vente au détail physique

Au troisième trimestre 2023, Sportsman's Warehouse a exploité 126 magasins de détail dans 35 États aux États-Unis.

Métrique du magasin	Quantité
Total des magasins de vente au détail	126
États couverts	35
Taille moyenne du magasin	35 000 pieds carrés.

Inventaire des produits

La société maintient un inventaire de produits diversifié dans plusieurs catégories.

• Armes à feu et munitions: 30% des stocks totaux
• Équipement de chasse: 25% de l'inventaire total
• Équipement de pêche: 20% des stocks totaux
• Camping et équipement extérieur: 15% des stocks totaux
• Vêtements et accessoires: 10% de l'inventaire total

Ressources technologiques

Sportsman's Warehouse a investi 12,4 millions de dollars dans les infrastructures technologiques en 2022.

Investissement technologique	Montant
Mise à niveau de la plate-forme de commerce électronique	5,6 millions de dollars
Systèmes de gestion des stocks	4,2 millions de dollars
Technologies de marketing numérique	2,6 millions de dollars

Ressources humaines

En 2023, l'entreprise a employé environ 4 800 employés à temps plein et à temps partiel.

Catégorie des employés	Nombre
Employés à temps plein	2,600
Employés à temps partiel	2,200
Personnel du siège social	350

Ressources financières

Au troisième trimestre 2023, l'entrepôt de Sportsman a déclaré un actif total de 521,3 millions de dollars.

Métrique financière	Montant
Actif total	521,3 millions de dollars
Equivalents en espèces et en espèces	42,7 millions de dollars
Valeur d'inventaire	385,6 millions de dollars

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: propositions de valeur

Sélection complète d'équipements extérieurs et sportifs

Au quatrième trimestre 2023, l'entrepôt de Sportsman propose environ 125 000 SKU uniques dans plusieurs catégories de produits:

Catégorie de produits	Pourcentage d'inventaire
Armes à feu	22%
Équipement de chasse	18%
Équipement de pêche	16%
Équipement de camping / extérieur	15%
Munitions	12%
Vêtements	10%
Autres accessoires	7%

Stratégies de tarification compétitives

La stratégie de tarification comprend:

• Marge brute moyenne de 34,2% en 2023
• Prix ​​correspondant aux concurrents en ligne
• Remises promotionnelles fréquentes

Connaissances des produits experts et conseils clients

Expertise du personnel Métriques:

• Formation moyenne du personnel: 68 heures par an
• 95% du personnel certifié dans au moins une catégorie de produits
• Services de consultation d'experts en magasin disponibles

Shopping à guichet unique pour l'équipement en plein air

Couverture de gamme de produits:

Type d'équipement	Variété de marque
Armes à feu	Plus de 50 marques
Vitesses de pêche	Plus de 40 marques
Accessoires de chasse	45 marques
Matériel de camping	35 marques

Expériences d'achat pratiques en ligne et en magasin

Mesures de performance omnicanal:

• 172 emplacements de magasin physique à partir de 2023
• Les ventes en ligne représentant 18,5% des revenus totaux
• Application mobile avec plus de 750 000 téléchargements
• Livraison gratuite sur les commandes de plus de 49 $

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: relations avec les clients

Programme de fidélité pour les clients réguliers

L'entrepôt de sportif exploite le Pro programme de fidélité pro récompense avec les mesures clés suivantes:

Fonctionnalité du programme	Détails
Membres annuels	Environ 2,5 millions de membres actifs
Taux de rachat des points de récompense	18,7% du total des participants au programme
Dépenses annuelles moyennes par membre	$487.63

Recommandations de produits personnalisés

La stratégie de recommandation numérique comprend:

• Suggestions axées sur l'algorithme en ligne basées sur 673 000 histoires uniques de navigation des clients
• Personnalisation par e-mail ciblant 42% des membres du programme de fidélité
• Précision de recommandation d'apprentissage automatique de 64,3%

Conseils d'experts en magasin et consultation

Catégorie de consultation	Compte de personnel expert	Temps d'interaction du client moyen
Équipement de chasse	127 Personnel spécialisé	23 minutes par consultation
Vitesses de pêche	93 personnel spécialisé	18 minutes par consultation
Équipement extérieur	76 personnel spécialisé	15 minutes par consultation

Support client en ligne et physique

Canaux de support client:

• Prise en charge du téléphone: taux de résolution de 87%
• Chat en direct: 82% de satisfaction client
• Temps de réponse de la prise en charge de la messagerie: 4,2 heures moyenne
• Support en magasin: commentaires positifs à 96%

Engagement communautaire à travers des événements sportifs

Type d'événement	Événements annuels	Engagement des participants
Ateliers de chasse	127 événements	8 943 participants
Cliniques de pêche	93 événements	6 542 participants
Séminaires de compétences en plein air	76 événements	5 231 participants

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: canaux

Magasins de détail physiques à l'échelle nationale

Au quatrième trimestre 2023, l'entrepôt de Sportsman a fonctionné 126 magasins de détail dans 34 États aux États-Unis.

Région	Nombre de magasins	Pourcentage de couverture
Occidental des États-Unis	52	41.3%
Midwest des États-Unis	28	22.2%
Du sud des États-Unis	36	28.6%
Nord-Est des États-Unis	10	7.9%

Site Web de commerce électronique

La plate-forme de commerce électronique de l'entreprise générée 322,7 millions de dollars dans les ventes nettes au cours de l'exercice 2022, représentant 15.4% du total des revenus de l'entreprise.

• URL du site Web: www.sportsmans.com
• Catégories de produits en ligne: chasse, pêche, camping, tir, vêtements
• Méthodes de paiement en ligne: cartes de crédit / débit, PayPal, Apple Pay

Application de magasinage mobile

Lancé en 2021, l'application mobile a 247 000 utilisateurs mensuels actifs En décembre 2023.

Plate-forme	Note de l'App Store	Téléchargements totaux
Apple App Store	4.2/5	138,500
Google Play Store	4.0/5	109,500

Plateformes de médias sociaux

Les suiveurs de médias sociaux comptent en janvier 2024:

• Facebook: 412 000 abonnés
• Instagram: 276 000 abonnés
• Gazouillement: 87 000 abonnés

Campagnes de marketing numérique ciblées

Dépenses en marketing numérique au cours de l'exercice 2022: 14,3 millions de dollars, représentant 0.68% du total des revenus.

Canal de marketing	Pourcentage du budget numérique
Publicités Google	42%
Publicité sur les réseaux sociaux	33%
Marketing d'affiliation	15%
E-mail marketing	10%

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: segments de clientèle

Les amateurs de chasse et de pêche

En 2022, environ 15,2 millions de licences de chasse ont été vendues aux États-Unis. L'entrepôt de Sportsman cible ce groupe démographique avec des offres de produits spécialisées.

Caractéristique du client	Pourcentage
Chasseurs masculins	89%
Chasseurs	11%
Âge moyen du chasseur	44 ans

Récréation de plein air et consommateurs de camping

En 2021, environ 57,8 millions d'Américains ont participé à des activités de camping.

• Les ventes d'équipements de camping ont atteint 4,5 milliards de dollars en 2022
• Les ventes de tentes ont augmenté de 13,2% en glissement annuel
• Le marché des équipements de camping portables augmentant à 6,7% de TCAC

Acheteurs d'armes à feu et de munitions

En 2022, les vérifications des antécédents des armes à feu ont totalisé 38,9 millions, indiquant une demande importante du marché.

Catégorie d'armes à feu	Volume des ventes annuelles
Armes de poing	19,4 millions d'unités
Fusils	12,5 millions d'unités
Fusil de chasse	6,9 millions d'unités

Collectionneurs de produits de sport et d'équipement

Le marché des articles de sport à collectionner était évalué à 3,2 milliards de dollars en 2022.

Participants sportifs de plein air saisonniers et professionnels

Les participants sportifs en plein air professionnels et amateurs représentent un segment de clientèle clé.

Sport extérieur	Nombre de participants
Pêche	54,7 millions de participants
Chasse	15,2 millions de participants
Camping	57,8 millions de participants

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: Structure des coûts

Inventaire l'approvisionnement et la gestion

Pour l'exercice 2022, l'entrepôt de Sportsman a déclaré un inventaire total de 521,3 millions de dollars. Le coût des marchandises vendues (COG) était de 1,46 milliard de dollars. Le rapport de roulement des stocks était de 2,8x.

Métrique des stocks	Valeur
Inventaire total	521,3 millions de dollars
Coût des marchandises vendues	1,46 milliard de dollars
Ratio de rotation des stocks	2,8x

Exploitations et entretien des magasins de détail

Depuis 2022, Sportsman's Warehouse a exploité 126 magasins de détail. Les frais d'occupation et d'entretien annuels des magasins étaient d'environ 98,7 millions de dollars.

• Nombre de lieux de vente au détail: 126
• Coût annuel des opérations de magasin: 98,7 millions de dollars
• Coût moyen par magasin: 783 333 $

Salaire et formation des employés

La rémunération totale des employés pour l'exercice 2022 était de 196,5 millions de dollars. Cela comprend les salaires, les salaires et les avantages sociaux pour environ 3 200 employés.

Métrique de compensation des employés	Valeur
Compensation totale des employés	196,5 millions de dollars
Total des employés	3,200
Compensation moyenne par employé	$61,406

Dépenses de marketing et de publicité

Les dépenses de marketing et de publicité pour l'exercice 2022 étaient de 42,3 millions de dollars, ce qui représente 2,9% des revenus totaux.

Infrastructure de technologie et de commerce électronique

Les investissements technologiques et infrastructures numériques ont totalisé 15,6 millions de dollars en 2022, soutenant la plate-forme de vente en ligne et les systèmes opérationnels.

Catégorie d'investissement technologique	Frais
Plate-forme de commerce électronique	8,2 millions de dollars
Infrastructure informatique	5,4 millions de dollars
Technologie de marketing numérique	2 millions de dollars

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modèle d'entreprise: Strots de revenus

Ventes au détail d'équipements sportifs

Pour l'exercice 2022, l'entrepôt de Sportsman a déclaré des ventes nettes totales de 1,7 milliard de dollars. L'équipement sportif constituait une partie importante de ces revenus.

Catégorie de produits	Contribution des revenus
Équipement de chasse	412,5 millions de dollars
Vitesses de pêche	308,2 millions de dollars
Camping & Récréation de plein air	276,6 millions de dollars

Ventes de produits en ligne

Les ventes de commerce électronique pour l'entrepôt de Sportsman en 2022 représentaient 18,5% du total des ventes nettes, environ 314,5 millions de dollars.

Ventes d'armes à feu et de munitions

Le segment des armes à feu et des munitions a généré 523,7 millions de dollars de revenus au cours de l'exercice 2022.

• Ventes d'armes à feu: 279,6 millions de dollars
• Ventes de munitions: 244,1 millions de dollars

Applications et accessoires de marque

Les revenus des vêtements et des accessoires ont atteint 186,3 millions de dollars en 2022.

Type de vêtements	Revenu
Vêtements de chasse	98,4 millions de dollars
Vêtements de plein air décontractés	87,9 millions de dollars

Événements promotionnels et de dédouanement saisonniers

Les promotions saisonnières ont contribué à 42,6 millions de dollars de revenus supplémentaires au cours de l'exercice 2022.

• Événement de dégagement d'été: 18,3 millions de dollars
• Promotion de la saison des fêtes: 24,3 millions de dollars

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.