Sportsman's Warehouse Holdings, Inc. (SPWH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico do Sportsman's Warehouse Holdings, Inc. (SPWH), uma potência de varejo que criou magistralmente um modelo de negócios atendendo a entusiastas do ar livre e aficionados por artigos esportivos. Desde sua expansiva rede de lojas físicas até sua robusta plataforma de comércio eletrônico, a SPWH revolucionou como os caçadores, pescadores e aventureiros ao ar livre descobrem, compram e se envolvem com equipamentos esportivos premium. Esse modelo abrangente de tela de negócios revela os intrincados mecanismos que impulsionam o sucesso da empresa, oferecendo a visão de um insider de como o SPWH se posicionou como uma força dominante no cenário de varejo ao ar livre competitivo.

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos e vestuário ao ar livre

O Sportsman's Warehouse mantém parcerias estratégicas com os principais fabricantes de equipamentos ao ar livre:

Fabricante	Categorias de produtos	Detalhes da parceria
Vista ao ar livre	Munição, armas de fogo	Contrato de fornecimento de longo prazo
Oak Mossy	Vestuário de camuflagem	Direitos de marca exclusivos
Premium federal	Munição de caça	Distribuidor preferido

Marcas de equipamentos de caça, pesca e acampamento

Parcerias de marca abrangentes incluem:

• Armas de fogo de Remington
• Browning
• Winchester
• Braços selvagens
• Garmin

Plataformas de comércio eletrônico

Parcerias de expansão de vendas on -line:

Plataforma	Volume de vendas (2023)	Tipo de parceria
Amazon	US $ 2,4M	Vendedor de mercado
Walmart.com	US $ 1,7 milhão	Varejista de terceiros

Distribuidores locais e regionais

Parcerias de rede de distribuição:

• Distribuidores de montanha rochosos
• Atacadistas de artigos esportivos do sudeste
• Distribuidores de equipamentos do noroeste do Pacífico

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negócios: Atividades -chave

Vendas de varejo de equipamentos ao ar livre, caça e esportes

A partir do quarto trimestre de 2023, o Sportsman's Warehouse operava 189 lojas de varejo em 32 estados. As vendas anuais do varejo para 2023 foram de US $ 1,43 bilhão. As categorias de produtos incluem:

• Armas de fogo e munição
• Equipamento de caça
• Equipamento de acampamento
• Suprimentos de pesca
• Vestuário ao ar livre

Gerenciamento de inventário e fornecimento de produtos

Métrica	Valor
Valor total de inventário (2023)	US $ 394,6 milhões
Taxa de rotatividade de estoque	4,2x por ano
Número de fornecedores	Mais de 500 marcas

Desenvolvimento e manutenção da plataforma de comércio eletrônico

Vendas on -line representadas 22,7% da receita total em 2023, com investimentos em plataforma digital focados em:

• Site responsivo para dispositivos móveis
• Rastreamento de inventário em tempo real
• Realização de pedidos on -line
• Integrações de pagamento digital

Atendimento ao cliente e gerenciamento de experiência na loja

Métrica de serviço	Desempenho
Tamanho médio da loja	35.000 pés quadrados
Horário de treinamento da equipe (anual)	48 horas por funcionário
Taxa de satisfação do cliente	4.2/5 estrelas

Campanhas de marketing e promocionais

As despesas de marketing para 2023 foram US $ 42,3 milhões, representando 3% da receita total. Os canais de marketing incluem:

• Publicidade digital
• Engajamento da mídia social
• Marketing por e -mail
• Promoções do programa de fidelidade

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negócios: Recursos -chave

Rede de lojas de varejo físico

No terceiro trimestre de 2023, o Sportsman's Warehouse operava 126 lojas de varejo em 35 estados nos Estados Unidos.

Métrica da loja	Quantidade
Total de lojas de varejo	126
Estados cobertos	35
Tamanho médio da loja	35.000 pés quadrados.

Inventário de produtos

A empresa mantém um inventário diversificado de produtos em várias categorias.

• Armas de fogo e munição: 30% do inventário total
• Equipamento de caça: 25% do inventário total
• Equipamento de pesca: 20% do inventário total
• Campo e equipamento ao ar livre: 15% do inventário total
• Vestuário e acessórios: 10% do inventário total

Recursos tecnológicos

O Sportsman's Warehouse investiu US $ 12,4 milhões em infraestrutura de tecnologia em 2022.

Investimento em tecnologia	Quantia
Atualização da plataforma de comércio eletrônico	US $ 5,6 milhões
Sistemas de gerenciamento de inventário	US $ 4,2 milhões
Tecnologias de marketing digital	US $ 2,6 milhões

Recursos Humanos

Em 2023, a empresa empregava aproximadamente 4.800 funcionários em período integral e em período parcial.

Categoria de funcionários	Número
Funcionários em tempo integral	2,600
Funcionários de meio período	2,200
Funcionários da sede corporativa	350

Recursos financeiros

No terceiro trimestre de 2023, o armazém do Sportsman registrou ativos totais de US $ 521,3 milhões.

Métrica financeira	Quantia
Total de ativos	US $ 521,3 milhões
Caixa e equivalentes de dinheiro	US $ 42,7 milhões
Valor do inventário	US $ 385,6 milhões

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

Seleção abrangente de equipamentos externos e esportivos

A partir do quarto trimestre 2023, o Sportsman's Warehouse oferece aproximadamente 125.000 SKUs exclusivos em várias categorias de produtos:

Categoria de produto	Porcentagem de inventário
Armas de fogo	22%
Equipamento de caça	18%
Equipamento de pesca	16%
Acampamento/equipamento ao ar livre	15%
Munição	12%
Vestuário	10%
Outros acessórios	7%

Estratégias de preços competitivos

A estratégia de preços inclui:

• Margem bruta média de 34,2% a partir de 2023
• Combinação de preços com concorrentes online
• Descontos promocionais frequentes

Conhecimento de produtos especializados e conselhos sobre o cliente

Métricas de especialização da equipe:

• Treinamento médio da equipe: 68 horas anualmente
• 95% da equipe certificada em pelo menos uma categoria de produto
• Serviços de consulta especializados na loja disponíveis

Comprando um equipamento único para equipamentos ao ar livre

Cobertura da linha de produtos:

Tipo de equipamento	Variedade da marca
Armas de fogo	Mais de 50 marcas
Equipamento de pesca	Mais de 40 marcas
Acessórios de caça	45 marcas
Equipamento de acampamento	35 marcas

Experiências convenientes de compras online e na loja

Métricas de desempenho omnichannel:

• 172 Locais de lojas físicas a partir de 2023
• Vendas on -line representando 18,5% da receita total
• Aplicativo móvel com mais de 750.000 downloads
• Frete grátis em pedidos acima de US $ 49

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de Negócios: Relacionamentos do Cliente

Programa de fidelidade para clientes recorrentes

O armazém de esportes opera o Programa de fidelidade profissional de recompensas Com as seguintes métricas principais:

Recurso do programa	Detalhes
Membros anuais	Aproximadamente 2,5 milhões de membros ativos
Pontos de recompensa Taxa de resgate	18,7% do total de participantes do programa
Gasto médio anual por membro	$487.63

Recomendações de produtos personalizados

A estratégia de recomendação digital inclui:

• Sugestões online de algoritmo baseadas em 673.000 históricos únicos de navegação de clientes
• Personalização por e -mail direcionando 42% dos membros do programa de fidelidade
• Precisão de recomendação de aprendizado de máquina de 64,3%

Aconselhamento e consulta de especialistas na loja

Categoria de consulta	Count de funcionários especializados	Tempo médio de interação do cliente
Equipamento de caça	127 funcionários especializados	23 minutos por consulta
Equipamento de pesca	93 funcionários especializados	18 minutos por consulta
Equipamento ao ar livre	76 funcionários especializados	15 minutos por consulta

Suporte online e físico ao cliente

Canais de suporte ao cliente:

• Suporte telefônico: taxa de resolução de 87%
• Chat ao vivo: 92% Classificação de satisfação do cliente
• Tempo de resposta de suporte por e -mail: 4,2 horas média
• Suporte na loja: 96% de feedback positivo

Engajamento da comunidade através de eventos esportivos

Tipo de evento	Eventos anuais	Engajamento dos participantes
Oficinas de caça	127 eventos	8.943 participantes
Clínicas de pesca	93 eventos	6.542 participantes
Seminários de habilidades ao ar livre	76 eventos	5.231 participantes

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de Negócios: Canais

Lojas de varejo físico em todo o país

A partir do quarto trimestre 2023, o Sportsman's Warehouse operou 126 lojas de varejo em 34 estados nos Estados Unidos.

Região	Número de lojas	Cobertura percentual
Oeste dos Estados Unidos	52	41.3%
Centro -Oeste dos Estados Unidos	28	22.2%
Estados Unidos do sul	36	28.6%
Nordeste dos Estados Unidos	10	7.9%

Site de comércio eletrônico

A plataforma de comércio eletrônico da empresa gerada US $ 322,7 milhões nas vendas líquidas durante o ano fiscal de 2022, representando 15.4% da receita total da empresa.

• URL do site: www.sportsmans.com
• Categorias de produtos on -line: caça, pesca, camping, tiro, vestuário
• Métodos de pagamento on -line: cartões de crédito/débito, PayPal, Apple Pay

Aplicativo de compra móvel

Lançado em 2021, o aplicativo móvel tem 247.000 usuários mensais ativos em dezembro de 2023.

Plataforma	App Store Classificação	Downloads totais
Apple App Store	4.2/5	138,500
Google Play Store	4.0/5	109,500

Plataformas de mídia social

Contagem de seguidores de mídia social em janeiro de 2024:

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

Campanhas de marketing digital direcionadas

Passos de marketing digital no ano fiscal de 2022: US $ 14,3 milhões, representando 0.68% de receita total.

Canal de marketing	Porcentagem de orçamento digital
Google anúncios	42%
Publicidade nas mídias sociais	33%
Marketing de afiliados	15%
Marketing por e -mail	10%

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

Entusiastas de caça e pesca

Em 2022, aproximadamente 15,2 milhões de licenças de caça foram vendidas nos Estados Unidos. O armazém do Sportsman tem como alvo esse grupo demográfico com ofertas especializadas de produtos.

Característica do cliente	Percentagem
Caçadores do sexo masculino	89%
Caçadores femininos	11%
Idade média de caçador	44 anos

Recreação ao ar livre e consumidores de acampamento

Em 2021, aproximadamente 57,8 milhões de americanos participaram de atividades de acampamento.

• As vendas de equipamentos de acampamento atingiram US $ 4,5 bilhões em 2022
• As vendas de barraca aumentaram 13,2% ano a ano
• Mercado portátil de equipamentos de acampamento crescendo a 6,7% CAGR

Armas de fogo e compradores de munição

Em 2022, as verificações de antecedentes de armas de fogo totalizaram 38,9 milhões, indicando uma demanda significativa do mercado.

Categoria de arma de fogo	Volume anual de vendas
Pistolas	19,4 milhões de unidades
Rifles	12,5 milhões de unidades
Espingardas	6,9 milhões de unidades

Colecionadores de artigos esportivos e equipamentos

O mercado de produtos esportivos colecionáveis ​​foi avaliado em US $ 3,2 bilhões em 2022.

Participantes de esportes ao ar livre sazonal e profissional

Os participantes profissionais e amadores de esportes ao ar livre representam um segmento de clientes importantes.

Esporte ao ar livre	Números dos participantes
Pesca	54,7 milhões de participantes
Caça	15,2 milhões de participantes
Camping	57,8 milhões de participantes

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negócios: estrutura de custos

Compras e gerenciamento de inventário

Para o ano fiscal de 2022, o Sportsman's Warehouse registrou um inventário total de US $ 521,3 milhões. O custo dos bens vendidos (COGs) foi de US $ 1,46 bilhão. A taxa de rotatividade de estoque foi de 2,8x.

Métrica de inventário	Valor
Inventário total	US $ 521,3 milhões
Custo de mercadorias vendidas	US $ 1,46 bilhão
Taxa de rotatividade de inventário	2.8x

Operações e manutenção de lojas de varejo

A partir de 2022, o Sportsman's Warehouse operava 126 lojas de varejo. As despesas anuais de ocupação e manutenção da loja foram de aproximadamente US $ 98,7 milhões.

• Número de locais de varejo: 126
• Operações anuais de loja Custo: US $ 98,7 milhões
• Custo médio por loja: US $ 783.333

Salários e treinamento de funcionários

A compensação total dos funcionários para o ano fiscal de 2022 foi de US $ 196,5 milhões. Isso inclui salários, salários e benefícios para aproximadamente 3.200 funcionários.

Métrica de compensação de funcionários	Valor
Compensação total dos funcionários	US $ 196,5 milhões
Total de funcionários	3,200
Compensação média por funcionário	$61,406

Despesas de marketing e publicidade

As despesas de marketing e publicidade para o ano fiscal de 2022 foram de US $ 42,3 milhões, representando 2,9% da receita total.

Infraestrutura de tecnologia e comércio eletrônico

Os investimentos em tecnologia e infraestrutura digital totalizaram US $ 15,6 milhões em 2022, apoiando a plataforma de vendas on -line e os sistemas operacionais.

Categoria de investimento em tecnologia	Despesa
Plataforma de comércio eletrônico	US $ 8,2 milhões
Infraestrutura de TI	US $ 5,4 milhões
Tecnologia de marketing digital	US $ 2 milhões

Sportsman's Warehouse Holdings, Inc. (SPWH) - Modelo de negócios: fluxos de receita

Vendas de varejo de equipamentos esportivos

Para o ano fiscal de 2022, o Sportsman's Warehouse registrou vendas líquidas totais de US $ 1,7 bilhão. Equipamentos esportivos constituíam uma parcela significativa desta receita.

Categoria de produto	Contribuição da receita
Equipamento de caça	US $ 412,5 milhões
Equipamento de pesca	US $ 308,2 milhões
Camping & Recreação ao ar livre	US $ 276,6 milhões

Vendas on -line de produtos

As vendas de comércio eletrônico do Sportsman's Warehouse em 2022 representaram 18,5% do total de vendas líquidas, aproximadamente US $ 314,5 milhões.

Armas de fogo e vendas de munição

As armas de fogo e segmento de munição geraram US $ 523,7 milhões em receita durante o ano fiscal de 2022.

• Vendas de armas de fogo: US $ 279,6 milhões
• Vendas de munição: US $ 244,1 milhões

Vestuário e acessórios de marca

A receita de vestuário e acessórios atingiu US $ 186,3 milhões em 2022.

Tipo de vestuário	Receita
Vestuário de caça	US $ 98,4 milhões
Desgaste casual ao ar livre	US $ 87,9 milhões

Eventos promocionais e de liberação sazonal

As promoções sazonais contribuíram com receita adicional de US $ 42,6 milhões durante o ano fiscal de 2022.

• Evento de liberação de verão: US $ 18,3 milhões
• Promoção da temporada de férias: US $ 24,3 milhões

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.