Sportsman’s Warehouse Holdings (NASDAQ:SPWH) announced preliminary fourth-quarter and full-year 2025 results on Tuesday, marking a key milestone in its turnaround strategy with a return to annual same-store sales growth.
The West Jordan, Utah-based outdoor retailer expects to report full-year net sales of $1,209.2 million, a 1% increase compared to the previous year.
Crucially, same-store sales rose 1% for the full fifty-two weeks ended January 31, 2026—the company’s first year of positive comparable growth in five years.
The preliminary report also highlighted significant improvements in balance sheet health.
Net debt is expected to drop 6.1% to approximately $90 million, while ending inventory fell by $29.1 million (8.5%) to $312.9 million.
These reductions, coupled with total liquidity of $107.8 million and positive free cash flow of approximately $7.6 million, suggest a more disciplined approach to working capital.
Despite the top-line recovery, the company remains focused on optimizing its physical footprint.