<p>Sportsman’s Warehouse ((SPWH)) 举行了第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>季末促销 - 50% 折扣 TipRanks</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领袖的投资组合，使用智能投资者精选</li>
</ul>
<p>Sportsman’s Warehouse 在最新的财报电话会议中平衡了谨慎的乐观与对近期挑战的清醒认识。管理层强调自 2020 年以来首个正增长的可比销售、库存更清洁和债务减少，但也承认第四季度趋势疲软、利润压力以及仍然脆弱的消费者环境。</p>
<h2>自 2020 年以来首次正增长的可比销售</h2>
<p>2025 年全年净销售额和可比门店销售额均增长 1%，标志着 Sportsman’s Warehouse 自 2020 年以来首次实现正增长，并显示出其转型努力的实质性进展。管理层将这一温和增长视为运营变革开始获得成效的关键证明，尽管零售环境依然艰难。</p>
<h2>调整后 EBITDA 超出修订预期</h2>
<p>全年调整后 EBITDA 为 2750 万美元，略低于去年，但高于公司修订后的内部预期。高管们将这一超出表现视为成本控制和产品组合管理有效的证据，即使销售趋势依然不均衡。</p>
<h2>库存管理和更精简的库存水平</h2>
<p>年末库存减少 2910 万美元，或同比下降 8.5%，降至 3.129 亿美元，突显出更紧凑和更有纪律的采购方式。管理层强调，SKU 生产力的提升、更快的库存周转和更好的季节性对接是 2026 年计划的核心，应该支持利润和现金流。</p>
<h2>资产负债表和流动性增强</h2>
<p>年末净债务为 9000 万美元，比去年减少 6.1%，而总流动性为 1.078 亿美元。公司产生了 890 万美元的自由现金流，并将其用于债务减少，显示出对资产负债表韧性的持续关注。</p>
<h2>钓鱼类别引领增长</h2>
<p>钓鱼是 2025 年的亮点类别，全年增长 10.3%，在两年叠加基础上接近 18%，第四季度销售增长 3.2%，不包括冰钓则超过 11%。管理层指出春季钓鱼季节开局双位数增长，增强了对这一业务可以成为多年度增长引擎的信心。</p>
<h2>狩猎和射击运动保持强劲</h2>
<p>狩猎和射击运动全年增长 4.4%，第四季度增长 6.2%，主要得益于火器、弹药和扩展的个人保护产品。火器单位增长超过调整后的 NICS 检查，表明在核心的高频类别中市场份额有所增加。</p>
<h2>电子商务和全渠道获得动力</h2>
<p>电子商务销售在本季度增长 8.3%，全年增长 6.6%，得益于更好的库存水平、更具针对性的区域产品组合和更强的跨类别附加销售。公司强调每笔交易的单位数和平均订单价值的改善，突显出在构建更有效的全渠道平台方面的进展。</p>
<h2>战略进展和 2026 年增长计划</h2>
<p>管理层报告了在四个 2025 年战略优先事项上取得的重大进展，包括改善前 20% SKU 的库存和加强本地市场定位。对于 2026 年，新举措包括增强的忠诚度、在线火器解决方案捆绑和专注的全渠道钓鱼策略，旨在在未来三到四年内显著提升市场份额。</p>
<h2>第四季度销售疲软</h2>
<p>第四季度净销售额下降 1.6%，至 3.349 亿美元，可比门店销售下降 1.8%，在高度促销的背景下和假日需求疲软的情况下。高管们指出在高峰购物期间的具体疲软，作为消费者仍然谨慎和竞争性折扣激烈的证据。</p>
<h2>利润压缩影响盈利能力</h2>
<p>第四季度毛利率从去年同期的 30.4% 收缩至 28.4%，下降约 200 个基点。下降的原因是火器和弹药的比例增加、促销活动加剧以及高毛利类别的销售疲软。</p>
<h2>GAAP 净亏损大幅扩大</h2>
<p>公司第四季度的 GAAP 净亏损扩大至 2170 万美元，或每股稀释亏损 0.56 美元，而去年为 870 万美元亏损，或每股 0.23 美元。管理层承认底线令人失望，但强调许多逆风是季节性或时机相关的。</p>
<h2>调整后收益和 EBITDA 承压</h2>
<p>在调整后基础上，第四季度净亏损为 390 万美元，或每股稀释亏损 0.10 美元，而去年同期调整后净收入为 160 万美元。调整后 EBITDA 从 1460 万美元降至 960 万美元，下降约 34%，反映出利润压力和销售疲软。</p>
<h2>季节性和促销逆风</h2>
<p>异常温暖的天气抑制了冰钓销售，导致双位数下降，掩盖了更广泛钓鱼类别的潜在强劲。季度初的疲软，包括关键事件周围的流量疲软，迫使进行更大力度的促销以清理季节性商品，影响了毛利率。</p>
<h2>门店网络整合和减值</h2>
<p>公司计划在未来 12 个月内关闭大约五家表现不佳的门店，此前对 10 个地点进行了减值。这些门店正在亏损调整后的 EBITDA，并且有长期租约，因此管理层认为关闭是改善投资组合的必要措施，尽管这会带来执行和现金流方面的考虑。</p>
<h2>指导和前景反映谨慎态度</h2>
<p>对于 2026 年，Sportsman’s Warehouse 指导同店销售预计下降 1% 至上升 2%，调整后的 EBITDA 预计为 3000 万至 3600 万美元，同时资本支出预计为 2000 万至 2500 万美元。公司预计将维持低于 2025 年的平均库存，继续利用多余的自由现金流偿还债务，并关闭约五家门店，同时提到消费者、宏观经济和行业监管风险。</p>
<p>Sportsman’s Warehouse 描绘了其转型正在稳步推进，得益于改善的同店销售、品类势头和更清晰的资产负债表，但仍远未完成。投资者面临运营进展与盈利和利润波动之间的复杂局面，2026 年将成为公司战略押注和严格资本部署的检验年。</p>

SPWH

标普零售指数 ETF - SPDR

零售业 ETF - VanEck Vectors

<p>Sportsman’s Warehouse (SPWH) 发布了其第四季度财报，尽管面临挑战，但仍展现出谨慎的乐观情绪。该公司实现了自 2020 年以来首个正增长的可比销售，净销售额和可比门店销售额均增长了 1%。调整后的息税折旧摊销前利润（EBITDA）为 2750 万美元，略低于去年，但高于预期。然而，第四季度净销售额下降了 1.6%，降至 3.349 亿美元，GAAP 净亏损扩大至 2170 万美元。钓鱼类目表现出强劲增长，而电子商务销售增长了 8.3%。管理层计划关闭表现不佳的门店，并专注于 2026 年的战略增长计划</p>

<p>Sportsman’s Warehouse ((SPWH)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Sportsman’s Warehouse ((SPWH)) 举行了第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>End of Quarter Sale - 50% Off TipRanks</h3>
<div class="lb-trans"><h3>季末促销 - 50% 折扣 TipRanks</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领袖的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Sportsman’s Warehouse used its latest earnings call to balance cautious optimism with a sober view of near-term challenges. Management highlighted the first year of positive comparable sales since 2020, cleaner inventory and debt reduction, but also acknowledged weak fourth quarter trends, margin pressure and a still-fragile consumer backdrop.</p>
<div class="lb-trans"><p>Sportsman’s Warehouse 在最新的财报电话会议中平衡了谨慎的乐观与对近期挑战的清醒认识。管理层强调自 2020 年以来首个正增长的可比销售、库存更清洁和债务减少，但也承认第四季度趋势疲软、利润压力以及仍然脆弱的消费者环境。</p>
</div><h2>First Positive Comps Since 2020</h2>
<div class="lb-trans"><h2>自 2020 年以来首次正增长的可比销售</h2>
</div><p>Full year 2025 net sales and comparable store sales each rose 1%, marking Sportsman’s Warehouse’s first year of positive comps since 2020 and signaling tangible progress in its turnaround efforts. Management framed this modest growth as a key proof point that operational changes are starting to gain traction despite a tough retail environment.</p>
<div class="lb-trans"><p>2025 年全年净销售额和可比门店销售额均增长 1%，标志着 Sportsman’s Warehouse 自 2020 年以来首次实现正增长，并显示出其转型努力的实质性进展。管理层将这一温和增长视为运营变革开始获得成效的关键证明，尽管零售环境依然艰难。</p>
</div><h2>Adjusted EBITDA Beats Revamped Expectations</h2>
<div class="lb-trans"><h2>调整后 EBITDA 超出修订预期</h2>
</div><p>Adjusted EBITDA for the full year came in at $27.5 million, modestly below last year but ahead of the company’s revised internal expectations. Executives portrayed this outperformance as evidence that cost controls and mix management are working even as top-line trends remain uneven.</p>
<div class="lb-trans"><p>全年调整后 EBITDA 为 2750 万美元，略低于去年，但高于公司修订后的内部预期。高管们将这一超出表现视为成本控制和产品组合管理有效的证据，即使销售趋势依然不均衡。</p>
</div><h2>Inventory Discipline and Leaner Stock Levels</h2>
<div class="lb-trans"><h2>库存管理和更精简的库存水平</h2>
</div><p>Year-end inventory fell by $29.1 million, or 8.5% year over year, to $312.9 million, underscoring a tighter and more disciplined approach to buying. Management stressed that improved SKU productivity, faster inventory turns and better seasonal alignment are central to the 2026 plan and should support margins and cash flow.</p>
<div class="lb-trans"><p>年末库存减少 2910 万美元，或同比下降 8.5%，降至 3.129 亿美元，突显出更紧凑和更有纪律的采购方式。管理层强调，SKU 生产力的提升、更快的库存周转和更好的季节性对接是 2026 年计划的核心，应该支持利润和现金流。</p>
</div><h2>Balance Sheet and Liquidity Strengthen</h2>
<div class="lb-trans"><h2>资产负债表和流动性增强</h2>
</div><p>Net debt ended the year at $90 million, a 6.1% reduction versus the prior year, while total liquidity stood at $107.8 million. The company generated $8.9 million of free cash flow and directed it toward debt reduction, signaling a continued focus on balance sheet resilience.</p>
<div class="lb-trans"><p>年末净债务为 9000 万美元，比去年减少 6.1%，而总流动性为 1.078 亿美元。公司产生了 890 万美元的自由现金流，并将其用于债务减少，显示出对资产负债表韧性的持续关注。</p>
</div><h2>Fishing Category Leads Growth</h2>
<div class="lb-trans"><h2>钓鱼类别引领增长</h2>
</div><p>Fishing was the standout category in 2025, rising 10.3% for the year and nearly 18% on a two-year stacked basis, with fourth quarter sales up 3.2% and over 11% excluding ice fishing. Management noted a double-digit start to the spring fishing season, reinforcing confidence that this business can be a multi-year growth engine.</p>
<div class="lb-trans"><p>钓鱼是 2025 年的亮点类别，全年增长 10.3%，在两年叠加基础上接近 18%，第四季度销售增长 3.2%，不包括冰钓则超过 11%。管理层指出春季钓鱼季节开局双位数增长，增强了对这一业务可以成为多年度增长引擎的信心。</p>
</div><h2>Hunting and Shooting Sports Remain Strong</h2>
<div class="lb-trans"><h2>狩猎和射击运动保持强劲</h2>
</div><p>Hunting and Shooting Sports delivered 4.4% growth for the full year and 6.2% in the fourth quarter, powered by firearms, ammunition and expanded personal protection offerings. Firearm unit growth outpaced adjusted NICS checks, suggesting market share gains in a core, higher-velocity category.</p>
<div class="lb-trans"><p>狩猎和射击运动全年增长 4.4%，第四季度增长 6.2%，主要得益于火器、弹药和扩展的个人保护产品。火器单位增长超过调整后的 NICS 检查，表明在核心的高频类别中市场份额有所增加。</p>
</div><h2>E-commerce and Omnichannel Gain Momentum</h2>
<div class="lb-trans"><h2>电子商务和全渠道获得动力</h2>
</div><p>E-commerce sales rose 8.3% in the quarter and 6.6% for the year, driven by better in-stock levels, more tailored regional assortments and stronger cross-category attachment. The company highlighted improvements in units per transaction and average order value, underscoring progress in building a more effective omnichannel platform.</p>
<div class="lb-trans"><p>电子商务销售在本季度增长 8.3%，全年增长 6.6%，得益于更好的库存水平、更具针对性的区域产品组合和更强的跨类别附加销售。公司强调每笔交易的单位数和平均订单价值的改善，突显出在构建更有效的全渠道平台方面的进展。</p>
</div><h2>Strategic Progress and 2026 Growth Plays</h2>
<div class="lb-trans"><h2>战略进展和 2026 年增长计划</h2>
</div><p>Management reported meaningful progress on four 2025 strategic priorities, including improving in-stocks on the top 20% of SKUs and sharpening local market positioning. For 2026, new initiatives include enhanced loyalty, online firearm solution bundles and a focused omnichannel fishing strategy designed to materially lift market share over the next three to four years.</p>
<div class="lb-trans"><p>管理层报告了在四个 2025 年战略优先事项上取得的重大进展，包括改善前 20% SKU 的库存和加强本地市场定位。对于 2026 年，新举措包括增强的忠诚度、在线火器解决方案捆绑和专注的全渠道钓鱼策略，旨在在未来三到四年内显著提升市场份额。</p>
</div><h2>Fourth Quarter Top-Line Weakness</h2>
<div class="lb-trans"><h2>第四季度销售疲软</h2>
</div><p>Fourth quarter net sales slipped 1.6% to $334.9 million, with comparable store sales down 1.8% amid a highly promotional backdrop and soft holiday demand. Executives pointed to specific weakness around peak shopping periods as evidence of a still cautious consumer and intense competitive discounting.</p>
<div class="lb-trans"><p>第四季度净销售额下降 1.6%，至 3.349 亿美元，可比门店销售下降 1.8%，在高度促销的背景下和假日需求疲软的情况下。高管们指出在高峰购物期间的具体疲软，作为消费者仍然谨慎和竞争性折扣激烈的证据。</p>
</div><h2>Margin Compression Hits Profitability</h2>
<div class="lb-trans"><h2>利润压缩影响盈利能力</h2>
</div><p>Fourth quarter gross margin contracted to 28.4% from 30.4% a year earlier, a roughly 200 basis-point decline. The drop was driven by a heavier mix of firearms and ammunition, elevated promotional activity and weaker sales in higher-margin categories.</p>
<div class="lb-trans"><p>第四季度毛利率从去年同期的 30.4% 收缩至 28.4%，下降约 200 个基点。下降的原因是火器和弹药的比例增加、促销活动加剧以及高毛利类别的销售疲软。</p>
</div><h2>GAAP Net Loss Widens Sharply</h2>
<div class="lb-trans"><h2>GAAP 净亏损大幅扩大</h2>
</div><p>The company’s GAAP net loss in the fourth quarter expanded to $21.7 million, or a loss of $0.56 per diluted share, versus a $8.7 million loss, or $0.23 per share, last year. Management acknowledged the disappointing bottom line but emphasized that many headwinds were seasonal or timing related.</p>
<div class="lb-trans"><p>公司第四季度的 GAAP 净亏损扩大至 2170 万美元，或每股稀释亏损 0.56 美元，而去年为 870 万美元亏损，或每股 0.23 美元。管理层承认底线令人失望，但强调许多逆风是季节性或时机相关的。</p>
</div><h2>Adjusted Earnings and EBITDA Under Pressure</h2>
<div class="lb-trans"><h2>调整后收益和 EBITDA 承压</h2>
</div><p>On an adjusted basis, the fourth quarter swung to a net loss of $3.9 million, or negative $0.10 per diluted share, compared with adjusted net income of $1.6 million a year ago. Adjusted EBITDA fell to $9.6 million from $14.6 million, a roughly 34% decline, reflecting both margin pressure and softer sales.</p>
<div class="lb-trans"><p>在调整后基础上，第四季度净亏损为 390 万美元，或每股稀释亏损 0.10 美元，而去年同期调整后净收入为 160 万美元。调整后 EBITDA 从 1460 万美元降至 960 万美元，下降约 34%，反映出利润压力和销售疲软。</p>
</div><h2>Seasonal and Promotional Headwinds</h2>
<div class="lb-trans"><h2>季节性和促销逆风</h2>
</div><p>Unseasonably warm weather depressed ice fishing sales, leading to a double-digit decline that masked underlying strength in the broader fishing category. Early-quarter softness, including weak traffic around key events, forced heavier promotions to clear seasonal goods, weighing on gross margin.</p>
<div class="lb-trans"><p>异常温暖的天气抑制了冰钓销售，导致双位数下降，掩盖了更广泛钓鱼类别的潜在强劲。季度初的疲软，包括关键事件周围的流量疲软，迫使进行更大力度的促销以清理季节性商品，影响了毛利率。</p>
</div><h2>Store Fleet Rationalization and Impairments</h2>
<div class="lb-trans"><h2>门店网络整合和减值</h2>
</div><p>The company plans to close roughly five underperforming stores over the next 12 months, following prior impairments on 10 locations. These stores are losing adjusted EBITDA and carry long-term leases, so management sees closures as necessary to improve the portfolio, even as they pose execution and cash flow considerations.</p>
<div class="lb-trans"><p>公司计划在未来 12 个月内关闭大约五家表现不佳的门店，此前对 10 个地点进行了减值。这些门店正在亏损调整后的 EBITDA，并且有长期租约，因此管理层认为关闭是改善投资组合的必要措施，尽管这会带来执行和现金流方面的考虑。</p>
</div><h2>Guidance and Outlook Reflect Cautious Tone</h2>
<div class="lb-trans"><h2>指导和前景反映谨慎态度</h2>
</div><p>For 2026, Sportsman’s Warehouse guided same-store sales in a range of down 1% to up 2% and adjusted EBITDA of $30 million to $36 million, alongside capital spending of $20 million to $25 million. The company expects to run with lower average inventory than in 2025, continue using excess free cash flow to pay down debt and close about five stores, while citing consumer, macro and industry regulatory risks.</p>
<div class="lb-trans"><p>对于 2026 年，Sportsman’s Warehouse 指导同店销售预计下降 1% 至上升 2%，调整后的 EBITDA 预计为 3000 万至 3600 万美元，同时资本支出预计为 2000 万至 2500 万美元。公司预计将维持低于 2025 年的平均库存，继续利用多余的自由现金流偿还债务，并关闭约五家门店，同时提到消费者、宏观经济和行业监管风险。</p>
</div><p>Sportsman’s Warehouse portrayed its turnaround as firmly underway, backed by improving comps, category momentum and a cleaner balance sheet, yet far from complete. Investors are left with a mixed picture of operational progress versus earnings and margin volatility, with 2026 set up as a proving year for the company’s strategic bets and disciplined capital deployment.</p>
<div class="lb-trans"><p>Sportsman’s Warehouse 描绘了其转型正在稳步推进，得益于改善的同店销售、品类势头和更清晰的资产负债表，但仍远未完成。投资者面临运营进展与盈利和利润波动之间的复杂局面，2026 年将成为公司战略押注和严格资本部署的检验年。</p>
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Sportsman’s Warehouse 在转型进展与压力之间寻求平衡