Sportsmans Warehouse 2026第二季度财报电话会议纪要

发布时间：2026-09-02 一、AI总结内容 一、核心要点 1. 2026年第二季度净销售额2.956亿美元，同比微增0.6%，同店销售额基本持平，狩猎及射击运动品类同店销售额增长6.7%，枪支弹药为主要增长动力，捕鱼品类下降2%（西部干旱影响），露营及服饰鞋类品类下滑2. 季度毛利率32.5%，同比提升50个基点；调整后净亏损310万美元，同比收窄；调整后EBITDA870万美元，同比增长3. 季度末库存3.99亿美元，同比降4450万美元，总库存较去年减少超4400万美元，核心品类库存补货准确率从2年前的50%提升至80%以上4. 电商业务连续9个季度增速快于整体，订单70%采用门店自提模式，带动到店流量二、投资与业绩展望 1. 2026年全年销售指引同比下滑1%至增长2%，调整后EBITDA指引3000万至3600万美元，资本支出2000万至2500万美元2. 下半年为业务旺季，Q3聚焦狩猎季、Q4聚焦假日季，计划以优化的品类和库存布局支持业绩3. 正在推进忠诚度计划升级，预计2027年初上线，目标提升会员规模和粘性，带动高毛利销售三、风险与关注 1. 宏观环境压力，燃油价格高企限制消费者可支配支出，消费者表现出消费趋紧（如捕鱼品类中高端渔具需求下降）2. 行业竞争加剧，需应对同行折扣促销策略 四、库存与运营管理 1. 清理非核心库存的工作已基本完成，回笼资金用于核心品类补货，库存周转效率预计将在2026年提升 2. 正在优化电商搜索和门店服务，提升全渠道体验，推动狩猎品类毛利率提升五、问答环节关键信息 1. 受干旱影响，西部门店捕鱼业务下滑，东部门店该品类表现良好2. 关税退款对利润影响不大，公司将部分退款用于补充消费者价值3. 预计下半年促销强度仍将维持，主要针对消费者压力较大的非必选品类4. 计划年底前实现库存同比下滑，工作资本效率将持续优化5. 确认1家门店2027年1月31日关闭，1家预计2027年初关闭，另有1家待确认；无大范围关店计划6. 狩猎品类中，弹药毛利率高于枪支，将重点拓展弹药品类提升整体利润率 二、音频原文（转写） Good day and thank you for standing by. Welcometo the Sportsman's Warehouse second quarter 2026earnings conference call. At this time, all participants are in a listen only mode. Please be a dvised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star one one on your telephoneand wait for your name to be announced. To withdraw your question, please press star one one again. I would now like to hand the conference overto your speaker today, Riley Timmer. Thank you,operator. Participating on our Q2 2026 earningscall today is Paul Stone, our Chief Executive Officer, and Jennifer Paul Young, our Chief Financial Officer. I will now take a moment and remind everyone of the company's safe harbor language. The statements we made today contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. which include statements regarding expectations about our future results of operations Demand forour products and growth of our industry. Actualresult. may differ materially from those suggested in such Statement. due to a number of risks and uncertainties including those described in the company's most recent Form 10-K, and the company's other filings made with the SEC. We will also disclose non-GAAP financial measures during today's call. Definitions of such non-GAAP measures as well as reconciliations to the most directly comparable GAAP financial measures are provided as supplemental financial information in ourpress release included as Exhibit 991, to the Form 8-K we furnished to the SEC today, which is also available on the Investor Relations sectionof our website at sportsman.com. I will now turnthe call over to Paul. Thank you, Raleigh, andgood afternoon, everyone. Before we begin, I want to recognize our dedicated outfitters across the country. Every day, they deliver on our promise of great gear and great service. strengthening our connection with customers and supporting the progress to transform Sportsman's warehouse.We were pleased to report same-store sales in th e second quarter were essentially flat comparedto last year. and in line with our expectations.In the quarter, we experienced headwinds as ourcore customer continues to be pressured by tough microeconomic conditions. including fuel prices that remain persistently elevated. Despite these pressures, I'm proud of how the team responded with speed and quickly adjusted to meet the customer where they are. We moved with urgency toreinforce our value proposition. which includeda more promotional cadence than originally planned to improve performance at our key pursuits. Our customers are passionate about the outdoors.and they trust portions of warehouse outfittersfor local knowledge and the right advice. backedby a relevant assortment of the name brands accountable. So they head unprepared for a successful day on the water or in the field. they are willing to spend on that passion. and we are further positioning ourselves to be the retailer of choice has the year up for their fall pursuits. Our second quarter sales in our hunting and shooting sports department increased nearly 7% versuslast year. This sales growth was led by firearms and ammunition where demand remains strong partially influenced by event-driven demand. Salesin our Fishing Department decreased about 2% inQ2. that are up nearly double digits on a 2-yearcomp stock. Drought conditions negatively impacted our fishing sales in key western states. Togive you a regional perspective, our Western stores were down mid-single digits while our eastern stores were up mid-single digits in the quarter. This headwind pressured our Q2 results But inventory levels are bought accordingly for the back half. and we continue to see a long-term growth opportunity in this category. Our camping andself-lance departments experienced declines inQ2. And As we talked about last quarter. our inventory position in these categories has これ。 Our fall assortment is better aligned with the