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SPWH on Nasdaq

SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran.1 It is headquartered in West Jordan, Utah.1 Its shares trade on Nasdaq under the symbol SPWH.1

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Last updated Oct 21, 2026.

Overview

$1.2BRevenue, fiscal 20262
-$50.1MNet income, fiscal 20262

Compare with Barnes & Noble College Booksellers, Hibbett Sports or Academy Sports & Outdoors, Inc., or pick any stock.

  • TickerSPWH on Nasdaq1
  • IndustryRetail-Miscellaneous Shopping Goods Stores1
  • HeadquartersWest Jordan, Utah1
  • Incorporated inDE3
  • Business address1475 West 9000 South, Suite A, West Jordan, Ut 840883
  • Filer categoryAccelerated filer, Smaller reporting company3

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Sportsman’s Warehouse is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and everyone in between. Our mission is to provide outstanding gear and exceptional service to inspire outdoor memories. We strive to accomplish this goal by tailoring our deeply curated merchandise assortment to meet the seasonal needs of our local markets, offering everyday value pricing and providing friendly support from our knowledgeable and highly trained employees, who we refer to as "outfitters". We also offer an e-commerce experience, extensive in-store events and educational programming. These core strategies help position Sportsman’s Warehouse as the “local outdoor experts” and the preferred place to not only shop, but to also share outdoor-based experiences in the communities we support and serve. We are working to grow …5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

30.9%Gross margin2
-3.1%Operating margin2
-4.1%Net margin2
1.0%Revenue growth, 20262
-26.5%Return on equity2
0.23×Debt to equity2
$8.9MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue67¢$835.7M
  • Selling, general and admin32¢$393.0M
  • Interest1¢$13.7M
  • Income tax0¢$1.1M

Out of $1.2B in revenue.2 The company lost money this year.

Where each dollar of operating cash went, fiscal 2026

  • Capital spending72¢$22.4M
  • Kept or used elsewhere28¢$8.9M

Out of $31.3M of cash from operations.2

Financial statements

Revenue6789102$1.2B in 2026+42% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $849.1M$849.1M20192020: $886.4M$886.4M2020+4%2021: $1.5B$1.5B2021+64%2022: $1.5B$1.5B2022+4%2023: $1.4B$1.4B2023−7%2024: $1.3B$1.3B2024−8%2025: $1.2B$1.2B2025−7%2026: $1.2B$1.2B2026+1%
Gross profit6789102$373.5M in 2026+31% since 2019
0$200.0M$400.0M$600.0M2019: $284.9M$284.9M20192020: $296.6M$296.6M2020+4%2021: $476.5M$476.5M2021+61%2022: $490.3M$490.3M2022+3%2023: $460.2M$460.2M2023−6%2024: $383.4M$383.4M2024−17%2025: $370.5M$370.5M2025−3%2026: $373.5M$373.5M2026+1%
Operating income6789102-$37.4M in 2026
-$50.0M0$50.0M$100.0M$150.0M2019: $44.0M$44.0M20192020: $33.5M$33.5M2020−24%2021: $122.7M$122.7M2021+267%2022: $90.6M$90.6M2022−26%2023: $58.1M$58.1M2023−36%2024: -$25.3M-$25.3M20242025: -$18.2M-$18.2M2025−28%2026: -$37.4M-$37.4M2026+105%
Net income6789102-$50.1M in 2026
-$100.0M-$50.0M0$50.0M$100.0M$150.0M2019: $23.8M$23.8M20192020: $20.2M$20.2M2020−15%2021: $91.4M$91.4M2021+352%2022: $108.5M$108.5M2022+19%2023: $40.5M$40.5M2023−63%2024: -$29.0M-$29.0M20242025: -$33.1M-$33.1M2025+14%2026: -$50.1M-$50.1M2026+51%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2026-01-312025-01-312024-01-31
Net sales$1.2B$1.2B$1.3B
Cost of goods sold$835.7M$827.2M$904.6M
Gross profit$373.5M$370.5M$383.4M
Selling, general, and administrative expenses$393.0M$388.7M$408.8M
Impairment expense$17.8M
(Loss) income from operations-$37.4M-$18.2M-$25.3M
Other losses$75.0K$612.0K$0
Interest expense$13.7M$12.3M$12.9M
(Loss) income before income taxes-$51.1M-$31.1M-$38.2M
Income tax (benefit) expense-$1.1M$1.9M-$9.2M
Net (loss) income-$50.1M-$33.1M-$29.0M
Basic-$1.30-$0.87-$0.77
Diluted-$1.30-$0.87-$0.77
Basic38.4M shares37.8M shares37.5M shares
Diluted38.4M shares37.8M shares37.5M shares

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Corporate structure

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

  • Union Square Park Capital Management, LLC Filed SCHEDULE 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Aug 14, 2026 (5 filings since Apr 9, 2025)
  • FMR LLC Filed SCHEDULE 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest May 7, 2026 (8 filings since Oct 13, 2023)
  • CANNELL CAPITAL LLC Filed SCHEDULE 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest May 15, 2025 (8 filings since Feb 13, 2023)
  • Portolan Capital Management, LLC Filed SCHEDULE 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest May 15, 2025 (2 filings since Nov 6, 2024)
  • Stone House Capital Management, LLC Filed SCHEDULE 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Feb 14, 2025 (2 filings since Sep 17, 2024)
  • VANGUARD GROUP INC Filed SC 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Nov 12, 2024 (3 filings since Feb 13, 2024)
  • BlackRock Filed SC 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Jul 8, 2024 (4 filings since Feb 7, 2022)
  • Kite Lake Capital Management (UK) LLP Filed SC 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Feb 13, 2024 (3 filings since Feb 14, 2022)
  • DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Feb 9, 2024 (2 filings since Feb 10, 2023)
  • GAMCO Investors Filed SC 13D/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Sep 8, 2023 (3 filings since Sep 23, 2022)
  • Goldman Sachs Filed SC 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Feb 8, 2023 (2 filings since Feb 1, 2022)
  • MILLENNIUM MANAGEMENT LLC Filed SC 13G/A on SPORTSMAN'S WAREHOUSE HOLDINGS, INC., latest Jan 23, 2023 (2 filings since Jan 14, 2022)
  • SPORTSMAN'S WAREHOUSE HOLDINGS, INC. West Jordan, Utah
    • Minnesota Merchandising Corp. Subsidiary · Minnesota, United States
    • OnAdventure, LLC Subsidiary · Delaware, United States
    • Pacific Flyway Wholesale, LLC Subsidiary · Delaware, United States
    • Sportsman’s Warehouse Southwest, Inc. Subsidiary · California, United States
    • Sportsman’s Warehouse, Inc. Subsidiary · Utah, United States
    • The American Parts Company, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SPORTSMAN'S WAREHOUSE HOLDINGS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$413.0M2 Jan 31, 2026$408.5M2 Feb 1, 2025+1.1%
Accumulated depreciation$279.6M2 Jan 31, 2026$240.6M2 Feb 1, 2025+16.2%
Property and equipment, net$133.3M2 Jan 31, 2026$167.8M2 Feb 1, 2025−20.6%
Finance-lease assets$1.2M2 Jan 31, 2026
Operating-lease assets (leased space)$288.6M2 Jan 31, 2026$316.5M2 Feb 1, 2025−8.8%

Real estate and locations

ItemLatestA year beforeChange
Stores1472 Jan 31, 202614610 Feb 1, 2025+0.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.7M2 Jan 31, 2026$2.8M2 Feb 1, 2025−41.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.5M2 Jan 31, 2026$1.5M2 Feb 1, 20250%
Finite-lived intangibles, gross$539.0K2 Jan 31, 2026$550.0K2 Feb 1, 2025−2.0%
Accumulated amortization$328.0K2 Jan 31, 2026$283.0K2 Feb 1, 2025+15.9%
Finite-lived intangibles, net$211.0K2 Jan 31, 2026$267.0K2 Feb 1, 2025−21.0%

Properties, in its own words

We do not own any material real property nor do we plan to do so. Instead, we lease all of our store locations and expect to lease our future store locations. From time to time we will self-develop one of our properties with the intention to enter into a sale-leaseback transaction with a third party. Depending upon where we are in the process of completing the sale-leaseback transaction, we may legally own real property at any particular balance sheet date. Our corporate headquarters is located in an approximately 70,000 square foot building in West Jordan, Utah. The building is leased under an agreement expiring on March 31, 2035.

Our distribution center is located in a 507,000 square foot facility in Salt Lake City, Utah. The building is leased under an agreement expiring on December 31, 2028, with three options that each allow us to extend for an additional five years.

The rest of Item 2

We currently operate 147 retail stores in 32 states. See “Part I, Item 1, Business – Our Stores” for a breakdown of our retail stores by state. In total we have approximately 5.5 million gross square feet across all of our stores. All of our stores are leased from third parties with lease terms typically ranging from five to twelve years, and many of our lease agreements have additional five-year renewal options. All of our leases provide for additional payments associated with common area maintenance, real estate, taxes and insurance. In addition, many of our lease agreements have defined escalating rent provisions over the initial term and extensions.

Item 2 of the 10-K filed Mar 31, 2026.5

Leadership

Who has led SPORTSMAN'S WAREHOUSE HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph P. Schneider2023

President

  1. Joseph P. Schneider2023

Chief financial officer

  1. Kevan P. Talbot2014–2019
  2. Robert K. Julian2019–2021
  3. Jeffrey Justin White2021–2025
  4. Jennifer Fall Jung2025–now
201520202025
Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Minnesota Merchandising Corp. Minnesota4
  • OnAdventure, LLC Delaware4
  • Pacific Flyway Wholesale, LLC Delaware4
  • Sportsman’s Warehouse Holdings, Inc. Delaware4
  • Sportsman’s Warehouse Southwest, Inc. California4
  • Sportsman’s Warehouse, Inc. Utah4
  • The American Parts Company, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • SPORTSMANS WAREHOUSE HOLDINGS INCJun 17, 2002 to Dec 11, 20133

Timeline

  1. Sep 1, 20268-K Results of operations32
  2. Jun 24, 20268-K Entered a material agreement; New debt or obligation33
  3. Jun 2, 20268-K Results of operations34
  4. May 28, 20268-K Executive or director change; Shareholder vote35
  5. Mar 31, 20268-K Results of operations36
  6. Mar 3, 20268-K Results of operations37
  7. Dec 4, 20258-K Results of operations38
  8. Sep 11, 20258-K Executive or director change; Regulation FD disclosure39
  9. Sep 4, 20258-K Results of operations40
  10. Aug 5, 20258-K Executive or director change; Regulation FD disclosure41
  11. Jun 3, 20258-K Results of operations42
  12. May 29, 20258-K Shareholder vote43
  13. Apr 18, 2023New chief executive Joseph P. Schneider becomes CEO14

Calendar

Coming up

  1. Dec 3, 2026Reports results for the quarter ending Oct/2026 A year earlier it reported $0.08 a share, on Dec 4, 2025.44

When it reported results

  1. Sep 1, 2026Reported quarterly or annual results32
  2. Jun 2, 2026Reported quarterly or annual results34
  3. Mar 31, 2026Reported quarterly or annual results36
  4. Mar 3, 2026Reported quarterly or annual results37
  5. Dec 4, 2025Reported quarterly or annual results38
  6. Sep 4, 2025Reported quarterly or annual results40
  7. Jun 3, 2025Reported quarterly or annual results42
  8. Apr 1, 2025Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

252 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 45 major events, 115 insider forms, 46 large holders, 26 other. The latest 20:

  1. Sep 1, 202610-Q EDGAR
  2. Sep 1, 20268-K EDGAR
  3. Aug 20, 20264 EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Jun 24, 20268-K EDGAR
  6. Jun 5, 20264 EDGAR
  7. Jun 2, 2026S-8 EDGAR
  8. Jun 2, 202610-Q EDGAR
  9. Jun 2, 20268-K EDGAR
  10. May 28, 20264 EDGAR
  11. May 28, 20264 EDGAR
  12. May 28, 20264 EDGAR
  13. May 28, 20264 EDGAR
  14. May 28, 20264 EDGAR
  15. May 28, 20268-K EDGAR
  16. May 7, 2026SCHEDULE 13G/A EDGAR
  17. May 5, 20264 EDGAR
  18. Apr 14, 2026ARS EDGAR
  19. Apr 14, 2026DEF 14A EDGAR
  20. Apr 2, 20264 EDGAR

The 252 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 25 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 3, 2025Stone PaulPRESIDENT AND CEOBuy59,979$2.80$167.9KForm 4
Oct 3, 2025TUCCI MICHAEL DDirectorBuy50,000$2.81$140.5KForm 4
Oct 2, 2025Stone PaulPRESIDENT AND CEOBuy8,300$2.46$20.4KForm 4
Oct 2, 2025MCBEE RICHARD DDirectorBuy25,000$2.47$61.8KForm 4
Jun 9, 2025Stone PaulPRESIDENT AND CEOBuy24,002$3.13$75.1KForm 4
Jun 5, 2025MCBEE RICHARD DDirectorBuy75,000$2.68$201.0KForm 4
Oct 2, 2024White Jeffrey JustinCFO AND SECRETARYBuy10,000$2.30$23.0KForm 4
Oct 2, 2024Stone PaulPRESIDENT AND CEOBuy31,895$2.35$75.0KForm 4
Sep 10, 2024MCBEE RICHARD DDirectorBuy20,000$2.55$51.0KForm 4
Sep 9, 2024Stone PaulPRESIDENT AND CEOBuy39,920$2.54$101.4KForm 4
Jun 17, 2024Bejar Martha HelenaDirectorSale17,000$2.67$45.4KForm 4
Jun 12, 2024Sansom Steven W.DirectorBuy10,000$2.91$29.1KForm 4
Dec 8, 2023WILLIAMSON PHILIPDirectorBuy17,500$4.30$75.2KForm 4
Oct 12, 2023Sansom Steven W.DirectorBuy30,000$4.59$137.8KForm 4
Oct 9, 2023Hickey Gregory PDirectorBuy5,000$4.04$20.2KForm 4
Oct 9, 2023MCBEE RICHARD DDirectorBuy5,039$3.97$20.0KForm 4
Sep 29, 2023Sansom Steven W.DirectorBuy10,000$4.50$45.0KForm 4
Sep 28, 2023MCBEE RICHARD DDirectorBuy22,413$4.05$90.8KForm 4
Sep 27, 2023Sansom Steven W.DirectorBuy50,000$3.80$190.0KForm 4
Sep 27, 2023MCBEE RICHARD DDirectorBuy30,723$3.75$115.2KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul Stone56$1.1M$1.8M60
2025Jennifer Fall Jung55$265.4K$1.1M60
2025Jeff White$278.8K$904.9K60
2024President and ChiefExecutive Officer$1.1M$4.0M60
2024Former Chief Financial Officerand Secretary$486.8K$1.1M60

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 70. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Union Square Park Capital Management, LLC3,036,695$4.0M2.9%+435,893
Jb Capital Partners LP1,710,794$2.3M0.4%No change
Archon Capital Management LLC1,608,905$2.1M0.9%−60,000
Mackenzie Financial Corp1,546,582$2.1M0.0%New
Vanguard Capital Management LLC1,537,082$2.0M0.0%−6,331
Two Sigma Investments, LP1,407,319$1.9M0.0%+870,459
Gabelli Funds LLC1,174,850$1.6M0.0%−24,651
Bridgeway Capital Management, LLC740,406$984.7K0.0%+140,168
BlackRock, Inc.720,507$958.3K0.0%+33,138
Gamco Investors, Inc. Et Al702,500$934.3K0.0%−10,000
Renaissance Technologies LLC678,300$902.1K0.0%+194,000
GABELLI & Co INVESTMENT ADVISERS, INC.638,402$849.1K0.1%+2,422
Skylands Capital, LLC622,950$828.5K0.1%−16,850
Quinn Opportunity Partners LLC578,538$769.5K0.0%+5,382
Jacobs Levy Equity Management, Inc557,788$741.9K0.0%New
Citadel Advisors LLC429,713$571.5K0.0%+313,947
Geode Capital Management, LLC416,882$554.7K0.0%−52,580
Dimensional Fund Advisors LP266,582$354.7K0.0%−451,754
Vanguard Fiduciary Trust Co243,212$323.5K0.0%+1,556
Centiva Capital, LP221,332$294.4K0.0%+147,969
Empowered Funds, LLC216,063$287.4K0.0%+12,868
Jane Street Group, LLC182,738$243.0K0.0%New
State Street Corp178,786$237.8K0.0%No change
Moneta Group Investment Advisors LLC151,037$200.9K0.0%+117,704
Prescott Group Capital Management, L.L.C.119,119$158.4K0.0%−40,000

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SPORTSMAN'S WAREHOUSE HOLDINGS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSPORTSMAN'S WAREHOUSE HOLDINGS, INC.1
  • CIK0001132105
  • Employer ID (EIN)39-19756145
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsFebruary 11
  • Industry code (SIC)5940 Retail-Miscellaneous Shopping Goods Stores1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address1475 West 9000 South, Suite A, West Jordan, UT 840881
  • Phone801-566-66811
  • Shares outstanding39,141,465 as of Sep 1, 202612
  • Public float$122.0M as of Aug 2, 20255
  • AuditorGRANT THORNTON LLP, Salt Lake City, Utah PCAOB ID 248; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJun 17, 20021
  • Filings644 in all: 4 (250), 8-K (124), SC 13G/A (45), 10-Q (38), 3 (23), SC 13G (22), DEFA14A (17), 10-K (12)1
    All 39 form types

    DEF 14A (12), SCHEDULE 13G/A (11), CORRESP (10), UPLOAD (8), 4/A (6), REGDEX (6), S-8 (6), SC 13D/A (6), ARS (5), 424B5 (4), S-1/A (4), 144 (3), EFFECT (3), REGDEX/A (3), SC 13D (3), SCHEDULE 13G (3), 424B7 (2), CT ORDER (2), PRE 14A (2), S-3 (2), S-8 POS (2), 424B4 (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), DEFM14A (1), DRS (1), DRS/A (1), PREM14A (1), S-1 (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Sep 1, 2026
    Proxy statement (DEF 14A) Apr 14, 2026
    Latest 8-K (8-K) Sep 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareSPWHThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks SPORTSMAN'S WAREHOUSE HOLDINGS, INC. names in Item 1A of its 10-K filed Mar 31, 2026: 32 risks under these headings, as written.5

  • Risks Related to the Firearms Business
  • Current and future government regulations, particularly regulations relating to the sale of firearms and ammunition, may negatively impact the demand for our products and our ability to conduct our business.
  • We have incurred, and may incur in the future, costs from litigation involving products that we sell, particularly firearms and ammunition, which could adversely affect our net sales and profitability.
  • Our net sales and profitability could be impacted if the strength of our brand is not maintained, and our sales of firearm-related products could present reputational risks and negative publicity.
  • Risks Related to Our Retail Operations
  • Our retail-based business model is impacted by general economic and market conditions, such as elevated interest rates, inflationary pressures and economic, market and financial uncertainties that may cause a decline in consumer spending, that may adversely affect our business, operations, liquidity, financial results and stock price.
  • Our concentration of stores in the Western United States makes us susceptible to adverse conditions in this region.
  • Competition in the outdoor activities and sporting goods market could reduce our net sales and profitability.
  • If we fail to anticipate changes in consumer demands, including regional preferences, in a timely manner, our operating results could suffer.
  • Our same store sales may fluctuate and may not be a meaningful indicator of future performance.
  • Our operating results are subject to seasonal fluctuations.
  • If we are unable to protect against inventory shrink, our results of operations and financial condition could be adversely affected.
The other 22 risks
  • We currently rely on a single distribution center for our business, and if there is a natural disaster or other serious disruption at such facility, we may be unable to deliver merchandise effectively to our stores or customers.
  • Dynamic freight costs could adversely affect our business, financial condition, results of operations and our ability to accurately predict financial results.
  • We have experienced in the past, and may experience in the future, supply chain disruptions and delays of the supply of products from our vendors, which may have an adverse impact on our net sales and profitability.
  • Political and economic uncertainty and unrest in foreign countries where our merchandise vendors are located and trade restrictions, including new tariffs and duties upon imports from these foreign countries, could adversely affect our ability to source merchandise and operating results.
  • We and the third parties with whom we work are subject to stringent and evolving U.S. obligations related to data privacy and security, and our actual or perceived failure to comply with such obligations (or such failure by the third parties with whom we work) could lead to adverse business consequences.
  • Our business depends on our ability to meet our labor needs and control our labor costs.
  • Increases in the minimum wage have recently adversely affected our financial results.
  • Risks Related to Our Business Strategy
  • Our long-term strategy includes opening new stores. If we open new stores, in particular in new, unfamiliar markets to us, increased risks related to operating new stores may prevent us from being profitable in those markets.
  • If we decide to close underperforming stores, the costs to do so may be significant and may negatively impact our cash flows and our results of operations.
  • If we are unable to successfully develop and maintain our omni-channel strategy, we may not be able to compete effectively and our sales and profitability may be adversely affected.
  • If our information technology systems, or those of third parties with whom we work, or our data are or were compromised, we could experience adverse consequences.
  • Our computer hardware and software systems are vulnerable to damage from natural disasters, power loss or other events outside of our control that could harm our business.
  • Our future growth may strain our business infrastructure, which could adversely affect our operations and financial condition.
  • The utilization, expansion and management of machine learning and other types of artificial intelligence in our business could adversely affect our business, financial condition and results of operations.
  • Our private label brand offerings expose us to various risks.
  • Our inability to protect our intellectual property could have a negative impact on our operating results.
  • We may pursue strategic acquisitions or investments, and the failure of an acquisition or investment to produce the anticipated results or the inability to fully integrate the acquired companies could have an adverse impact on our business.
  • Risks Related to Liquidity and Capital Resources
  • Our ability to operate and expand our business and to respond to changing business and economic conditions will depend on the availability of adequate capital.
  • Our revolving credit facility and our term loan facility contain restrictive covenants that may impair our ability to access sufficient capital and operate our business.
  • An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price.
  • Risks Related to Our Common Stock
  • Our bylaws, our certificate of incorporation and Delaware law contain provisions that could discourage another company from acquiring us and may prevent attempts by our stockholders to replace or remove our current management.
  • We expect that the price of our common stock will fluctuate.

Legal proceedings

See “Part II, Item 8, Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements Note 16, Commitments and Contingencies—Legal Matters” for information regarding our material legal proceedings, which information is incorporated by reference into this Item 3.

The pending lawsuits described in Note 16 of our consolidated financial statements are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon unknown factors. The outcomes of the pending lawsuits are necessarily uncertain. We also could be forced to expend significant resources in the defense of either or both of the pending lawsuits, including substantial legal fees and costs.

The opening of Item 3, Legal Proceedings.5

Sources

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