SPORTSMAN'S WAREHOUSE HOLDINGS Business Summary

Sportsman's Warehouse Holdings, Inc. (SPWH) operates as a high-density specialty retailer of outdoor sporting goods, generating revenue through a transaction-based model across a network of 146 physical stores and a robust e-commerce platform. The company’s business is primarily driven by its Hunting and Shooting segment, which accounts for approximately 57.4% of net sales, followed by Fishing, Camping, Apparel, and Footwear. Positioned as "America's Premier Outfitter," the company differentiates itself through a localized inventory strategy and a high concentration of technical gear, with firearms and ammunition representing 30-35% of total revenue. Within the competitive landscape, SPWH competes directly with large-format retailers such as Academy Sports + Outdoors, Bass Pro Shops (including Cabela's), and Dick's Sporting Goods, maintaining a niche as a specialized, mid-box alternative that prioritizes regional expertise and high-mix technical equipment. Originally founded in 1986 by Bill Hayes in Midvale, Utah, the company is currently led by President and CEO Paul E. Stone, who joined in November 2023 following executive roles as President and COO of Hertz and Chief Retail Officer of Cabela's. The leadership team was further strengthened in August 2025 with the appointment of Jennifer Fall Jung as CFO, bringing over 25 years of retail finance experience from The Duckhorn Portfolio, Funko, and Gap Inc. Other key executives include Chief Merchandising Officer Jeff Dunn, a 25-year veteran of Walmart and Sam's Club, and CIO Michael Simpson. The company is governed by a streamlined board chaired by Richard McBee, with notable independent directors including Michael Tucci (formerly of Coach and Rag & Bone) and Martha Bejar. Major institutional backing is provided by Fmr LLC (Fidelity), Vanguard Group, and BlackRock, alongside significant long-term influence from Seidler Kutsenda Management Company.