Achieved the first year of positive same-store sales growth since 2020, signaling a successful initial phase of the three-year turnaround strategy launched in late 2024.

Reversed early Q4 sales softness, driven by a government shutdown and weak holiday starts, through a rapid shift to a value-driven promotional cadence that turned trends positive by December.

Gained market share in Hunting and Shooting Sports as firearm units outperformed adjusted NICS checks, bolstered by a strategic expansion into the personal protection category.

Attributed underlying strength in the Fishing department to locally relevant assortments, noting that an 11% growth rate was masked by unseasonably warm weather impacting ice fishing sales.

Improved inventory health by reducing total holdings by 8.5% year-over-year, specifically targeting lower-productivity SKUs in discretionary categories like camping and softlines.

Leveraged a 'local market advantage' strategy to out-maneuver big-box retailers by positioning outfitters as trusted experts and deepening regional merchandise authority.

Optimized e-commerce performance through better in-stock levels for the core 20% of products that drive 80% of business, resulting in higher units per transaction and average order value.

Guidance for 2026 assumes a pressured U.S. consumer facing rising fuel costs, balanced by anticipated tailwinds from America's 250th anniversary and event-driven demand in personal protection.

Plans to launch an enhanced loyalty rewards program in early Q1 2027, designed to integrate the credit card ecosystem and increase customer lifetime value through data-driven personalization.

Developing a digital 'firearm solution bundling' tool to improve attachment rates and margins by allowing customers to build complete kits online for in-store pickup.

Aims to double market share in the Fishing category over the next 3 to 4 years through a new digital platform integrating content with region-specific commerce.

Expects to operate with lower average inventory levels throughout 2026 by refining the timing of seasonal receipts to support improved turns and productivity.

Identified approximately 5 underperforming, EBITDA-negative stores for closure following the 2026 holiday season to improve overall fleet productivity.

Anticipates Q1 2026 gross margin pressure due to a high sales penetration of lower-margin firearms and ammunition relative to seasonal categories.

Allocated $20 million to $25 million in capital expenditures for 2026, prioritizing technology investments and digital capabilities over physical store expansion.

Maintains debt reduction as the top capital allocation priority, utilizing positive free cash flow to strengthen the balance sheet.

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Management confirmed that the strong demand trends observed in January for firearms and ammunition have continued through February and March.

The positive momentum is partially attributed to external event-driven factors and legislative discussions that typically accelerate consumer demand in the industry.

Improvement is expected from a recovery in the higher-margin Fishing category and a cleanup of the apparel business, which previously suffered from inventory 'hangovers.'

Management expects slight SG&A leverage and more balanced EBITDA distribution across quarters compared to the prior year's volatility.

The company is moving toward a 'just-in-time' seasonal inventory model, landing products closer to peak demand and taking markdowns earlier to avoid carrying over seasonal stock.

This discipline is intended to improve turns and ensure the company remains lean even if early-season demand fluctuates.

Closures target stores with long-term leases that no longer fit the portfolio's productivity requirements; management is exploring buyouts or sub-tenant options.

Some impaired stores may remain in the fleet if they can capture sales transfers from nearby closing locations, improving their individual viability.

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