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EXHIBIT 99.1 Sportsman's Warehouse Holdings , Inc. Announces Third Quarter 2021 Financial Results WEST JORDAN , Utah , Dec. 08 , 2021 ( GLOBE NEWSWIRE ) -- Sportsman's Warehouse Holdings , Inc. ( " Sportsman's Warehouse " or the " Company " ) ( Nasdaq : SPWH ) today announced financial results for the thirteen and thirty - nine weeks ended October 30 , 2021 . " I am very proud of our team and pleased with the performance of the business during the third quarter . ” said Jon Barker , Sportsman's Warehouse CEO . “ Despite a very difficult comparison and the terminated merger agreement with the Great Outdoors Group , Inc. , our team has been able to achieve incredible results in the quarter and year - to - date periods . " Notable Achievements • Topline sales growth of 4 % for the third quarter compared to the third quarter of fiscal year 2020 , which includes the opening of 7 new stores in an 8 week period . As of today , the Company has opened 10 stores in fiscal 2021 , including in 2 new states . This brings our total store count to 122 stores in 29 states . • Same store sales decline of 1.5 % for the third quarter of fiscal year 2021 compared to the third quarter of fiscal year 2020 . Compared to the same period of 2019 , the Company saw same store sales growth of 39.4 % . ⚫ E - commerce sales growth of over 15 % for the third quarter of fiscal year 2021 versus the same period of fiscal year 2020 . The Company saw over 260 % E - commerce sales growth compared to the same period in fiscal year 2019 . • Significant growth of our customer database with new co - branded Explorewards credit card issuances up over 100 % and collected customer e - mail addresses up over 30 % year - to - date . For the thirteen weeks ended October 30 , 2021 : • Net sales were $ 401.0 million , an increase of $ 15.3 million , or 4.0 % , compared to the third quarter of fiscal year 2020 , primarily due to the opening of seven new stores since October 31 , 2020. Compared to the third quarter of fiscal year 2019 , net sales increased 65.3 % from $ 242.5 million . • Same store sales decreased 1.5 % during the third quarter of fiscal year 2021 compared to the third quarter of fiscal year 2020. Compared to the same period of 2019 , same stores sales increased 39.4 % . • Gross profit was $ 129.6 million , or 32.3 % of net sales , compared to $ 130.6 million , or 33.9 % of net sales in the comparable prior year period , a year - over - year decrease of $ 1.0 million in gross profit and a 160 - basis point decrease in gross profit margin . The decrease in gross profit margin can be attributed to an increase in freight costs partially offset by higher product margins and vendor programs . • Net income was $ 21.9 million compared to net income of $ 30.5 million in the third quarter of fiscal year 2020. Adjusted net income was $ 22.7 million compared to adjusted net income of $ 31.5 million in the third quarter of fiscal year 2020. Net income and adjusted net income for the third quarter of fiscal year 2019 was $ 10.5 million and $ 10.8 million , respectively ( see " GAAP and Non - GAAP Measures " ) . • Adjusted EBITDA was $ 39.3 million compared to $ 49.9 million in the comparable prior year period . Adjusted EBITDA for the third quarter of fiscal year 2019 was $ 23.2 million ( see " GAAP and Non - GAAP Measures " ) . • Diluted earnings per share were $ 0.49 compared to diluted earnings per share of $ 0.68 in the comparable prior year period . Adjusted diluted earnings per share were $ 0.51 compared to adjusted diluted earnings per share of $ 0.71 for the comparable prior year period . Diluted earnings per share and adjusted diluted earnings per share for the comparable period of fiscal year 2019 was $ 0.24 and $ 0.25 , respectively ( see " GAAP and Non - GAAP Measures " ) . For the thirty - nine weeks ended October 30 , 2021 : • Net sales were $ 1,089.8 million , an increase of $ 76.2 million , or 7.5 % , compared to the 39 weeks ended October 31 , 2020 , primarily due to a combination of opening of seven new stores since October 31 , 2020 , and an increase in same store sales of 1.5 % as we saw strong demand across all categories . Compared to the first 39 weeks of fiscal 2019 , net sales increased 73.5 % from $ 628.2 million . • Gross profit was $ 353.7 million , or 32.5 % of net sales , compared to $ 334.5 million , or 33.0 % of net sales in the comparable prior year period , a year - over - year increase of $ 19.3 million in gross profit and a 50 basis point decrease in gross profit margin . The decline in gross profit margin can be attributed to higher freight costs for the period versus the prior year , partially offset by increased product margins and vendor programs . • Net income was $ 50.0 million compared to net income of $ 61.8 million in the first 39 weeks of fiscal year 2020. Adjusted net income was $ 54.7 million compared to adjusted net income of $ 65.6 million in the first 39 weeks of fiscal year 2020 . Net income and adjusted net income for the first 39 weeks of fiscal 2019 was $ 10.5 million and $ 11.3 million , respectively ( see " GAAP and Non - GAAP Measures " ) .