ADDED
had 64,383,459 shares of common stock, par value $0.01 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
References to 2022 2023, 2024, and 2025 relate to our fiscal years ended January 28, 2023, February 3, 2024, February 1, 2025, and January 31, 2026, respectively, unless the context requires otherwise.
Legal and Regulatory Risks our ability to comply with laws and regulations affecting our business, including those relating to the sale, manufacture and import of consumer products; claims, demands and lawsuits to which we are, and may in the future, be subject; our insurance or indemnities coverage may be insufficient; risks related to product safety; and our ability to protect our intellectual property and avoid the infringement of third-party intellectual property rights.
Business The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended January 31, 2026.
Originally founded in 1938 as a family business in Texas, we now operate 322 stores across 21 contiguous states as of January 31, 2026.
Our product assortment focuses on key categories of outdoor, sports recreation, apparel, and footwear (representing 31%, 22%, 27% and 20% of our 2025 net sales, respectively) through both leading national brands and a portfolio of 19 private label brands, which go well beyond traditional sporting goods and apparel offerings.
Approximately 78% of our 2025 merchandise sales was comprised of national brand products, with the remainder coming from exclusive products in our portfolio of private label brands.
Our average customer visits our stores anywhere fr o m two to three times per year.
In 2025, we purchased merchandise from approximately 1,500 vendors.
REMOVED
had 67,004,727 shares of common stock, par value $0.01 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.
References to 2021 2022, 2023, and 2024 relate to our fiscal years ended January 29, 2022, January 28, 2023, February 3, 2024, and February 1, 2025, respectively, unless the context requires otherwise.
Legal and Regulatory Risks our ability to comply with laws and regulations affecting our business, including those relating to the sale, manufacture and import of consumer products; claims, demands and lawsuits to which we are, and may in the future, be subject and the risk that our insurance or indemnities coverage may not be sufficient; risks related to product safety; risks related to climate change and other sustainability-related matters; our ability to protect our intellectual property and avoid the infringement of third-party intellectual property rights.
Risks Related to Our Indebtedness our level of indebtedness and related debt service payments and our ability to generate sufficient cash flow to satisfy all of our obligations under our indebtedness; our ability to incur substantially more debt; our variable rate indebtedness subjects us to interest rate risk; restrictions on our current and future operations imposed by the terms of our indebtedness; our ability to borrow under the ABL Facility (as defined below); our level of indebtedness may hinder our ability to negotiate favorable terms with our vendors.
Business The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended February 1, 2025.
Originally founded in 1938 as a family business in Texas, we now operate 298 stores across 19 contiguous states as of February 1, 2025.
Our product assortment focuses on key categories of outdoor, apparel, sports recreation and footwear (representing 30%, 27%, 23% and 20% of our 2024 net sales, respectively) through both leading national brands and a portfolio of 19 private label brands, which go well beyond traditional sporting goods and apparel offerings.
Approximately 77% of our 2024 merchandise sales was comprised of national brand products, with the remainder coming from exclusive products in our portfolio of private label brands.
Our average customer visits our stores anywhere fr om two to three times per year.