GlobeNewswire Inc | Sep 24, 2020 08:48AM EDT

September 24, 2020

WEST JORDAN, Utah, Sept. 24, 2020 (GLOBE NEWSWIRE) -- SportsmansWarehouse Holdings, Inc.(Sportsmans Warehouse or the Company) (Nasdaq: SPWH), www.sportsmans.com, announced today that it has entered into agreements with DICKS Sporting Goods, Inc. (DICKS) (NYSE: DKS) to purchase two Field & Stream locations.

The stores in Erie, Pennsylvania and Charleston, South Carolina will be rebranded as Sportsmans Warehouse. The total purchase price of$4.5 millionfor inventory and assets will be funded through Sportsmans Warehouse cash on hand. The transaction is expected to close in October, subject to customary closing conditions.

Sportsmans Warehouse previously purchased 10 Field & Stream stores from DICKS in late 2019 and early 2020. The transactions are consistent with the Sportsmans Warehouse growth strategy of opportunistically expanding its store footprint and geographical reach.

The first and second rounds of Field & Stream transactions proved to be exceptional investments for our company, said Jon Barker, Sportsmans Warehouse CEO. The passionate and knowledgeable Field & Stream associates who joined Sportsmans Warehouse were a critical component of the prior deals success. Therefore, we are very excited from both a human resources and financial perspective to add the two additional Field & Stream stores to our portfolio. The current transaction is similar to the previous ones, and we anticipate a strong reception to the Sportsmans Warehouse brand as we become an integral part of the Erie and Charleston communities.

The Company currently operates 107 Sportsmans Warehouse stores in 27 states. Including the Field & Stream transaction announced today, the Company plans to open nine Sportsmans Warehouse stores this year. The Company also opened its first Legacy Shooting Center earlier this year.

About Sportsmans Warehouse Holdings, Inc.Sportsmans Warehouse is an outdoor specialty retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories. For more information, visit www.sportsmans.com.

Investor Relations ContactsRobert Julian, Chief Financial OfficerCaitlin Howe, Vice President, Corporate Development & Investor Relations(801) 566-6681investors@sportsmans.com