Looking back on specialty retail stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including Sportsman's Warehouse (NASDAQ: SPWH) and its peers.

Some retailers try to sell everything under the sun, while others—appropriately called Specialty Retailers—focus on selling a narrow category and aiming to be exceptional at it. Whether it’s eyeglasses, sporting goods, or beauty and cosmetics, these stores win with depth of product in their category as well as in-store expertise and guidance for shoppers who need it. E-commerce competition exists and waning retail foot traffic impacts these retailers, but the magnitude of the headwinds depends on what they sell and what extra value they provide in their stores.

The 8 specialty retail stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 0.7% while next quarter’s revenue guidance was in line.

While some specialty retail stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.9% since the latest earnings results.

Sportsman's Warehouse (NASDAQ: SPWH)

A go-to destination for individuals passionate about hunting, fishing, camping, hiking, shooting sports, and more, Sportsman's Warehouse (NASDAQ: SPWH) is an American specialty retailer offering a diverse range of active gear, equipment, and apparel.

Sportsman's Warehouse reported revenues of $334.9 million, down 1.6% year on year. This print was in line with analysts’ expectations, but overall, it was a slower quarter for the company with a significant miss of analysts’ gross margin estimates and full-year EBITDA guidance missing analysts’ expectations.

“We are pleased with our improved fourth quarter finish and full-year performance, which exceeded our revised guidance following our third quarter of 2025, and reflects the meaningful progress we are making against our strategic initiatives,” said Paul Stone, Chief Executive Officer of Sportsman’s Warehouse.

Interestingly, the stock is up 9.9% since reporting and currently trades at $1.55.

Read our full report on Sportsman's Warehouse here, it’s free.

Best Q4: Bath and Body Works (NYSE: BBWI)

Spun off from L Brands in 2020, Bath & Body Works (NYSE: BBWI) is a personal care and home fragrance retailer where consumers can find specialty shower gels, scented candles for the home, and lotions.

Bath and Body Works reported revenues of $2.72 billion, down 2.3% year on year, outperforming analysts’ expectations by 4.3%. The business had an exceptional quarter with EPS guidance for next quarter exceeding analysts’ expectations and an impressive beat of analysts’ EBITDA estimates.

Bath and Body Works delivered the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 18.7% since reporting. It currently trades at $18.25.

Is now the time to buy Bath and Body Works? Access our full analysis of the earnings results here, it’s free.

Warby Parker (NYSE: WRBY)

Founded in 2010, Warby Parker (NYSE: WRBY) designs, manufactures, and sells eyewear, including prescription glasses, sunglasses, and contact lenses, through its e-commerce platform and physical retail locations.

Warby Parker reported revenues of $212 million, up 11.2% year on year, in line with analysts’ expectations. It was a disappointing quarter as it posted full-year EBITDA guidance missing analysts’ expectations significantly and a significant miss of analysts’ EBITDA estimates.

Warby Parker delivered the weakest full-year guidance update in the group. Interestingly, the stock is up 5.7% since the results and currently trades at $23.02.

Read our full analysis of Warby Parker’s results here.

Best Buy (NYSE: BBY)

With humble beginnings as a stereo equipment seller, Best Buy (NYSE: BBY) now sells a broad selection of consumer electronics, appliances, and home office products.

Best Buy reported revenues of $13.81 billion, flat year on year. This print lagged analysts' expectations by 0.5%. It was a slower quarter as it also recorded full-year EPS guidance missing analysts’ expectations and full-year revenue guidance slightly missing analysts’ expectations.

The stock is flat since reporting and currently trades at $61.97.

Read our full, actionable report on Best Buy here, it’s free.

Sally Beauty (NYSE: SBH)

Catering to both everyday consumers as well as salon professionals, Sally Beauty (NYSE: SBH) is a retailer that sells salon-quality beauty products such as makeup and haircare products.

Sally Beauty reported revenues of $943.2 million, flat year on year. This number met analysts’ expectations. Aside from that, it was a mixed quarter as it also produced a decent beat of analysts’ EBITDA estimates but EPS guidance for next quarter missing analysts’ expectations significantly.

Sally Beauty achieved the highest full-year guidance raise among its peers. The stock is down 12.3% since reporting and currently trades at $14.18.

Read our full, actionable report on Sally Beauty here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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