SOUTH ST. PAUL, Minn. – Nov. 6, 2004 – The Sportsman's Guide, Inc. (Nasdaq: SGDE - News) has reported record results of operations for the quarter ended September 30, 2004.

Sales for the quarter were $56.6 million, a 37% increase over the $41.2 million reported for the same period one year ago. The Company reported net earnings of $1.1 million, and earnings of $0.20 per fully diluted share for the quarter, compared to $710,000, or $0.13 per fully diluted share, reported for the three months ended September 30, 2003.

For the nine months ended September 30, 2004, sales were $140.0 million, an increase of just under 14% when compared to the $123.0 million reported for the same period in 2003. The Company recorded net earnings of $3.0 million, or $0.57 per fully diluted share, for the first three quarters of the year, compared to net earnings of $2.3 million, or $0.44 per fully diluted share, for the first nine months ended September 30, 2003.

Company officials noted that the increase in sales for the third quarter of 2004 was due to the acquisition of The Golf Warehouse, TGW.com, on June 29, 2004 and increases in Internet-related sales for the Company's base business. Sales at the base business grew 8% and its Internet-related sales were in excess of 41% of total sales in the quarter, compared to approximately 36% of total sales for the same period in 2003.

Gregory R. Binkley, President and Chief Executive Officer of the Company, stated, "The strong results for the quarter were driven by two key factors. The first is our early summer acquisition of The Golf Warehouse. It performed extremely well in the period. In addition, we have also seen year over year improvements in sales and in Internet-related sales in our base business that are encouraging."

Binkley went on to state, "The addition of TGW, with the majority of its sales generated through the Internet, has changed our Company's profile as we are now more of an on-line retailer than we were previously."

The Sportsman's Guide offers value-priced outdoor gear and general merchandise, with a special emphasis on outdoor clothing, equipment and footwear, through direct mail catalogs and two Internet sites. On June 29, 2004 the Company acquired The Golf Warehouse, TGW.com, the Wichita, Kansas-based leading online and catalog retailer of golf equipment, apparel and accessories. The Company's e-commerce websites include http://www.sportsmansguide.com , http://www.bargainoutfitters.com and http://www.TGW.com . Investor information is available on the Company's investor relations website: http://www.SportsmansGuideIR.com .

Contact:
612-344-1000
William P. Bartkowski
BlueFire Partners
612-344-1012 (direct)