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                                                                      Exhibit 99


                                  RISK FACTORS

         You should carefully consider the risk factors described below as well
as the other information in our SEC filings before making an investment in The
Sportsman's Guide, Inc. common stock.

RISKS RELATED TO OUR BUSINESS

WE ARE SUBJECT TO RISKS ASSOCIATED WITH CATALOG AND ONLINE RETAILING.

         The success of our business depends on the success of our catalog and
online channels of distribution. We believe this success is achieved through the
following:

         o        efficient targeting of our customers;

         o        appropriate shifts in our merchandising mix;

         o        our ability to achieve adequate response rates to our catalog
                  mailings and online offerings; and

         o        our ability to accurately forecast economic conditions and
                  consumer demand.

         Catalog mailings involve substantial postage, paper and printing costs.
Merchandise acquisition costs are incurred prior to mailing each catalog and
making each online offering. If we were to experience a significant shortfall in
anticipated sales from a particular catalog mailing or online offering and not
recover costs associated with that offer, our results of operations could be
adversely affected.

         Response rates and sales generated by each catalog mailing and online
offering can be affected by factors such as consumer preferences, economic
conditions, timing of our catalog mailings and online offerings as well as our
competitors' and our mix of merchandise. Our inability to accurately target the
appropriate customers or to achieve adequate response rates could result in
lower sales and profits.

         We believe that the continued growth of our Internet channel of
distribution will depend in large part on our ability to:

         o        increase awareness of our Web site brand names, build traffic
                  on our Web sites and convert site users to single and
                  multi-buyers;

         o        provide our customers with superior e-commerce experience; and

         o        continue to enhance our systems and technology to support
                  increased traffic to our Web sites.

         Slower revenue growth than we anticipate or operating expenses that
exceed our expectations would harm our overall business.



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OUR OPERATING RESULTS ARE SUBJECT TO SIGNIFICANT FLUCTUATIONS AND SEASONALITY.

         Our sales and results of operations have fluctuated and can be expected
to continue to fluctuate as a result of a number of factors, including:

         o        the timing of new merchandise, catalog and online offerings;

         o        recognition of costs or sales contributed by new merchandise,
                  catalog and online offerings;

         o        fluctuations in response rates and success of advertising
                  campaigns;

         o        fluctuations in postage, paper and printing costs;

         o        fluctuations in merchandise returns;

         o        adverse weather conditions that affect response, distribution
                  or shipping;

         o        unseasonably warm winter weather conditions that can reduce
                  sales of winter apparel and merchandise for winter activities;

         o        shifts in the timing of holidays;

         o        changes in our product mix;

         o        seasonal fluctuations in consumer purchasing patterns and
                  advertising spending;

         o        changes in the growth rate of Internet usage and online user
                  traffic levels;

         o        actions of our competitors; and

         o        general economic and market conditions.

         The bulk of our sales historically occur during the second half of the
year. The seasonal nature of our business is due to our focus on outdoor
merchandise and related accessories for the fall, as well as winter apparel and
gifts for the holiday season. We expect this seasonality will continue in the
future. In anticipation of increased sales activity during the third and fourth
quarters, we incur significant additional expenses for hiring additional
employees and building inventory levels. Our annual financial results would be
adversely impacted if sales were to fall substantially below what we normally
expect during the third and fourth quarters.

WE DEPEND ON THIRD PARTY SERVICE PROVIDERS TO OPERATE OUR BUSINESS.

         We depend on a number of third parties to provide services to operate
our business. For example, we depend on:

         o        outside printers and pre-press providers to print and mail our
                  catalogs and to convert the catalogs to digital format for Web
                  site posting;

         o        shipping companies and the U.S. Postal Service for timely
                  delivery of our catalogs and shipment of merchandise to our
                  customers;



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         o        telephone companies to provide telephone service to our
                  in-house and outside call centers;

         o        outside call centers to handle inbound customer telephone
                  orders;

         o        communications providers to provide our Internet users with
                  access to our Web sites; and

         o        vendors or suppliers for timely fulfillment of merchandise
                  orders.

         Any disruption in these services could have a negative impact on our
business. Strikes or other service interruptions affecting our shippers would
impair our ability to deliver merchandise on a timely basis. Shipper strikes can
suppress our sales because customers may perceive that their orders cannot be
delivered or will be significantly delayed.

         Our Web sites could experience disruptions or interruptions in service
due to failures by communications providers. Our users depend on Internet
service providers for access to our Web sites. Our users may experience
significant outages, delays or other difficulties due to system failures
unrelated to our systems. These types of occurrences could cause users to
perceive our Web sites as not functioning properly and therefore cause them to
stop using our services.

WE FACE SIGNIFICANT COMPETITION FROM CATALOG, RETAIL AND INTERNET-BASED
BUSINESSES.

         The direct marketing industry is highly competitive and fragmented. We
have significant competitors within each merchandise category and may face
competition from new entrants or existing competitors who shift focus to markets
we serve. Our competitors include:

         o        other outdoor/hunting mail order catalogs, including Bass Pro
                  Shops Inc. and Cabela's Inc.;

         o        discount retailers such as Wal-Mart Stores, Inc.;

         o        Web sites maintained by online retailers of footwear, clothing
                  and outdoor gear; and

         o        Internet portals and online service providers that feature
                  shopping services, such as America Online, Inc., Yahoo! Inc.
                  and MSN.

         Some of our competitors are larger and have substantially greater
financial, marketing and other resources than us. Our competitors may be able to
secure products from vendors on more favorable terms, fulfill customer orders
more efficiently and adopt more aggressive pricing or inventory availability
policies than we can. Our competitors may develop products or services that are
equal or superior to our solutions or achieve greater market acceptance than
ours. Traditional store-based retailers also enable customers to see and feel
products in a manner that is not possible in catalogs or over the Internet.



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INCREASES IN POSTAGE AND PAPER COSTS AND PAPER SHORTAGES CAN ADVERSELY IMPACT
OUR CATALOG BUSINESS.

         Increases in postal rates and paper costs have a significant impact on
the cost of production and mailing of our catalogs and the shipment of customer
orders. Postage prices increase periodically, and we have no control over
increases that may occur in the future. Paper prices historically have been
cyclical and we have experienced significant increases in the past. Significant
increases in postal rates or paper costs could negatively impact our operating
results, particularly to the extent we are unable to pass on increases directly
to our customers or offset the increases by reducing other costs.

         In addition, we are dependent upon the availability of paper to print
our catalogs. Paper shortages have occurred in the past and may occur in the
future. Any paper shortage may increase our paper costs and cause us to reduce
our catalog circulation, change to a different weight or grade of paper or
reduce the number of pages per catalog. These increased costs or responsive
actions could negatively impact our sales and operating results.

WE MUST DEVELOP AND MAINTAIN OUR MAILING LIST TO GROW OUR CATALOG BUSINESS.

         We mail catalogs to individuals whose names are in our proprietary
customer database and to potential customers whose names we obtain from rented
or exchanged mailing lists. Names derived from rented or exchanged lists
generate lower response rates while requiring the same or greater advertising
expenses than names in our in-house database. Consequently, overall response
rates could decline while expenses increase if we were to increase our use of
rented or exchanged lists relative to the use of names in our customer database.

         Attrition reduces the number and quality of names in our mailing list.
We must constantly develop and maintain our mailing list by identifying new
prospective customers and tracking purchases by existing customers. We use
internally developed customer selection models to identify prospective and
existing customers to whom a catalog will be mailed. Incorrect modeling
assumptions or our failure to update our mailing list could negatively impact
our sales and operating results. Additionally, it has become more difficult for
direct retailers to obtain quality prospecting mailing lists, which may limit
our ability to maintain the size of our mailing list.

WE DEPEND ON OUR SENIOR MANAGEMENT FOR OUR SUCCESS.

         Our success is dependent to a significant extent on the efforts of our
executive officers and key management employees. The loss of any member of our
senior management could hurt our business.

WE MAY NEED TO EXPAND OUR COMPUTER SYSTEMS TO SUPPORT INCREASED SALES VOLUME AND
INCREASED TRAFFIC ON OUR WEB SITES.

         Growth in our sales volume or in the number of users of our Web sites
may strain or exceed the capacity of our computer systems and lead to declines
in performance or systems



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failure. We believe that we will need to continually improve and enhance the
functionality and performance of our e-commerce, customer tracking and other
technical systems. We intend to upgrade our existing systems and implement new
systems as we anticipate new demand. Failure to implement these systems
effectively or within a reasonable period of time would cause decreased levels
of customer service and satisfaction.

DISRUPTION IN OUR FULFILLMENT OPERATIONS WOULD HARM OUR BUSINESS.

         Our ability to receive, process and fulfill customer orders depends on
the effective operation of our telephone lines, operational and management
information systems, and warehouse and distribution facilities. Any material
disruption in our order receipt, processing or fulfillment systems resulting
from internal or external telephone system failure, electrical problems, failure
of our information systems or other technical problems could cause significant
delays in our ability to receive and fill orders and may cause orders to be
lost, shipped or delivered late or cancelled by the customer.

         We host and manage our e-commerce Web sites utilizing computer systems
at our corporate offices. System failures or an event or disaster at our offices
could lead to disruption in service on our sites. These disruptions could have a
material adverse effect on our business.

         Our primary facility is our headquarters in South St. Paul, Minnesota.
If this facility were destroyed or significantly damaged by fire or other
disaster, we would need to obtain alternative facilities and replenish our
inventory, either of which would result in significantly increased operating
costs and delays in fulfilling customer orders.

WE DEPEND ON FINDING AND MAINTAINING SOURCES FOR OUR MERCHANDISE.

         We offer a changing mix of products. This changing mix of products
presents certain unique challenges in finding merchandise for our catalogs and
e-commerce offerings. Our buyers must develop and maintain relationships with
vendors to locate sources for high quality, low price, name brand merchandise
they believe will interest our customers. We cannot assure you that we will be
able to locate sources for or maintain ongoing access to manufacturers'
close-outs, military surplus and other items featured by us or that such
merchandise will be available to us at the times or prices or in the quantities
desired.

OUR INCREASING RELIANCE ON DIRECT IMPORTS WILL SUBJECT US TO RISKS AND
UNCERTAINTIES.

         We expect to source an increasing amount of merchandise directly from
foreign vendors, particularly in Asia, which will subject us to risks and
uncertainties, including:

         o        burdens associated with doing business overseas, including
                  tariffs and import duties, import/export controls or
                  regulations and quotas;

         o        difficulty in identifying and supervising suppliers in foreign
                  countries;



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         o        declines in the value of the U.S. dollar relative to foreign
                  currencies, which could negatively affect the ability of
                  foreign vendors to provide merchandise at favorable prices;
                  and

         o        changing or uncertain economic conditions in foreign countries
                  and, in certain countries, political unrest, war or health
                  epidemics.

         The occurrence of these factors may disrupt the ability of foreign
vendors to supply merchandise in a timely manner or could substantially increase
our costs to source merchandise through foreign vendors.

EXCESSIVE MERCHANDISE RETURNS COULD ADVERSELY IMPACT OUR BUSINESS.

         We maintain a policy of making refunds or exchanges for all merchandise
returned by customers for any reason, and we place no time limit on this return
policy. While we make allowances in our financial statements for anticipated
merchandise returns based on historical return rates, actual merchandise returns
could exceed our reserves. Any significant increase in merchandise returns or
merchandise returns that exceed our reserves could negatively impact our
operating results.

HIGHER BACKORDER LEVELS CAN NEGATIVELY IMPACT OUR OPERATING RESULTS.

         Our average customer order is approximately three items. Backorders
frequently result in our shipping the customer two packages, but we charge the
customer shipping only for the first package. Consequently, higher backorder
levels increase our shipping costs and negatively impact our operating results.
Effectively managing our level of backorders depends both on our ability to
accurately forecast customer demand and product availability from our vendors.

GOVERNMENT REGULATION AFFECTS OUR BUSINESS.

         We are subject to federal, state and local laws and regulations which
affect our business. Federal Trade Commission regulations govern the manner in
which orders may be solicited and prescribe other obligations in fulfilling
orders and consummating sales. Other laws and regulations prohibit or limit the
sale, in certain states and localities, of certain items we offer such as black
powder firearms, ammunition, bows, knives and similar products. Government
regulation of firearms can affect sales of these ancillary firearm products, and
any increase in such regulation could adversely impact our sales of those
products.

         State and local government regulation of hunting can result in changes
to hunting seasons, bans or limitations on hunting or other similar
restrictions. Because a significant amount of our sales are attributable to
hunting, such changes or restrictions could decrease the demand for some of our
products.

         We import products for sale. Consequently, we are subject to U.S.
customs laws and regulations pertaining to proper item classification, quotas,
payment of duties and tariffs, and maintenance of documentation and internal
control programs.



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         We do not collect sales or similar taxes on sales of merchandise
shipped to residents of states other than Minnesota. Various states have sought
to impose on direct marketers the burden of collecting state sales and use taxes
on the sale of merchandise shipped to residents of that state. If we become
subject to collection or payment of additional sales, use or other taxes, our
customer response rates could be adversely affected.

WE FACE PRODUCT LIABILITY RISKS ON THE PRODUCTS WE SELL.

         Our products include black powder firearms, ammunition, air guns,
paintball guns, blank firing firearms, bows, slingshots, knives, stun guns,
blowguns, crossbows, certain non-lethal and chemical spray devices and other
potentially dangerous products. We also sell tree stands for use by hunters.
Although we are not a manufacturer of any of these products, the sale of these
products involves a risk of being named as a party defendant in product
liability litigation. We cannot assure you that our insurance will cover all
potential claims arising from the sale of these products or that the amount of
the coverage will be adequate, nor can we assure you that adequate insurance
coverage can be obtained in the future at an acceptable cost or at all. Any
uninsured or inadequately insured claim or liability could have a material
adverse effect on our business and operating results.

RISKS RELATED TO THE INDUSTRY

ECONOMIC UNCERTAINTY OR DOWNTURN COULD REDUCE DEMAND FOR OUR MERCHANDISE.

         Our sales generally represent discretionary spending by customers. A
number of factors influence consumer spending, including general economic
conditions, interest rates, inflation, consumer debt, unemployment, terrorist
attacks and acts of war, and other matters that affect consumer confidence and
spending. These factors could reduce demand for our products.

WE DEPEND ON CONTINUED GROWTH OF E-COMMERCE AND USE OF THE INTERNET.

         Our future revenue and profits depend upon the widespread acceptance
and use of the Internet as an effective medium of commerce. Failure of the
Internet and online services to become a viable commercial marketplace would
hurt our business. Rapid growth in the use of the Internet and commercial online
services is a recent phenomenon. We cannot assure you that a large base of
consumers will adopt and continue to use the Internet for commerce. Demand for
recently introduced services and products over the Internet and online services
is subject to a high level of uncertainty. The successful development of the
Internet and online services is subject to a number of factors, including:

         o        continued growth in the number of users of such services;

         o        concerns about transaction security;

         o        continued development of the necessary technological
                  infrastructure; and

         o        the development of complementary services and products.



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         A decrease in the growth of Web usage would hurt our business. The
following factors may inhibit growth in Web usage:

         o        inadequate Internet infrastructure;

         o        security and privacy concerns;

         o        inconsistent quality of service; and

         o        unavailability of cost-effective and high-speed service.

WE MAY BE VULNERABLE TO BREACHES OF ONLINE SECURITY.

         Our servers may be vulnerable to computer viruses, physical or
electronic break-ins and similar disruptions. We may need to expend significant
additional capital and other resources to protect against a security breach or
to alleviate problems caused by security breaches. Our business may be harmed if
security measures do not prevent security breaches. We cannot assure protection
against all security breaches.

RISKS RELATED TO OUR STOCK

OUR MANAGEMENT OWNS A SIGNIFICANT NUMBER OF OPTIONS TO PURCHASE OUR COMMON STOCK
AND MAY BE ABLE TO EXERCISE SIGNIFICANT INFLUENCE OVER OUR AFFAIRS.

         Our directors and executive officers beneficially owned approximately
2.5% of the outstanding shares of our common stock as of December 31, 2003.
These persons also beneficially owned options to purchase 749,978 shares, which
if fully exercised would result in them beneficially owning 15.6% of our
outstanding common stock.

         As a result of this share/option ownership, our management, may be able
to exert significant influence on corporate action requiring shareholder
approval, including the election of directors. This share/option ownership could
delay or prevent a change in control. It could also prevent our shareholders
from realizing a premium over the market price for their common stock or
effecting a change in management. In addition, our Restated Articles of
Incorporation provide that shareholders may cumulate their votes for the
election of directors, which may allow shareholders owning less than a majority
of our outstanding common stock to elect one or more directors.

THE SUBSTANTIAL NUMBER OF SHARES THAT ARE ELIGIBLE FOR PUBLIC SALE MAY ADVERSELY
AFFECT OUR STOCK PRICE.

         There were 4,826,321 shares of our common stock outstanding as of
December 31, 2003 Of these outstanding shares, 4,703,677 shares are freely
tradable without restriction or registration under the Securities Act and
122,644 shares are eligible for public sale under Rule 144 of the Securities
Act.

         As of December 31, 2003, 1,046,278 shares of common stock were issuable
pursuant to options granted under our stock option plans. Of these option
shares, 622,278 shares are



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exercisable. We may issue options to purchase up to an additional 329 shares
under our stock option plans. All shares issuable under our stock option plans
have been registered under the Securities Act.

         Sales of substantial amounts of common stock in the public market, or
the perception that such sales could occur, could adversely impact the market
price of our common stock.

OUR STOCK PRICE MAY FLUCTUATE SIGNIFICANTLY.

         The trading price of our common stock has been volatile and is likely
to continue to be volatile. Our stock price could be subject to wide
fluctuations in response to a variety of factors. The stock market has
experienced significant price and volume fluctuations that have often been
unrelated or disproportionate to the operating performance of particular
companies. Broad market factors may have a material adverse effect on our stock
price, regardless of our actual performance.



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