A happy Q3 indeed for The Sportsman's Guide (NASDAQ:SGDE), a catalog and online retailer of discount camping and hunting gear. The company reported Q3 EPS of $0.13, compared to $0.05 a year ago, on a 12.2% jump in revenues. Management attributed the gain to higher margins from the 36% of sales conducted via the Web, up from 30% the same quarter last year.

It's been good news all year, too. For the first nine months, revenues are up 9%, with EPS vaulting 62% from last year to $0.44.

These are the fruits of seeds planted back in 2001, when management began pruning its catalog mailing list to hit more productive targets. The company also implemented a buyer's club that's been wildly successful, and began the shift to higher-margin Web sales. On September 30, a marketing deal was inked with Amazon (NASDAQ:AMZN).

The company was highlighted in the premiere issue of Tom Gardner's Motley FoolHidden Gems as an opportunity overlooked by Wall Street. Shares have rocketed 90% since. That's Road Runner leaving the Wile E. Coyote market in some cloud of dust.

The stock is not so cheap today at 18 times trailing-12-months earnings. In fact, it may well be approaching full value. For a more detailed look at valuation, including free cash flow, and more background on the company, see Tom Jacobs' Hot E-Tailer on a Tear, and join the discussion on our Sportsman's Guide board!