Big 5 Sporting Goods Corporation (Nasdaq: BGFV) (the “Company,”
“we,” “our,” “us,” “Big 5”), a leading sporting goods retailer,
today reported sales results for the fiscal 2024 fourth quarter and
full year ended December 29, 2024.
Steven G. Miller, Chairman, President and CEO,
commented, “We anticipate reporting fourth quarter earnings in the
middle range of our previously provided guidance range. Despite our
topline results falling short of expectations, we achieved
favorable performance relative to plan in both gross margin and
expenses. While our sales continued to be impacted by the
challenging macroeconomic environment for our consumers, the
lower-than-expected sales were primarily due to weaker winter
product sales, influenced by warmer-than-normal weather conditions
across our footprint and minimal snowfall in the southern tier of
our footprint which limited winter recreational activities.
Although sales were softer than anticipated, our fourth quarter
same store sales marked the fourth consecutive quarter of
sequential improvement in our year-over-year sales trends.”
For the fiscal 2024 fourth quarter, net sales
were $181.6 million compared to net sales of $196.3 million for the
fourth quarter of fiscal 2023. Same store sales decreased 6.1% for
the fourth quarter of fiscal 2024 compared to the fourth quarter of
fiscal 2023. The Company’s merchandise margins decreased 23 basis
points for the fourth quarter of fiscal 2024 compared to the prior
year period.
For the fiscal 2024 full year, net sales were
$795.5 million compared to net sales of $884.7 million for fiscal
2023. Same store sales decreased 9.4% for the fiscal 2024 full year
compared to fiscal 2023. The Company’s merchandise margins
decreased 34 basis points for the fiscal 2024 full year compared to
fiscal 2023.
For the fiscal 2024 fourth quarter, the Company
now expects to report a loss per basic share in the range of $0.94
to $0.97, which compares to the Company’s previous guidance for a
fourth quarter loss per basic share in the range of $0.80 to $1.05.
The Company’s updated earnings guidance for the fiscal 2024 fourth
quarter includes a net benefit of $1.0 million, or $0.04 per basic
share, related to an insurance settlement.
For the fiscal 2024 full year, the Company now
expects to report a loss per basic share in the range of $3.14 to
$3.17, which includes the aforementioned net benefit related to an
insurance settlement, in addition to a non-cash charge for the
establishment of a valuation allowance related to deferred tax
assets of $21.8 million, or $0.99 per basic share, recorded in
the third quarter of fiscal 2024. Financial results for the fiscal
2024 fourth quarter and full year are unaudited, preliminary, and
subject to final year-end accounting entries.
The Company ended the 2024 fiscal year with a
cash balance of $5.4 million and borrowings of $13.8 million under
its recently-renewed $150 million credit facility with Bank of
America, N.A. Merchandise inventories decreased by 4.1% as of the
end of fiscal 2024 versus the end of the prior fiscal
year.
The Company expects to issue earnings results
for the fiscal 2024 fourth quarter and full year in late February
2025.
About Big 5 Sporting Goods
Corporation
Big 5 is a leading sporting goods retailer in
the western United States, currently operating 418 stores under the
“Big 5 Sporting Goods” name. Big 5 provides a full-line product
offering in a traditional sporting goods store format that averages
12,000 square feet. Big 5’s product mix includes athletic shoes,
apparel and accessories, as well as a broad selection of outdoor
and athletic equipment for team sports, fitness, camping, hunting,
fishing, home recreation, tennis, golf, and winter and summer
recreation.
Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties and other factors that
may cause Big 5’s actual results in current or future periods to
differ materially from forecasted results. These risks and
uncertainties include, among other things, the economic impacts of
COVID-19, including any potential variants, on Big 5’s business
operations, including as a result of regulations that may be issued
in response to COVID-19, global supply chain disruptions resulting
from the ongoing conflict in Ukraine and the Middle East, changes
in the consumer spending environment, fluctuations in consumer
holiday spending patterns, increased competition from e-commerce
retailers, breach of data security or other unauthorized disclosure
of sensitive personal or confidential information, the competitive
environment in the sporting goods industry in general and in Big
5’s specific market areas, inflation, product availability and
growth opportunities, changes in the current market for (or
regulation of) firearm-related products, a reduction or loss of
product from a key supplier, disruption in product flow, seasonal
fluctuations, weather conditions, changes in cost of goods,
operating expense fluctuations, increases in labor and
benefit-related expense, changes in laws or regulations, including
those related to tariffs and duties, as well as environmental,
social and governance issues, public health issues (including those
caused by COVID-19 or any potential variants), impacts from civil
unrest or widespread vandalism, lower than expected profitability
of Big 5’s e-commerce platform or cannibalization of sales from Big
5’s existing store base which could occur as a result of operating
the e-commerce platform, litigation risks, stockholder campaigns
and proxy contests, risks related to Big 5’s historically leveraged
financial condition, changes in interest rates, credit
availability, higher expense associated with sources of credit
resulting from uncertainty in financial markets, our ability to
reverse valuation allowances on deferred tax assets, and economic
conditions in general. Those and other risks and uncertainties are
more fully described in Big 5’s filings with the Securities and
Exchange Commission, including its Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q. Big 5 conducts its business in a
highly competitive and rapidly changing environment. Accordingly,
new risk factors may arise. It is not possible for management to
predict all such risk factors, nor to assess the impact of all such
risk factors on Big 5’s business or the extent to which any
individual risk factor, or combination of factors, may cause
results to differ materially from those contained in any
forward-looking statement. Big 5 undertakes no obligation to revise
or update any forward-looking statement that may be made from time
to time by it or on its behalf.
Contact:
Big 5 Sporting Goods
Corporation Barry
EmersonExecutive Vice President and Chief Financial Officer(310)
536-0611
ICR, Inc.Jeff SonnekManaging Director(646)
277-1263
Big 5 Sporting Goods (NASDAQ:BGFV)
過去 株価チャート
から 12 2024 まで 1 2025
Big 5 Sporting Goods (NASDAQ:BGFV)
過去 株価チャート
から 1 2024 まで 1 2025