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About Big 5 Sporting Goods Corp (BGFV)
Big 5 Sporting Goods Corporation is a prominent specialty retailer in the sporting goods industry, catering to customers primarily in the Western United States. With a network of over 430 stores across 11 states, the company has established itself as a trusted destination for high-quality sporting goods and outdoor equipment. Its traditional store format, averaging approximately 11,000 square feet, offers a comprehensive and accessible shopping experience for individuals, families, and sports enthusiasts.
Core Business Model and Operations
Big 5 Sporting Goods operates exclusively as a sporting goods retailer, offering a diverse product mix that includes athletic shoes, apparel, and accessories, as well as equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, and seasonal activities. This broad product portfolio positions the company as a one-stop shop for customers seeking reliable and affordable sporting goods. The company generates revenue through direct sales at its brick-and-mortar locations and its e-commerce platform, which extends its reach to online shoppers.
The company’s operations are supported by a centralized distribution center located in Riverside, California. This facility plays a critical role in ensuring efficient inventory management and timely product delivery to its retail stores and online customers. By maintaining tight control over its supply chain, Big 5 is able to offer a consistent and reliable shopping experience.
Industry Context and Competitive Landscape
Big 5 Sporting Goods operates within the highly competitive sporting goods retail industry, which is characterized by a mix of large-scale national chains, niche specialty retailers, and e-commerce platforms. Key competitors include Dick’s Sporting Goods, Academy Sports + Outdoors, and online retailers like Amazon. Big 5 differentiates itself through its regional focus, offering tailored product assortments that cater to the specific needs and preferences of customers in its operating markets.
In addition to competition, the company faces challenges such as macroeconomic pressures that influence discretionary consumer spending. However, its strategic focus on providing a wide range of products at accessible price points helps it navigate these headwinds. By emphasizing quality, affordability, and convenience, Big 5 maintains its appeal to a broad customer base, from casual shoppers to dedicated sports enthusiasts.
Key Differentiators
- Regional Focus: Concentrated operations in the Western United States allow Big 5 to tailor its offerings to local market demands.
- Comprehensive Product Mix: The company offers a full spectrum of sporting goods, from athletic footwear and apparel to specialized equipment for outdoor and seasonal activities.
- Traditional Store Format: Its physical stores provide a hands-on shopping experience, enabling customers to explore products and make informed purchasing decisions.
- Efficient Supply Chain: The centralized distribution center ensures streamlined operations and consistent inventory availability.
Market Position and Outlook
As a mid-sized retailer, Big 5 occupies a unique position in the sporting goods market. It balances affordability and quality, appealing to value-conscious consumers while maintaining a robust product selection. The company’s emphasis on customer service, coupled with its strategic geographic focus, strengthens its competitive edge. While macroeconomic challenges may impact short-term performance, Big 5’s established presence and operational efficiency position it well for long-term stability.
Conclusion
Big 5 Sporting Goods Corp is a significant player in the sporting goods retail sector, combining a strong regional presence with a diverse product portfolio. Its traditional store format, supported by an efficient supply chain, enables it to meet the needs of a wide range of customers. By maintaining a focus on quality, affordability, and customer satisfaction, Big 5 continues to be a trusted name in the sporting goods industry.
Big 5 Sporting Goods (Nasdaq: BGFV) reported challenging financial results for Q4 and full year 2024. Q4 net sales declined to $181.6M from $196.3M year-over-year, with same-store sales dropping 6.1%. The company posted a Q4 net loss of $20.9M ($0.95 per share), compared to an $8.9M loss in Q4 2023.
For the full year 2024, net sales decreased to $795.5M from $884.7M in 2023, with same-store sales falling 9.4%. The annual net loss was $69.1M ($3.15 per share), including a $21.8M valuation allowance charge for deferred tax assets. Adjusted EBITDA turned negative at $36.7M for 2024, compared to positive $7.3M in 2023.
The company expects continued challenges in Q1 2025, projecting same-store sales to decline in the mid to high single digits and forecasting a net loss of $0.75-$0.85 per share. BGFV has reduced its store count to 414 locations and plans approximately seven additional closures in 2025.
Big 5 Sporting Goods (BGFV) has announced it will release its fourth quarter and full year fiscal 2024 financial results on Tuesday, February 25, 2025, after market close. The company will host a conference call at 2:00 p.m. Pacific Time on the same day to discuss the results.
Participants can join the call by dialing (877) 407-9039 in North America or (201) 689-8470 internationally. The call will also be broadcast live on the company's website. A replay will be available through March 4, 2025, via phone using passcode 13751710, and the webcast will be archived on the company's website for 30 days.
Big 5 Sporting Goods (NASDAQ: BGFV) reported Q4 2024 net sales of $181.6 million, down from $196.3 million in Q4 2023, with same-store sales declining 6.1%. Full-year 2024 sales were $795.5 million compared to $884.7 million in 2023, with a 9.4% same-store sales decrease.
The company expects Q4 2024 loss per share between $0.94-$0.97, including a $1.0 million ($0.04 per share) insurance settlement benefit. Full-year 2024 loss is projected at $3.14-$3.17 per share, including a $21.8 million valuation allowance charge.
Despite lower sales due to warm weather affecting winter product performance, the company achieved favorable gross margin and expense results. Merchandise margins decreased 23 basis points in Q4 and 34 basis points for the full year. Year-end cash balance was $5.4 million with $13.8 million in borrowings, while inventory decreased 4.1% year-over-year.
Big 5 Sporting Goods (Nasdaq: BGFV) has announced the renewal of its credit facility with Bank of America. The new five-year agreement, extending through December 2029, provides a secured revolving credit facility with committed availability of up to $150 million, with potential increases of up to $50 million for a total of $200 million. The facility's interest rates will be based on SOFR rates or Bank of America's prime rate, plus margins ranging from 1.75% to 2.125% for SOFR loans and 0.75% to 1.125% for base rate loans. This renewal aims to provide financial flexibility for the company's operations in the current retail environment.
Big 5 Sporting Goods reported Q3 2024 financial results with net sales of $220.6 million, down from $239.9 million in Q3 2023. Same-store sales decreased 7.5% year-over-year. The company recorded a net loss of $29.9 million, or $1.36 per basic share, including a $21.8 million non-cash charge for deferred tax assets. Gross profit margin declined to 29.1% from 33.2% in the prior year. For Q4 2024, the company expects same-store sales between positive and negative low single digits, with projected net loss per basic share of $0.80 to $1.05.
Big 5 Sporting Goods (Nasdaq: BGFV), a leading sporting goods retailer, has announced that it will release its third quarter fiscal 2024 financial results on Tuesday, October 29, 2024, after the market close. The company will host a conference call to discuss these results and provide additional details at 2:00 p.m. Pacific Time on the same day.
Participants in North America can dial (877) 407-9039, while international participants can dial (201) 689-8470 to access the call. The call will also be broadcast live over the Internet and accessible through the company's website at www.big5sportinggoods.com. A webcast replay will be available for 30 days, and a telephonic replay will be accessible through November 5, 2024, by calling (844) 512-2921 with the passcode 13749066.
Big 5 Sporting Goods (Nasdaq: BGFV) reported financial results for Q2 2024. Net sales were $199.8 million, down from $223.6 million in Q2 2023, with same-store sales decreasing 9.9%. The company reported a net loss of $10.0 million, or $0.46 per basic share, compared to a net loss of $0.3 million in Q2 2023. Gross profit margin decreased to 29.4% from 32.2% last year. The Board has suspended the quarterly cash dividend due to macroeconomic challenges. For Q3 2024, the company expects same-store sales to decrease in the mid-single-digit range and projects a net loss per basic share between $0.15 and $0.35.
Big 5 Sporting Goods (Nasdaq: BGFV), a leading sporting goods retailer, has announced that it will release its second quarter fiscal 2024 financial results on Tuesday, July 30, 2024, after the market close. The company will host a conference call at 2:00 p.m. Pacific Time on the same day to discuss the results and provide additional details.
Participants can access the call by dialing (877) 407-9039 in North America or (201) 689-8470 internationally. The call will also be broadcast live on the company's website at www.big5sportinggoods.com. A telephonic replay will be available through August 6, 2024, by calling (844) 512-2921 with passcode 13747712.
Big 5 Sporting Goods reported a decrease in net sales and same store sales for the fiscal 2024 first quarter compared to the prior year. The company's gross profit margin decreased, leading to a net loss of $8.3 million. Despite lower sales, the company managed to decrease selling and administrative expenses. The company declared a quarterly cash dividend of $0.05 per share and provided guidance for the fiscal 2024 second quarter, expecting a net loss per basic share in the range of $0.40 to $0.55.
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