Big 5 Sporting Goods Corporation Announces Fiscal 2024 Fourth Quarter and Full Year Sales Results and Update of Earnings Guidance
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) ha riportato vendite nette per il Q4 2024 di $181.6 milioni, in calo rispetto ai $196.3 milioni del Q4 2023, con una diminuzione delle vendite comparabili del 6.1%. Le vendite totali per l'anno 2024 sono ammontate a $795.5 milioni, rispetto ai $884.7 milioni del 2023, con una diminuzione del 9.4% nelle vendite comparabili.
L'azienda prevede una perdita per azione per il Q4 2024 compresa tra $0.94 e $0.97, inclusi $1.0 milione di beneficio dall'accordo assicurativo ($0.04 per azione). La perdita totale per l'anno 2024 è stimata tra $3.14 e $3.17 per azione, comprendendo un addebito per svalutazione di $21.8 milioni.
Nonostante le vendite più basse a causa di un clima infelice che ha influenzato le prestazioni dei prodotti invernali, l'azienda ha ottenuto risultati favorevoli per il margine lordo e le spese. I margini della merce sono diminuiti di 23 punti base nel Q4 e di 34 punti base per l'intero anno. Il saldo di cassa di fine anno era di $5.4 milioni con $13.8 milioni in prestiti, mentre l'inventario è diminuito del 4.1% su base annua.
Big 5 Sporting Goods (NASDAQ: BGFV) reportó ventas netas en el Q4 2024 de $181.6 millones, una caída desde $196.3 millones en el Q4 2023, con ventas en tiendas comparables disminuyendo un 6.1%. Las ventas totales para el año 2024 fueron de $795.5 millones en comparación con $884.7 millones en 2023, con una disminución del 9.4% en ventas en tiendas comparables.
La compañía espera una pérdida por acción para el Q4 2024 entre $0.94 y $0.97, incluida una compensación de $1.0 millón ($0.04 por acción) por un acuerdo de seguro. Se proyecta una pérdida para el año completo 2024 de entre $3.14 y $3.17 por acción, incluyendo un cargo por ajuste de valoración de $21.8 millones.
A pesar de las ventas más bajas debido al clima cálido que afectó el rendimiento de los productos de invierno, la compañía logró resultados favorables en margen bruto y gastos. Los márgenes de mercancía disminuyeron en 23 puntos base en el Q4 y 34 puntos base para el año completo. El saldo de efectivo al final del año era de $5.4 millones con $13.8 millones en préstamos, mientras que el inventario disminuyó un 4.1% interanual.
Big 5 Sporting Goods (NASDAQ: BGFV)는 2024년 4분기 순매출이 1억 8,160만 달러로 2023년 4분기 1억 9,630만 달러에서 감소했으며, 동일 매장 매출이 6.1% 감소했습니다. 2024년 전체 매출은 7억 9,550만 달러로 2023년 8억 8,470만 달러보다 감소했으며, 동일 매장 매출은 9.4% 감소했습니다.
회사는 2024년 4분기 주당 손실을 0.94-0.97달러로 예상하고 있으며, 여기에는 100만 달러(주당 0.04달러) 보험 합의 혜택이 포함됩니다. 2024년 전체 손실은 주당 3.14-3.17달러로 예상되며, 여기에는 2,180만 달러의 평가 충당금이 포함됩니다.
겨울 제품의 성과에 영향을 미친 따뜻한 날씨로 인해 판매가 감소했음에도 불구하고, 회사는 유리한 총 마진 및 비용 결과를 달성했습니다. 상품 마진은 4분기 23bps, 전체 연도에 대해 34bps 감소했습니다. 연말 현금 잔고는 540만 달러였고 1,380만 달러의 차입금이 있었으며, 재고는 전년 대비 4.1% 감소했습니다.
Big 5 Sporting Goods (NASDAQ: BGFV) a rapporté des ventes nettes de 181,6 millions de dollars pour le 4e trimestre 2024, en baisse par rapport à 196,3 millions de dollars au 4e trimestre 2023, avec une diminution des ventes dans les mêmes magasins de 6,1%. Les ventes totales pour l'année 2024 se sont élevées à 795,5 millions de dollars contre 884,7 millions de dollars en 2023, avec une baisse de 9,4% des ventes comparables.
L'entreprise s'attend à une perte par action pour le 4e trimestre 2024 comprise entre 0,94 et 0,97 dollar, y compris un bénéfice de règlement d'assurance d'un million de dollars (0,04 dollar par action). La perte pour l'année entière 2024 est projetée entre 3,14 et 3,17 dollars par action, y compris une charge de provision de 21,8 millions de dollars.
Malgré des ventes plus faibles en raison d'un temps chaud affectant les produits d'hiver, l'entreprise a obtenu des résultats favorables en termes de marge brute et de dépenses. Les marges sur les marchandises ont diminué de 23 points de base au 4e trimestre et de 34 points de base pour l'ensemble de l'année. Le solde de trésorerie en fin d'année était de 5,4 millions de dollars avec 13,8 millions de dollars en emprunts, tandis que les stocks ont diminué de 4,1% d'une année sur l'autre.
Big 5 Sporting Goods (NASDAQ: BGFV) berichtete für das 4. Quartal 2024 einen Nettoumsatz von 181,6 Millionen US-Dollar, ein Rückgang von 196,3 Millionen US-Dollar im 4. Quartal 2023, mit einem Rückgang der same-store Verkaufszahlen von 6,1%. Der Gesamtumsatz für das Jahr 2024 betrug 795,5 Millionen US-Dollar im Vergleich zu 884,7 Millionen US-Dollar im Jahr 2023, mit einem Rückgang der same-store Verkaufszahlen um 9,4%.
Das Unternehmen erwartet für das 4. Quartal 2024 einen Verlust pro Aktie zwischen 0,94 und 0,97 US-Dollar, einschließlich eines Versicherungsertrags von 1,0 Millionen US-Dollar (0,04 US-Dollar pro Aktie). Der Verlust für das gesamte Jahr 2024 wird auf 3,14 bis 3,17 US-Dollar pro Aktie geschätzt, einschließlich eines Rückstellungen von 21,8 Millionen US-Dollar.
Trotz sinkender Umsätze aufgrund des warmen Wetters, das die Leistung der Winterprodukte beeinträchtigte, erzielte das Unternehmen günstige Ergebnisse bei der Bruttomarge und den Aufwendungen. Die Warenmargen sanken im 4. Quartal um 23 Basispunkte und für das gesamte Jahr um 34 Basispunkte. Der Kassenbestand zum Jahresende betrug 5,4 Millionen US-Dollar bei 13,8 Millionen US-Dollar an Krediten, während der Lagerbestand im Jahresvergleich um 4,1% sank.
- Fourth consecutive quarter of sequential improvement in year-over-year sales trends
- Favorable performance in gross margin and expenses relative to plan
- 4.1% reduction in merchandise inventories year-over-year
- $1.0 million insurance settlement benefit
- Q4 2024 net sales declined 7.5% to $181.6 million
- Same store sales decreased 6.1% in Q4 2024
- Full year 2024 sales dropped 10.1% to $795.5 million
- Merchandise margins decreased 23 basis points in Q4
- Expected Q4 loss per share of $0.94-$0.97
- Full year loss per share expected at $3.14-$3.17
- $21.8 million valuation allowance charge for deferred tax assets
- $13.8 million in credit facility borrowings
Insights
The Q4 2024 results paint a concerning picture for Big 5 Sporting Goods. Net sales declined by
The company's financial health raises red flags. With only
The sequential improvement in quarterly same-store sales, while notable, is overshadowed by the broader negative trends. The warm weather impact on winter product sales reveals vulnerability to seasonal factors, while the core business continues to struggle with macroeconomic headwinds affecting consumer spending.
The sporting goods sector's competitive dynamics are clearly pressuring BGFV's market position. The
The company's challenges extend beyond weather-related issues. The persistent decline in merchandise margins, despite inventory management efforts, suggests pricing pressure and possible market share erosion. The southern tier's performance particularly highlights the need for a more weather-resilient product mix and possibly a strategic review of the geographic footprint.
Think of BGFV like a ship taking on water - while the crew is managing to slow the leak (sequential improvement in same-store sales), they're still below the waterline (negative growth and margins). The
EL SEGUNDO, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) -- 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
For the fiscal 2024 full year, net sales were
For the fiscal 2024 fourth quarter, the Company now expects to report a loss per basic share in the range of
For the fiscal 2024 full year, the Company now expects to report a loss per basic share in the range of
The Company ended the 2024 fiscal year with a cash balance of
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 Emerson
Executive Vice President and Chief Financial Officer
(310) 536-0611
ICR, Inc.
Jeff Sonnek
Managing Director
(646) 277-1263
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