Big 5 Sporting Goods Corporation Announces Fiscal 2024 Third Quarter Results
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 ha riportato i risultati finanziari del terzo trimestre 2024, con vendite nette di 220,6 milioni di dollari, in calo rispetto ai 239,9 milioni di dollari del terzo trimestre 2023. Le vendite negli stessi negozi sono diminuite del 7,5% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 29,9 milioni di dollari, ovvero 1,36 dollari per azione ordinaria, compresa una spesa non monetaria di 21,8 milioni di dollari per crediti d'imposta differiti. Il margine di profitto lordo è diminuido al 29,1% rispetto al 33,2% dell'anno precedente. Per il quarto trimestre 2024, l'azienda si aspetta vendite negli stessi negozi tra il positivo e il negativo a bassa cifra singola, con una perdita netta prevista per azione ordinaria di 0,80 a 1,05 dollari.
Big 5 Sporting Goods reportó los resultados financieros del tercer trimestre de 2024, con ventas netas de 220.6 millones de dólares, en comparación con 239.9 millones de dólares en el tercer trimestre de 2023. Las ventas en las mismas tiendas disminuyeron un 7.5% año con año. La compañía registró una pérdida neta de 29.9 millones de dólares, o 1.36 dólares por acción básica, incluyendo un cargo no monetario de 21.8 millones de dólares por activos fiscales diferidos. El margen de beneficio bruto cayó al 29.1% desde el 33.2% del año anterior. Para el cuarto trimestre de 2024, la compañía espera ventas en las mismas tiendas entre dígitos bajos positivos y negativos, con una pérdida neta proyectada por acción básica de 0.80 a 1.05 dólares.
빅 5 스포츠 용품은 2024년 3분기 재무 결과를 발표했으며, 순매출이 2억 2천 6백만 달러로, 2023년 3분기의 2억 3천 9백만 달러에서 감소했습니다. 동일 매장 매출은 전년 대비 7.5% 감소했습니다. 이 회사는 순손실 2천 9백 9십만 달러를 기록했으며, 기본 주식당 1.36달러의 손실을 포함하여, 2천 1백 8십만 달러의 자산 세금 이연 비용을 포함합니다. 총 이익률은 전년의 33.2%에서 29.1%로 감소했습니다. 2024년 4분기에는 동일 매장 매출이 저조한 단일 숫자 범위에서 긍정적이거나 부정적으로 있을 것으로 예상하며, 기본 주식당 예상 순손실은 0.80 ~ 1.05달러입니다.
Big 5 Sporting Goods a publié les résultats financiers pour le troisième trimestre de 2024, avec des ventes nettes de 220,6 millions de dollars, en baisse par rapport à 239,9 millions de dollars au troisième trimestre 2023. Les ventes en magasins comparables ont diminué de 7,5 % d'une année sur l'autre. L'entreprise a enregistré une perte nette de 29,9 millions de dollars, soit 1,36 dollar par action ordinaire, incluant une charge non monétaire de 21,8 millions de dollars pour les actifs d'impôt différés. La marge brute de profit a reculé à 29,1 % contre 33,2 % l'année précédente. Pour le quatrième trimestre de 2024, l'entreprise prévoit des ventes en magasins comparables entre des chiffres positifs et négatifs à un chiffre bas, avec une perte nette projetée par action ordinaire de 0,80 à 1,05 dollar.
Big 5 Sporting Goods hat die Finanzberichte für das dritte Quartal 2024 veröffentlicht, mit Nettoverkaufszahlen von 220,6 Millionen Dollar, ein Rückgang von 239,9 Millionen Dollar im dritten Quartal 2023. Die Umsätze in vergleichbaren Geschäften sanken im Jahresvergleich um 7,5%. Das Unternehmen verzeichnete einen Nettoverlust von 29,9 Millionen Dollar, was 1,36 Dollar pro Stammaktie entspricht, einschließlich einer nicht monetären Belastung von 21,8 Millionen Dollar für aufgeschobene Steueransprüche. Die Bruttomarge sank von 33,2% auf 29,1% im Vergleich zum Vorjahr. Für das vierte Quartal 2024 erwartet das Unternehmen, dass die Verkäufe in vergleichbaren Geschäften zwischen positiven und negativen einstelligen Ziffern liegen, mit einem prognostizierten Nettoverlust pro Stammaktie von 0,80 bis 1,05 Dollar.
- Sequential improvement in same-store sales each quarter in 2024
- Selling and administrative expenses decreased by $1.6 million from prior year
- Inventory levels decreased by 8.7% compared to prior year
- No borrowings under credit facility at quarter end
- Net sales declined 8% to $220.6 million in Q3 2024
- Same-store sales decreased 7.5% in Q3 2024
- Gross profit margin dropped to 29.1% from 33.2%
- Net loss of $29.9 million compared to net income of $1.9 million in Q3 2023
- Negative Adjusted EBITDA of $5.1 million vs positive $7.4 million in prior year
- Cash balance decreased to $4.0 million from $17.9 million year-over-year
Insights
Big 5's Q3 results reveal significant challenges, with
The
The ongoing consumer discretionary spending pressure is manifesting in Big 5's performance metrics. While sequential quarterly improvement in same-store sales provides a glimmer of hope, the
Store optimization efforts, including multiple closures, suggest a strategic pivot to rightsize operations. However, with zero credit facility borrowings and dwindling cash reserves (
EL SEGUNDO, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq: BGFV) (the “Company,” “we,” “our,” “us,” “Big 5”), a leading sporting goods retailer, today reported financial results for the fiscal 2024 third quarter ended September 29, 2024.
“Our third quarter performance reflected the impact of ongoing economic pressures on consumer discretionary spending,” commented Steven G. Miller, Chairman, President and CEO. “Despite these challenges, we’re encouraged by the fact that we have seen sequential improvement in same store sales each quarter this year and we continue to see that trend early in the fourth quarter as well. With this positive trajectory in our sales and our enhanced promotional plans and product assortment, we are optimistic about the potential of the approaching holiday season. That said, we are mindful of how inflation continues to strain consumers’ budgets and of the multitude of distractions that are impacting consumer purchasing decisions in the near-term. Throughout this prolonged period of uncertainty, we have been steadfast in our commitment to inventory management and cost control, which we believe has fortified our ability to navigate ongoing market conditions while creating opportunities to capitalize on any favorable macroeconomic shifts.”
Net sales for the fiscal 2024 third quarter were
Gross profit for the fiscal 2024 third quarter was
Overall selling and administrative expense for the quarter decreased by
Net loss for the third quarter of fiscal 2024 was
For the 39-week period ended September 29, 2024, net sales were
Adjusted EBITDA was a negative
Balance Sheet
The Company ended the 2024 fiscal third quarter with no borrowings under its credit facility and a cash balance of
Fourth Quarter Guidance
For the fiscal 2024 fourth quarter, the Company expects same store sales in the range of positive low single digits to negative low single digits compared to the fiscal 2023 fourth quarter. The Company’s same store sales guidance reflects an expectation that macroeconomic headwinds will continue to impact discretionary consumer spending over the balance of the fourth quarter. Guidance also anticipates that the Company will benefit from winter weather normalizing relative to last year when our winter product sales were down nearly
Store Openings
The Company currently has 423 stores in operation, reflecting six store closures in the 2024 first quarter, two store closures in the 2024 third quarter, and two store closures in the 2024 fourth quarter to date as part of the Company’s ongoing efforts to optimize its store base, as well as one store opening in the 2024 second quarter, one store opening in the 2024 third quarter, and one store opening in the 2024 fourth quarter to date. During the remainder of fiscal 2024, the Company expects to close approximately one additional store.
Conference Call Information
The Company will host a conference call to discuss these results and provide additional comments and details. The conference call is scheduled to begin at 2:00 p.m. Pacific Time on Tuesday, October 29, 2024. To access the conference call, participants in North America may dial (877) 407-9039 and international participants may dial (201) 689-8470. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time.
In addition, the call will be broadcast live over the Internet and accessible through the Company's website at www.big5sportinggoods.com. Visitors to the website should select the “Investor Relations” link to access the webcast. The webcast will be archived and accessible on the same website for 30 days following the call. A telephonic replay will be available through Tuesday, November 5, 2024, by calling (844) 512-2921 to access the playback; the passcode is 13749066.
About Big 5 Sporting Goods Corporation
Big 5 is a leading sporting goods retailer in the western United States, currently operating 423 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.
Non-GAAP Financial Measures
In addition to reporting our financial results in accordance with generally accepted accounting principles ("GAAP"), we are providing non-GAAP earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) and any other adjustments (“Adjusted EBITDA”). EBITDA and Adjusted EBITDA are not prepared in accordance with GAAP and exclude certain items presented below. We use EBITDA and Adjusted EBITDA internally for forecasting purposes and as factors to evaluate our operating performance. We believe that Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of core operating results and business outlook. While we believe that EBITDA and Adjusted EBITDA can be useful to investors in evaluating our period-to-period operating results, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. In addition, our definition or calculation of these non-GAAP measures may differ from similarly titled measures used by other companies, limiting the usefulness of this financial measure for comparison to other companies. We believe the GAAP measure that is most comparable to non-GAAP EBITDA and Adjusted EBITDA is net income, and a reconciliation of our non-GAAP EBITDA and Adjusted EBITDA to GAAP net income is provided below.
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||
| Sept. 29, 2024 | Oct. 1, 2023 | Sept. 29, 2024 | Oct. 1, 2023 | ||||||||||||||||
| (In Thousands) | |||||||||||||||||||
| GAAP net (loss) income (as reported) | $ | (29,901) | $ | 1,858 | $ | (48,191) | $ | 1,769 | |||||||||||
| + Interest expense (income) (as reported) | 187 | (95) | 392 | (265) | |||||||||||||||
| + Income tax expense (as reported) | 18,886 | 1,220 | 12,487 | 987 | |||||||||||||||
| + Depreciation and amortization (as reported) | 5,058 | 4,524 | 14,343 | 13,665 | |||||||||||||||
| EBITDA | $ | (5,770) | $ | 7,507 | $ | (20,969) | $ | 16,156 | |||||||||||
| + Store asset impairment | 663 | — | 663 | — | |||||||||||||||
| - Extinguishment of certain real estate-related liabilities | — | (1,638) | — | (1,638) | |||||||||||||||
| + Legal settlement provision | — | 1,500 | — | 1,500 | |||||||||||||||
| Adjusted EBITDA | $ | (5,107) | $ | 7,369 | $ | (20,306) | $ | 16,018 | |||||||||||
FINANCIAL TABLES FOLLOW
| BIG 5 SPORTING GOODS CORPORATION | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (Unaudited) | ||||||
| (In thousands, except share amounts) | ||||||
| September 29, 2024 | December 31, 2023 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash | $ | 3,991 | $ | 9,201 | ||
| Accounts receivable, net of allowances of | 9,644 | 9,163 | ||||
| Merchandise inventories, net | 265,984 | 275,759 | ||||
| Prepaid expenses | 9,235 | 16,052 | ||||
| Total current assets | 288,854 | 310,175 | ||||
| Operating lease right-of-use assets, net | 260,572 | 253,615 | ||||
| Property and equipment, net | 54,081 | 58,595 | ||||
| Deferred income taxes | — | 13,427 | ||||
| Other assets, net of accumulated amortization of | 8,307 | 8,871 | ||||
| Total assets | $ | 611,814 | $ | 644,683 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 64,395 | $ | 55,201 | ||
| Accrued expenses | 60,260 | 61,283 | ||||
| Current portion of operating lease liabilities | 69,939 | 70,372 | ||||
| Current portion of finance lease liabilities | 3,758 | 3,843 | ||||
| Total current liabilities | 198,352 | 190,699 | ||||
| Operating lease liabilities, less current portion | 202,049 | 191,178 | ||||
| Finance lease liabilities, less current portion | 9,462 | 11,856 | ||||
| Other long-term liabilities | 6,129 | 6,536 | ||||
| Total liabilities | 415,992 | 400,269 | ||||
| Commitments and contingencies | ||||||
| Stockholders' equity: | ||||||
| Common stock, | ||||||
| 26,747,617 shares, respectively; outstanding 22,699,800 and 22,440,362 shares, respectively | 269 | 267 | ||||
| Additional paid-in capital | 130,553 | 128,737 | ||||
| Retained earnings | 119,257 | 169,667 | ||||
| Less: Treasury stock, at cost; 4,307,255 shares | (54,257) | (54,257) | ||||
| Total stockholders' equity | 195,822 | 244,414 | ||||
| Total liabilities and stockholders' equity | $ | 611,814 | $ | 644,683 | ||
| BIG 5 SPORTING GOODS CORPORATION | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | |||||||||||
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | |||||||||
| Net sales | $ | 220,598 | $ | 239,889 | $ | 613,849 | $ | 688,395 | ||||
| Cost of sales | 156,387 | 160,331 | 430,516 | 461,790 | ||||||||
| Gross profit | 64,211 | 79,558 | 183,333 | 226,605 | ||||||||
| Selling and administrative expense | 75,039 | 76,575 | 218,645 | 224,114 | ||||||||
| Operating (loss) income | (10,828) | 2,983 | (35,312) | 2,491 | ||||||||
| Interest expense (income) | 187 | (95) | 392 | (265) | ||||||||
| (Loss) income before income taxes | (11,015) | 3,078 | (35,704) | 2,756 | ||||||||
| Income tax expense | 18,886 | 1,220 | 12,487 | 987 | ||||||||
| Net (loss) income | $ | (29,901) | $ | 1,858 | $ | (48,191) | $ | 1,769 | ||||
| (Loss) earnings per share: | ||||||||||||
| Basic | $ | (1.36) | $ | 0.09 | $ | (2.20) | $ | 0.08 | ||||
| Diluted | $ | (1.36) | $ | 0.08 | $ | (2.20) | $ | 0.08 | ||||
| Weighted-average shares of common stock outstanding: | ||||||||||||
| Basic | 22,000 | 21,801 | 21,929 | 21,731 | ||||||||
| Diluted | 22,000 | 22,045 | 21,929 | 22,003 | ||||||||
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
FAQ
What was Big 5 Sporting Goods (BGFV) same-store sales performance in Q3 2024?
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