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Mar 29, 2020
Big 5 Q1 2020 Earnings Report
Big 5 reported first quarter results impacted by temporary store closures due to COVID-19.
Key Takeaways
Big 5 Sporting Goods Corporation reported a net loss of $4.6 million for the first quarter of fiscal 2020, with net sales decreasing to $217.7 million compared to $245.3 million in the same quarter last year. The company experienced a 10.8% decrease in same-store sales due to the impact of COVID-19, which forced temporary closures of approximately half of its stores during the last ten days of the quarter.
Net sales decreased to $217.7 million from $245.3 million year-over-year.
Same store sales decreased 10.8% compared to a 4.6% increase in the prior year.
Net loss was $4.6 million, or $0.22 per basic share, compared to net income of $1.7 million, or $0.08 per diluted share, in the first quarter of fiscal 2019.
Company suspended its quarterly cash dividend to enhance financial flexibility during the COVID-19 pandemic.
Forward Guidance
Due to the disruption from COVID-19 on the Company’s store operations and the uncertainty related to its duration and impact on consumers, the Company is not providing guidance for its fiscal 2020 second quarter at this time other than the quarter-to-date information discussed above.
Historical Earnings Impact
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