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Jul 02, 2023
Big 5 Q2 2023 Earnings Report
Big 5 reported a net loss due to cool weather and macroeconomic pressures impacting consumer spending.
Key Takeaways
Big 5 Sporting Goods reported a decrease in net sales and same-store sales for the second quarter of fiscal 2023. Net sales were $223.6 million, compared to $253.8 million in the prior year. Same store sales decreased by 12.0%. The company reported a net loss of $0.3 million, or $0.01 per share, compared to a net income of $8.9 million, or $0.41 per share in the prior year.
Net sales decreased to $223.6 million compared to $253.8 million in the second quarter of fiscal 2022.
Same store sales decreased 12.0% compared to the second quarter of fiscal 2022.
Gross profit was $71.9 million, compared to $88.9 million in the prior year.
Net loss was $0.3 million, or $0.01 per basic share, compared to net income of $8.9 million, or $0.41 per diluted share in the prior year.
Big 5
Big 5
Forward Guidance
For the third quarter of fiscal 2023, the Company expects same store sales to decrease in the mid single-digit range compared to the fiscal 2022 third quarter. Fiscal 2023 third quarter earnings per share is expected in the range of $0.10 to $0.20, which compares to fiscal 2022 third quarter earnings per diluted share of $0.29.
Challenges Ahead
- Same store sales are expected to decrease in the mid single-digit range.
- Macroeconomic headwinds are expected to continue impacting discretionary consumer spending.
- Third quarter earnings per share are expected to be lower compared to the previous year.
- The company anticipates opening approximately two new stores and closing approximately four stores.
- The company expects macroeconomic headwinds will continue to impact discretionary consumer spending over the balance of the third quarter.