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Sep 29, 2024
Big 5 Q3 2024 Earnings Report
Big 5 reported a net loss due to ongoing economic pressures and a non-cash charge for deferred tax assets.
Key Takeaways
Big 5 Sporting Goods Corporation reported a decrease in net sales and same-store sales for the third quarter of fiscal 2024. Net sales were $220.6 million, compared to $239.9 million for the third quarter of fiscal 2023. Same-store sales decreased by 7.5%. The company reported a net loss of $29.9 million, or $1.36 per basic share, which included a non-cash charge for the establishment of a valuation allowance related to deferred tax assets of $21.8 million.
Net sales for the third quarter were $220.6 million, a decrease from $239.9 million in the prior year.
Same-store sales decreased by 7.5% compared to the same quarter last year.
The company reported a net loss of $29.9 million, or $1.36 per basic share, including a non-cash charge for deferred tax assets.
Gross profit was $64.2 million, with a gross profit margin of 29.1%.
Forward 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 and expects fiscal 2024 fourth quarter net loss per basic share in the range of $0.80 to $1.05.
Positive Outlook
- Guidance anticipates that the Company will benefit from winter weather normalizing relative to last year when our winter product sales were down nearly 40% over the prior year period
Challenges Ahead
- 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.
- Expects fiscal 2024 fourth quarter net loss per basic share in the range of $0.80 to $1.05.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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