UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from _____________________ to ____________________ Commission file number: 000-49850 BIG 5 SPORTING GOODS CORPORATION (Exact name of registrant as specified in its charte ...

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were $175.6 million, down from $193.4 million in the prior year, with same-store sales decreasing by 7.8% compared to Q1 2024 [6] - Gross profit for Q1 2025 was $54.3 million, compared to $60.4 million in the same quarter last year, resulting in a gross profit margin of 30.9%, down from 31.2% [13] - The net loss for Q1 2025 was $17.3 million, or $0.78 per basic share, compared to a net loss of $8.3 million, or $0.38 per basic share in Q1 2024 [14] - EBITDA for Q1 2025 was negative $12 million, compared to negative EBITDA of $6.5 million in the prior year [15] Business Line Data and Key Metrics Changes - On a same-store basis, hard goods decreased by 4.7%, apparel declined by 8.7%, and footwear was down by 11.8% [7] - Transactions for the period were down 5.3%, and the average sale decreased by 2.5% [8] Market Data and Key Metrics Changes - Sales in January and February were particularly challenging due to unfavorable seasonal weather, resulting in winter-related sales down nearly 25% [6] - March same-store sales were flat compared to the prior year, benefiting from an approximate 300 basis point impact from the Easter calendar shift [7] Company Strategy and Development Direction - The company continues to optimize its store portfolio, closing eight stores in Q1 2025 and anticipating the closure of approximately seven additional stores throughout the year [10] - The company is focused on capitalizing on sales opportunities during high-volume periods such as Memorial Day and Father's Day, with healthy inventory levels prepared in advance of tariff impacts [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the fluidity of macroeconomic conditions and the uncertainty in the overall environment, emphasizing the need to monitor tariffs and their impact on the supply chain and consumer spending [12] - For Q2 2025, the company expects same-store sales to be down in the low to mid-single-digit range, reflecting ongoing macroeconomic headwinds [17] Other Important Information - Merchandise inventory at the end of Q1 2025 increased by 6.5% year over year, primarily due to earlier scheduling of spring and summer merchandise deliveries [15] - Capital expenditures for Q1 2025 totaled $1.7 million, with expectations for full-year CapEx in the range of $4 million to $7 million [16] Q&A Session Summary Question: What are the expectations for same-store sales in Q2 2025? - Management expects same-store sales to be down in the low to mid-single-digit range compared to Q2 2024, influenced by macroeconomic headwinds and calendar shifts [17] Question: How is the company managing inventory levels? - The company believes its inventory is well positioned to drive sales during the upcoming summer season, having received products in advance of tariff impacts [15]

Financial Data and Key Metrics Changes - Net sales for the first quarter were $175.6 million, down from $193.4 million in the prior year, with same store sales down 7.8% compared to the first quarter of fiscal 2024 [6][14] - Gross profit for the first quarter was $54.3 million, compared to $60.4 million in the first quarter of the prior year, with a gross profit margin of 30.9% compared to 31.2% last year [13] - Net loss for the first quarter was $17.3 million or $0.78 per basic share, compared to a net loss of $8.3 million or $0.38 per basic share in the first quarter last year [14][19] - EBITDA was negative $12 million for the first quarter, compared to negative EBITDA of $6.5 million in the first quarter last year [15] Business Line Data and Key Metrics Changes - On a same store basis, hard goods decreased 4.7%, apparel declined 8.7%, and footwear was down 11.8%, with apparel and footwear being most impacted by unfavorable weather comparisons [7] - Transactions for the period were down 5.3%, and the average sale was down 2.5% [8] Market Data and Key Metrics Changes - Sales in January and February were particularly difficult due to unfavorable seasonal weather comparisons, resulting in winter-related sales down nearly 25% [6] - Sales trended improved in March, with same store sales flat versus the prior year, benefiting from an approximate 300 basis point impact from the Easter calendar shift [7] Company Strategy and Development Direction - The company continues to optimize its store portfolio, closing eight stores in the first quarter and anticipating closing approximately seven additional stores over the remainder of the year [10] - The company is focused on capitalizing on sales opportunities around higher volume periods such as Memorial Day, Father's Day, and the start of summer [11] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions remain fluid, and they will continue to monitor tariffs and their impact on the supply chain and consumer spending [12] - For the second quarter, same store sales are expected to be down in the low to mid single-digit range, reflecting ongoing macroeconomic headwinds [18] Other Important Information - Merchandise inventory at the end of the first quarter increased 6.5% year over year, reflecting earlier scheduling of spring and summer merchandise deliveries [15] - Capital expenditures for the first quarter totaled $1.7 million, primarily for store-related remodeling and distribution center investments [16] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Exhibit 99.1 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 BIG 5 SPORTING GOODS CORPORATION ANNOUNCES FISCAL 2025 FIRST QUARTER RESULTS EL SEGUNDO, Calif., April 29, 2025 — 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 2025 first quarter ended March ...

Core Viewpoint - Big 5 Sporting Goods Corporation reported a decline in net sales and increased net loss for the first quarter of fiscal 2025, reflecting ongoing macroeconomic challenges affecting consumer discretionary spending [1][4]. Financial Performance - Net sales for Q1 2025 were $175.6 million, down from $193.4 million in Q1 2024, representing a decrease of 9.5% [1]. - Same store sales decreased by 7.8% in Q1 2025 compared to Q1 2024 [1]. - Gross profit was $54.3 million, down from $60.4 million year-over-year, with a gross profit margin of 30.9% compared to 31.2% in the prior year [2]. - Selling and administrative expenses decreased by $0.6 million year-over-year, but as a percentage of net sales, it increased to 40.3% from 36.9% due to lower sales [3]. - The net loss for Q1 2025 was $17.3 million, or $0.78 per basic share, compared to a net loss of $8.3 million, or $0.38 per basic share, in Q1 2024 [4]. - EBITDA was negative $12.0 million for Q1 2025, worsening from negative $6.5 million in the prior year [5]. Operational Insights - The company ended Q1 2025 with $30.9 million in borrowings under its $150.0 million credit facility and a cash balance of $3.9 million [7]. - Merchandise inventories increased by 6.5% compared to the prior year, indicating earlier timing of receipts [7]. - The company currently operates 414 stores, having closed eight stores in Q1 2025, with plans to close approximately seven more stores during the fiscal year [9]. Future Guidance - For Q2 2025, the company expects same store sales to decline in the low to mid-single digit range compared to Q2 2024, anticipating continued macroeconomic headwinds [8]. - The expected net loss per basic share for Q2 2025 is projected to be between $0.75 and $0.90, with no tax benefit anticipated for the period [8].

Company Overview - Big 5 Sporting Goods Corporation is a leading sporting goods retailer in the western United States, operating 414 stores under the "Big 5 Sporting Goods" name [4] - The company offers a full-line product offering in a traditional sporting goods store format, averaging 12,000 square feet [4] - Product mix includes athletic shoes, apparel, accessories, and a broad selection of outdoor and athletic equipment for various sports and recreational activities [4] Upcoming Financial Results - The company will announce first quarter fiscal 2025 financial results on April 29, 2025, after market close [1] - A conference call to discuss these results is scheduled for 2:00 p.m. Pacific Time on the same day [2] - The conference call will be accessible via phone and will also be broadcast live on the company's website [3]

Shares of Big 5 Sporting Goods Corporation (BGFV) have declined 17.8% since the company reported its earnings for the quarter ended Dec. 29, 2024. This compares to the S&P 500 index’s decline of 2.2% over the same time frame. Over the past month, the stock has declined 26.7% compared with the S&P 500’s 3.4% decline.See the Zacks Earnings Calendar to stay ahead of market-making news.The company incurred a net loss of 95 cents per share in the fourth quarter of fiscal 2024, wider than a loss of 41 cents per s ...

Financial Performance - Net sales for fiscal 2024 decreased by 10.1% to $795.5 million compared to $884.7 million for fiscal 2023, with a decline of 9.4% in same store sales[149] - Gross profit for fiscal 2024 was $234.5 million, representing 29.5% of net sales, down from 32.3% in fiscal 2023[149] - The net loss for fiscal 2024 was $69.1 million, or $3.15 per basic share, compared to a net loss of $7.1 million, or $0.33 per basic share, for fiscal 2023[149] - Same store sales decreased by $81.0 million, or 9.4%, in fiscal 2024, influenced by inflationary pressures and a reduction in store count[151] - Seasonal fluctuations in net sales and operating results can negatively impact financial performance, particularly in the fourth fiscal quarter[187] Expenses and Cash Flow - Selling and administrative expenses decreased by 2.2% to $290.1 million, or 36.5% of net sales, compared to 33.5% of net sales in fiscal 2023[149] - Operating cash flow for fiscal 2024 was a negative $11.4 million, down from a positive $18.5 million in the prior year[149] - Operating cash flows for fiscal 2024 were a negative $11.4 million, compared to a positive $18.5 million in fiscal 2023[158] - Cash on hand at the end of fiscal 2024 was $5.4 million, down from $9.2 million at the end of fiscal 2023[156] - Cash dividends paid in fiscal 2024 were $0.10 per share, down from $0.875 per share in fiscal 2023, reflecting the suspension of quarterly dividends in the second half of fiscal 2024[162] Store Operations - The company closed 11 stores in fiscal 2024, reducing the total store count to 422 from 430 in fiscal 2023[146] - The company anticipates closing approximately 15 stores in fiscal 2025, with no new store openings planned[146] - Future capital expenditures for fiscal 2025 are expected to range from $4.0 million to $8.0 million, with no new store openings anticipated and approximately 15 store closures planned[171] Capital Expenditures and Investments - Capital expenditures for fiscal 2024 slightly decreased to $10.9 million from $11.0 million in fiscal 2023[149] - Net cash used in investing activities for fiscal 2024 was $10.9 million, slightly down from $11.0 million in fiscal 2023, with capital expenditures primarily for store remodeling and new store openings[159] - Financing cash flows for fiscal 2024 were a positive $18.4 million, a significant improvement from a negative $23.9 million in fiscal 2023, mainly due to borrowings under the credit facility[160] Debt and Credit - As of December 29, 2024, the company had $13.8 million in revolving credit borrowings and $6.1 million in letter of credit commitments, compared to no borrowings and $2.0 million in commitments as of December 31, 2023[161] - The company expects to fund its cash requirements from cash on hand, operating cash flows, and borrowings from its credit facility for at least the next 12 months[172] Inventory and Impairment - Merchandise inventory valuation reserves totaled $2.7 million as of December 29, 2024, representing approximately 1% of merchandise inventory[178] - A 10% change in inventory valuation reserves would result in a change in reserves of $0.3 million and a corresponding change in pre-tax earnings[179] - Impairment charges recognized in fiscal 2024 and 2023 were $0.8 million and $0.6 million, respectively[186] - The company evaluates long-lived assets for impairment based on future undiscounted cash flows over the remaining lease term[182] - Impairment reviews are triggered by operating or cash flow losses combined with a history of such losses[181] Market Conditions and Pricing - Significant inflation in product costs was experienced in fiscal 2023 and 2024, affecting merchandise margins and operating results[188] - The company has generally been able to adjust selling prices in response to higher product purchase costs due to inflation[188] - Management's estimates of future cash flows involve assumptions about sales growth rates and operating performance[183] - Seasonal buying patterns influence merchandise and accounts payable levels, impacting cash flows[187] - The fair value of an ROU asset is determined using discounted cash flow valuation techniques[185] - The estimation of fair value for ROU assets is based on current market rental data from comparable retail locations[185]

Financial Data and Key Metrics Changes - Net sales for Q4 2024 were $181.6 million, down from $196.3 million in the prior year, with same-store sales decreasing by 6.1% [6][18] - Gross profit for Q4 2024 was $51.2 million, compared to $59.2 million in Q4 2023, resulting in a gross profit margin of 28.2%, down from 30.2% [15][17] - The net loss for Q4 2024 was $20.9 million or $0.95 per basic share, compared to a net loss of $8.9 million or $0.41 per basic share in Q4 2023 [17][19] - Adjusted EBITDA was negative $16.4 million in Q4 2024, compared to negative $8.7 million in the same quarter last year [18] Business Line Data and Key Metrics Changes - On a same-store basis, apparel sales declined by 1.3%, footwear by 5.4%, and hard goods by 8.7% [8] - Average sale decreased by 2.3%, while transactions were down by 3.8% [8] Market Data and Key Metrics Changes - The company faced macroeconomic headwinds affecting consumer discretionary spending, with winter-related product sales being particularly soft due to unfavorable weather conditions [7][12] - Southern markets experienced below-normal snowfall, impacting winter product sales [13] Company Strategy and Development Direction - The company plans to close 15 stores in fiscal 2025, having already closed eight locations in the first quarter, to focus resources on more productive stores [11] - Capital expenditures for fiscal 2024 were $10.9 million, with expectations for $4 million to $8 million in fiscal 2025, primarily for store-related remodeling [20] Management's Comments on Operating Environment and Future Outlook - Management indicated that sales trends remain challenged, with no improvement in macroeconomic conditions expected in the near term [12][23] - For Q1 2025, same-store sales are expected to decline in the mid to high single-digit range compared to Q1 2024 [23] Other Important Information - Merchandise inventory at the end of Q4 2024 decreased by 5.6% year-over-year, reflecting efforts to align inventory levels with sales [20] - The company amended and extended its $150 million credit agreement with Bank of America, providing financial flexibility [22] Q&A Session Summary Question: What are the expectations for same-store sales in the upcoming quarter? - Management expects same-store sales to decline in the mid to high single-digit range due to ongoing macroeconomic headwinds [23] Question: How is the company managing its inventory levels? - The company has successfully reduced inventory by 5.6% year-over-year to better align with sales [20] Question: What is the outlook for the winter business? - The winter business remains soft, particularly in southern markets, but spring-related activities are anticipated to drive business as the season transitions [12][13]

Sales Results - Big 5 Sporting Goods Corporation reported sales results for fiscal 2024 fourth quarter and full year ended December 29, 2024[4]. Earnings Guidance - The updated earnings guidance for fiscal 2024 fourth quarter and full year was provided in the press release[4]. Press Release Information - The press release is furnished as Exhibit 99.1 to the Current Report on Form 8-K[4].