Core Insights - Big 5 Sporting Goods Corporation reported a decline in net sales for both the fourth quarter and full year of fiscal 2024, attributed to weaker winter product sales due to warmer weather conditions [2][3] - The company anticipates reporting a loss per basic share for the fourth quarter in the range of $0.94 to $0.97, which is an update from previous guidance [4] - For the full year, the expected loss per basic share is projected to be between $3.14 and $3.17, including a non-cash charge related to deferred tax assets [5] Financial Performance - For the fiscal 2024 fourth quarter, net sales were $181.6 million, down from $196.3 million in the same quarter of fiscal 2023, with same store sales decreasing by 6.1% [2] - For the full year of fiscal 2024, net sales totaled $795.5 million, compared to $884.7 million in fiscal 2023, with same store sales down 9.4% [3] - Merchandise margins decreased by 23 basis points in the fourth quarter and 34 basis points for the full year compared to the prior periods [2][3] Cash Position and Borrowings - At the end of fiscal 2024, the company had a cash balance of $5.4 million and borrowings of $13.8 million under a $150 million credit facility with Bank of America [6] - Merchandise inventories decreased by 4.1% compared to the end of the previous fiscal year [6] Company Overview - Big 5 operates 418 stores in the western United States, offering a full-line product range in a traditional sporting goods store format averaging 12,000 square feet [7]

Core Viewpoint - Big 5 Sporting Goods Corporation has entered into an agreement to amend and extend its credit facility with Bank of America, which is expected to provide financial flexibility in the current retail environment and for long-term operations [1][2]. Financial Agreement Details - The new Loan Agreement has a five-year term maturing in December 2029 and includes a secured revolving credit facility with committed availability of up to $150 million [2]. - The Company can request additional increases in availability of up to $50 million, leading to a total potential availability of $200 million [2]. - Interest on loans will be based on SOFR rates or a specified base rate, with margins ranging from 1.75% to 2.125% for SOFR loans and 0.75% to 1.125% for base rate loans, subject to interest rate floors of zero [2]. Company Overview - Big 5 operates 422 stores in the western United States, offering a full-line product mix including athletic shoes, apparel, accessories, and outdoor and athletic equipment [4]. - The average store size is approximately 12,000 square feet, catering to various sports and recreational activities [4].

Core Viewpoint - Zacks Investment Research has initiated coverage of Big 5 Sporting Goods Corporation (BGFV) with an "Underperform" rating, highlighting various financial and operational challenges that may affect the company's long-term outlook [1] Financial Performance - Big 5's sales have decreased by 10.8% in the first nine months of 2024, primarily due to ongoing inflation impacting consumer spending on non-essential items [2] - Same-store sales fell by 10.2%, and gross profit margins declined from 32.9% to 29.9% as a result of aggressive discounting strategies aimed at attracting price-sensitive customers [2] Operational Challenges - Rising store occupancy and distribution expenses increased by $4.1 million in the first nine months of 2024, which diminishes Big 5's operational flexibility amid declining sales [3] - The competitive landscape has shifted, with digital-first and omnichannel players gaining market share, putting Big 5 at a disadvantage due to its traditional retail model and limited e-commerce presence [4] Strategic Responses - In response to these challenges, Big 5 has implemented cost-control measures, including an 8.7% reduction in inventory and plans to close 11 stores by year-end [5] - However, these measures may restrict revenue potential if demand unexpectedly rebounds, and the company's cash reserves have dwindled to $4 million as of September 29, 2024, indicating financial strain [5] Competitive Position - Despite the pressures, Big 5's strong regional presence in the Western United States provides a competitive edge, particularly in areas with steady demand for outdoor activities and recreational sports [6] - The company has an extensive supplier network of over 600 vendors, allowing for sourcing flexibility and reducing reliance on any single supplier [6] Market Sentiment - Big 5's share price has significantly declined, reflecting investor concerns regarding the company's ability to navigate a competitive and inflationary environment [7] - The stock's valuation is notably below that of industry peers, indicating that the market has largely accounted for the company's operational challenges and limited growth potential [7] Future Outlook - The combination of declining sales, margin erosion, rising operational costs, intensified competition, and liquidity constraints presents substantial challenges for Big 5's future performance [8] - While the company's strong brand presence and focus on seasonal demand offer some resilience, the underlying risks suggest a potentially difficult path ahead [8]

Financial Performance - Net sales for the 13 weeks ended September 29, 2024, were $220,598,000, a decrease of 8.0% compared to $239,889,000 for the same period in 2023[7]. - Gross profit for the 39 weeks ended September 29, 2024, was $183,333,000, down 19.1% from $226,605,000 in the prior year[7]. - The company reported a net loss of $29,901,000 for the 13 weeks ended September 29, 2024, compared to a net income of $1,858,000 for the same period in 2023[7]. - For the 39 weeks ended September 29, 2024, the net loss was $48,191 thousand compared to a net income of $1,769 thousand for the same period in the previous year[11]. - Basic loss per share for the 13 weeks ended September 29, 2024, was $(1.36), compared to earnings of $0.09 per share for the same period in 2023[7]. - The Company reported a basic loss per share of $(1.36) for the third quarter of fiscal 2024, compared to a profit of $0.09 in the same quarter of fiscal 2023[63]. Assets and Liabilities - Total current assets decreased to $288,854,000 as of September 29, 2024, from $310,175,000 as of December 31, 2023, reflecting a decline of 6.9%[5]. - Total liabilities increased to $415,992,000 as of September 29, 2024, compared to $400,269,000 as of December 31, 2023, representing a rise of 3.9%[5]. - The company’s total assets decreased to $611,814,000 as of September 29, 2024, from $644,683,000 as of December 31, 2023, a decline of 5.1%[5]. - The company’s retained earnings decreased to $119,257,000 as of September 29, 2024, down 29.7% from $169,667,000 as of December 31, 2023[5]. Cash Flow and Investments - Net cash provided by operating activities was $9,128 thousand, a decrease of 56.6% from $21,064 thousand in the prior year[11]. - Cash and cash equivalents at the end of the period were $3,991 thousand, a significant decrease from $17,870 thousand at the end of the previous year[11]. - The company reported a net cash used in investing activities of $8,827 thousand, compared to $8,186 thousand in the prior year[11]. Sales and Revenue - Total net sales for the 39 weeks ended September 29, 2024, were $613,849 thousand, down 10.8% from $688,395 thousand in the previous year[26]. - Hardgoods sales decreased to $335,462 thousand from $375,105 thousand, representing a decline of 10.6% year-over-year[26]. - Athletic and sport footwear sales fell to $153,349 thousand, down 10.0% from $170,397 thousand in the prior year[26]. Expenses - Selling and administrative expenses for the 39 weeks ended September 29, 2024, were $218,645,000, slightly down from $224,114,000 in the previous year[7]. - Occupancy expenses increased to $10.22 million as of September 29, 2024, from $8.66 million as of December 31, 2023[45]. - Total accrued expenses were $60.26 million as of September 29, 2024, compared to $61.28 million as of December 31, 2023[45]. Leases and Commitments - The current portion of operating lease liabilities was $69,939,000 as of September 29, 2024, compared to $70,372,000 as of December 31, 2023, indicating a minor decrease[5]. - Total lease expense for the 13 weeks ended September 29, 2024, was $27,173,000, compared to $26,870,000 for the same period in 2023, reflecting an increase of 1.1%[49]. - The Company had outstanding letter of credit commitments of $5.2 million as of September 29, 2024, compared to $2.0 million as of December 31, 2023[58]. Share-Based Compensation - The Company recognized $0.7 million in share-based compensation expense for the 13 weeks ended September 29, 2024, compared to $2.1 million for the same period in fiscal 2023[69]. - The Company granted 272,000 share option awards in the first nine months of fiscal 2024, with a weighted-average grant-date fair value of $2.52 per share option award[71]. - The total fair value of nonvested share awards that vested during the first nine months of fiscal 2024 was $1.0 million, down from $2.0 million in the same period of fiscal 2023[77]. Accounting and Compliance - The Company expects to adopt new accounting standards updates by December 29, 2024, which may impact future financial disclosures[19]. - The interim financial information has been reviewed and found to conform with accounting principles generally accepted in the United States[81]. - The consolidated balance sheet as of December 31, 2023, was previously audited and expressed an unqualified opinion, indicating fair presentation in all material respects[82].

Financial Data and Key Metrics Changes - Net sales for Q3 2024 were $220.6 million, down from $239.9 million in the prior year, with same-store sales decreasing by 7.5% [5][12] - Gross profit for Q3 2024 was $64.2 million, compared to $79.6 million in Q3 2023, resulting in a gross profit margin of 29.1% versus 33.2% in the prior year [12] - Net loss for Q3 2024 was $29.9 million or $1.36 per basic share, compared to a net income of $1.9 million or $0.08 per diluted share in Q3 2023 [13][14] - Adjusted EBITDA was negative $5.1 million for Q3 2024, compared to positive EBITDA of $7.4 million in the same quarter last year [14] Business Line Data and Key Metrics Changes - Apparel and footwear categories were down approximately 9%, while hard goods decreased by approximately 6% [6] - Average ticket remained stable with a low single-digit decline, while transaction count was down mid-single digits [6] Market Data and Key Metrics Changes - Inventory levels at the end of Q3 2024 were down 8.7% year-over-year, reflecting efforts to align inventories with sales performance [7][15] - Same-store sales for the first nine months of 2024 decreased by 10.2% compared to the same period last year [14] Company Strategy and Development Direction - The company is adjusting its promotional strategy ahead of Thanksgiving to stimulate sales during a traditionally slow period [8] - Plans to open 3 new stores and close 11 stores as part of optimizing the store base, resulting in 422 stores by year-end [16] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing economic headwinds affecting consumer spending and anticipates same-store sales in Q4 2024 to range from positive low single digits to negative low single digits [7][18] - The company expects to benefit from more normalized weather conditions compared to the previous year, which had significantly impacted winter-related product sales [8][18] Other Important Information - Selling and administrative expenses decreased by $1.6 million year-over-year, but as a percentage of net sales, it increased to 34% in Q3 2024 from 31.9% in Q3 2023 [12][13] - The balance sheet remains healthy with no borrowings under the credit facility and a cash balance of $4 million [17] Summary of Q&A Session - The Q&A session concluded without specific questions or answers being documented in the provided content [21]

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 2024 THIRD QUARTER RESULTS EL SEGUNDO, Calif., October 29, 2024 — 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 Sep ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value BGFV The Nasdaq Stock Market LLC 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 June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from _____________________ t ...

Big 5 Sporting Goods Corporation (NASDAQ:BGFV) Q2 2024 Earnings Conference Call July 30, 2024 5:00 PM ET Company Participants Steven Miller - President and Chief Executive Officer Barry Emerson - Chief Financial Officer Operator Good day, ladies and gentlemen. Welcome to the Big 5 Sporting Goods Second Quarter 2024 Earnings Results Conference Call. Today's call is being recorded. With us today are Mr. Steve Miller, President and Chief Executive Officer; and Mr. Barry Emerson, Chief Financial Officer of Big ...

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 2024 SECOND QUARTER RESULTS EL SEGUNDO, Calif., July 30, 2024 — 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 second quarter ended June ...