Big 5 Sporting Goods(BGFV)2024-10-30 17:09Financial Performance - Net sales for the 13 weeks ended September 29, 2024, were 239,889,000 for the same period in 2023[7]. - Gross profit for the 39 weeks ended September 29, 2024, was 226,605,000 in the prior year[7]. - The company reported a net loss of 1,858,000 for the same period in 2023[7]. - For the 39 weeks ended September 29, 2024, the net loss was 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 0.09 per share for the same period in 2023[7]. - The Company reported a basic loss per share of 0.09 in the same quarter of fiscal 2023[63]. Assets and Liabilities - Total current assets decreased to 310,175,000 as of December 31, 2023, reflecting a decline of 6.9%[5]. - Total liabilities increased to 400,269,000 as of December 31, 2023, representing a rise of 3.9%[5]. - The company’s total assets decreased to 644,683,000 as of December 31, 2023, a decline of 5.1%[5]. - The company’s retained earnings decreased to 169,667,000 as of December 31, 2023[5]. Cash Flow and Investments - Net cash provided by operating activities was 21,064 thousand in the prior year[11]. - Cash and cash equivalents at the end of the period were 17,870 thousand at the end of the previous year[11]. - The company reported a net cash used in investing activities of 8,186 thousand in the prior year[11]. Sales and Revenue - Total net sales for the 39 weeks ended September 29, 2024, were 688,395 thousand in the previous year[26]. - Hardgoods sales decreased to 375,105 thousand, representing a decline of 10.6% year-over-year[26]. - Athletic and sport footwear sales fell to 170,397 thousand in the prior year[26]. Expenses - Selling and administrative expenses for the 39 weeks ended September 29, 2024, were 224,114,000 in the previous year[7]. - Occupancy expenses increased to 8.66 million as of December 31, 2023[45]. - Total accrued expenses were 61.28 million as of December 31, 2023[45]. Leases and Commitments - The current portion of operating lease liabilities was 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 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 2.0 million as of December 31, 2023[58]. Share-Based Compensation - The Company recognized 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 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].