Big 5 Sporting Goods(BGFV) - 2025 Q3 - Quarterly Report

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].