Big 5 Sporting Goods Corporation Announces Fiscal 2024 Fourth Quarter and Full Year Sales Results and Update of Earnings Guidance

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]