Big 5 Sporting Goods (BGFV) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 net sales declined to $795.5 million from $884.7 million year-over-year, with same-store sales down 9.4%.

• Fourth quarter net sales were $181.6 million, down from $196.3 million, and same-store sales fell 6.1%.

• Net loss for fiscal 2024 was $69.1 million ($3.15 per share), including a $21.8 million non-cash deferred tax asset charge.

• Adjusted EBITDA for the year was negative $36.7 million, versus positive $7.3 million prior year.

• Macroeconomic headwinds and unfavorable winter weather, especially in southern markets, negatively impacted sales.

Financial highlights

• Gross profit for Q4 2024 was $51.2 million, with a margin of 28.2%, down from 30.2% in Q4 2023.

• Q4 net loss was $20.9 million ($0.95 per share), compared to $8.9 million ($0.41 per share) prior year.

• Adjusted EBITDA for Q4 2024 was negative $16.4 million, compared to negative $8.7 million in Q4 2023.

• Merchandise inventories at year-end decreased 5.6% year-over-year.

• Full year included a $21.8 million non-cash deferred tax asset valuation allowance and $0.8 million store asset impairment.

Outlook and guidance

• Q1 2025 same-store sales expected to decline mid to high single digits year-over-year.

• Q1 2025 net loss per share projected at $0.75–$0.85, with no tax benefit, compared to $0.38 loss per share in Q1 2024.

• Macroeconomic headwinds and soft winter product sales expected to persist into Q1 2025.