Big 5 Sporting Goods Corporation announced its financial results for the fiscal 2024 third quarter ended September 29, 2024, reporting a net loss of $29.9 million, or $1.36 per basic share. This contrasts sharply with a net income of $1.9 million, or $0.08 per diluted share, in the comparable prior-year period. The loss included a non-cash charge of $21.8 million, or $0.99 per basic share, for a valuation allowance related to deferred tax assets, alongside a $0.7 million non-cash store asset impairment charge.
Net sales for the third quarter were $220.6 million, a decrease from $239.9 million in the third quarter of fiscal 2023, with same-store sales declining by 7.5%. The gross profit margin also compressed to 29.1% from 33.2% in the prior year, primarily due to lower merchandise margins and increased store occupancy and distribution expenses as a percentage of net sales. Selling and administrative expenses, as a percentage of net sales, rose to 34.0% due to the lower sales base.
Looking ahead, the company provided guidance for the fiscal 2024 fourth quarter, expecting same-store sales to range from positive low single digits to negative low single digits. The projected net loss per basic share for the fourth quarter is anticipated to be in the range of $0.80 to $1.05. Big 5 also reported operating 423 stores, having closed eight stores in the first and third quarters of 2024, with one additional closure expected for the remainder of fiscal 2024.
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