Big 5 Sporting Goods Corporation reported its financial results for the fiscal 2024 fourth quarter and full year ended December 29, 2024. For the fourth quarter, net sales were $181.6 million, a decrease from $196.3 million in the prior year, with same-store sales declining by 6.1%. The company posted a net loss of $20.9 million, or $0.95 per basic share, which included a $0.04 per basic share gain from an insurance settlement. This compares to a net loss of $8.9 million, or $0.41 per basic share, in the fourth quarter of fiscal 2023.
The gross profit margin for the fourth quarter was 28.2%, down from 30.2% in the prior year, primarily due to higher store occupancy and distribution expenses as a percentage of net sales, and a 23 basis point decline in merchandise margins. Selling and administrative expenses, as a percentage of net sales, increased to 39.3% from 36.9% in the prior year, driven by the lower sales base.
For the full fiscal year 2024, net sales were $795.5 million, a decrease from $884.7 million in fiscal 2023, with same-store sales down 9.4%. The full-year net loss widened significantly to $69.1 million, or $3.15 per basic share, compared to a net loss of $7.1 million, or $0.33 per basic share, in fiscal 2023. This full-year loss included a $21.8 million non-cash charge for a deferred tax asset valuation allowance and a $0.8 million store asset impairment charge.
The Board of Directors suspended the quarterly cash dividend starting in the third quarter of 2024 to provide additional financial flexibility. The company ended the fiscal 2024 fourth quarter with $13.8 million of borrowings under its $150 million credit facility and a cash balance of $5.4 million. Merchandise inventories decreased by 5.6% compared to the prior year period.
For the fiscal 2025 first quarter, Big 5 expects same-store sales to be down in the mid to high single-digit range compared to the fiscal 2024 first quarter. The projected net loss per basic share for the first quarter of fiscal 2025 is expected to be in the range of $0.75 to $0.85. The company currently operates 414 stores, reflecting eight store closures in the first quarter of fiscal 2025, with approximately seven additional closures anticipated for the remainder of the year.
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