Big 5 Sporting Goods Corporation announced its financial results for the fiscal 2025 first quarter ended March 30, 2025. The company reported a net loss of $17.3 million, or $0.78 per basic share, which is a significant widening compared to a net loss of $8.3 million, or $0.38 per basic share, in the first quarter of fiscal 2024. This loss does not reflect an income tax benefit due to a valuation allowance established in the third quarter of fiscal 2024.
Net sales for the first quarter were $175.6 million, a decrease from $193.4 million in the prior-year period, with same-store sales declining by 7.8%. The gross profit margin for the quarter was 30.9%, down from 31.2% in the prior year, primarily due to higher store occupancy expenses as a percentage of net sales and a 78 basis point decline in merchandise margins. Selling and administrative expenses, as a percentage of net sales, increased to 40.3% due to the lower sales base.
For the fiscal 2025 second quarter, Big 5 expects same-store sales to be down in the low to mid-single digit range. The company anticipates a net loss per basic share for the second quarter in the range of $0.75 to $0.90, reflecting no tax benefit for the period. Big 5 ended the first quarter with $30.9 million of borrowings under its $150.0 million credit facility and a cash balance of $3.9 million, while merchandise inventories increased by 6.5% due to earlier timing of receipts.
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