Big 5 Sporting Goods Corporation Announces Fiscal 2023 Fourth Quarter and Full Year Sales Results and Update of Earnings Guidance

EL SEGUNDO, Calif., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq: BGFV) (the “Company,” “we,” “our,” “us,” “Big 5”), a leading sporting goods retailer, today reported sales results for the fiscal 2023 fourth quarter and full year ended December 31, 2023.

For the fiscal 2023 fourth quarter, net sales were $196.3 million compared to net sales of $238.3 million for the fourth quarter of fiscal 2022. Same store sales decreased 17.7% for the fourth quarter of fiscal 2023 compared to the fourth quarter of fiscal 2022. The Company’s merchandise margins decreased 43 basis points for the fourth quarter of fiscal 2023 compared to the prior year period.

“Our fourth quarter results were challenged by extraordinarily unfavorable winter weather conditions across our western footprint,” said Steven G. Miller, the Company’s Chairman, President and Chief Executive Officer. “Winter-related products are typically an important seasonal driver of our fourth quarter business, but this year’s warm weather and lack of snow weighed heavily on the category’s performance, which was down nearly 40% versus the prior year. Sales of non-winter products were down approximately 10%, consistent with the guidance that we provided at the beginning of the quarter. In the challenged sales environment, we remained focused on maintaining strong merchandise margins and controlling the elements of the business that we can, including managing inventory and expenses. As we begin 2024, we are in a solid financial position with no debt and the flexibility to capitalize on opportunities in this dynamic environment.”

For the fiscal 2023 full year, net sales were $884.7 million compared to net sales of $995.5 million for fiscal 2022. Same store sales decreased 11.2% for the fiscal 2023 full year compared to fiscal 2022. The Company’s merchandise margins were essentially flat for the fiscal 2023 full year compared to fiscal 2022.

For the fiscal 2023 fourth quarter, the Company now expects to report a loss per basic share in the range of $0.38 to $0.40, which compares to the Company’s previous guidance for a fourth quarter loss per basic share in the range of $0.20 to $0.35. For the fiscal 2023 full year, the Company now expects to report a loss per basic share in the range of $0.30 to $0.32. Financial results for the fiscal 2023 fourth quarter and full year are unaudited, preliminary, and subject to final year-end accounting entries.