Big 5 Sporting Goods Corp (NAS:BGFV)

Q3 2024 Big 5 Sporting Goods Corp Earnings Call Transcript

Oct 29, 2024 / 09:00PM GMT

Release Date Price: $1.89 (-3.08%)

Transcript 10-Q8-K

Key Points

Positve

Sequential improvement in same store sales each quarter this year, indicating a positive trend.
Inventory levels were down 8.7% year over year, reflecting effective inventory management.
The company is adjusting its promotional strategy to stimulate sales activity during the holiday season.
The balance sheet remains healthy with zero borrowings under the credit facility and a cash balance of $4 million.
The company is focused on optimizing its store base, with plans to open three new stores and close 11 stores.

Negative

Net sales for the third quarter were $220.6 million, down from $239.9 million in the prior year.
Same store sales decreased by 7.5% in the third quarter.
Gross profit margin decreased to 29.1% from 33.2% in the prior year.
Net loss for the third quarter was $29.9 million, compared to a net income of $1.9 million in the prior year.
Adjusted EBITDA was negative $5.1 million for the third quarter, compared to positive EBITDA of $7.4 million last year.

Operator

Good day. Ladies and gentlemen, welcome to the Big Five Sporting Goods Third Quarter, 2024 Earnings Results Conference Call.

Today's call is being recorded with us today are Mr. Steven Miller, President and Chief Executive Officer; and Mr. Barry Emerson, Chief Financial Officer of Big Five Sporting Goods.

I'd like to turn the floor over to Mr. Miller.

Steven Miller

Big 5 Sporting Goods Corp - Chairman of the Board, President, Chief Executive Officer

Thank you operator. Good afternoon, everyone. Welcome to our 2024 3rd Quarter Conference Call. Today we will review our financial results for the third quarter of fiscal 2024 as well as provide an outlook for the fourth quarter. I will now turn the call over to Barry to read our safe harbor statement.

Barry Emerson

Big 5 Sporting Goods Corp - Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

Thanks, Steve, except for statements of historical fact. Any remarks that we may make about our future expectations, plans and

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