Big 5 Sporting Goods Corporation has reported net sales for the fiscal 2024 first quarter were $193.4 million, compared to net sales of $224.9 million for the first quarter of fiscal 2023. Same-store sales decreased 13.5 percent year-over-year for the first quarter.
The company said the calendar shift of the Easter holiday, during which the Company’s stores were closed, from the second quarter of 2023 to the first quarter of 2024, negatively impacted sales comparisons by approximately 100 basis points.
“Our first quarter results were consistent with our guidance and reflect a challenging macroeconomic environment that continues to pressure consumer discretionary spending,” expressed Steven G. Miller, chairman, president and CEO, Big 5 Sporting Goods. “Although disappointed with our sales results in the face of persistent headwinds, we are pleased with the results we were able to achieve in areas of the business that we can best control, including optimizing merchandise margins and managing expenses and inventory.”
The net loss for the first quarter was $8.3 million, or 38 cents per basic share, compared to net income of $0.2 million, or 1 cent per diluted share, in the first quarter of fiscal 2023.
See below for more details on Big 5’s CEO on first quarter results, including category trends, and a detailed second quarter outlook:
EXEC: Big 5 CEO Details Q1 Challenges; Offers Tepid Outlook for Near Term
