The following is a summary of the Big 5 Sporting Goods Corporation (BGFV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Big 5 Sporting Goods reported Q1 2024 net sales of $193.4 million, a drop from $224.9 million the previous year, with a decrease of 13.5% in same-store sales.

• The gross profit margin decreased to 31.2% from 33.4% in the same period the previous year with gross profit for Q1 2024 at $60.4 million, down from $75.1 million.

• For the first quarter of 2024, the company reported a net loss of $8.3 million or $0.38 per share, in contrast to a net income of $0.2 million or $0.01 per share in Q1 of 2023.

Business Progress:

• Merchandise margins improved by approximately 50 basis points compared to last year and inventory levels were reduced by 12.5% by end of Q1 2024.

• There was a year-over-year reduction of $3.8 million in selling and administrative expenses, as expense management was prioritized due to inflationary pressures and the tough sales climate.

• The company plans to optimize its store base by opening five new stores and closing four existing ones in 2024.

• A dividend of $0.05 per share was announced for this quarter.

More details: Big 5 Sporting Goods IR

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