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Thursday, June 13, 2024

Big 5 Latest Sporting Goods Retailer to Report Declines

  • Big 5 Sporting Goods reported $8.9 million in net income.
  • The company recorded $253.8 million in second-quarter revenue.
Big-5-Sporting-Goods
Big 5

Big 5 Sporting Goods reported $253.8 million in second-quarter revenue, a sharp decline from the $326 million reported the same period the year prior. 

The company reported $8.9 million in net income, a fraction of the record $36.8 million it recorded in the second quarter of 2021. When compared to pre-pandemic second quarters, it was the company’s highest Q2 net income in history.

Gross profit fell from $126.9 million in Q2FY2021 to $88.9 million. Same-store sales dropped 22.3% year-over-year but increased 3.9% from the second quarter of 2019.

  • Big 5 currently operates 431 stores.
  • During the fiscal year, the company plans to open three stores and close two stores, including one relocation.

“In a challenging retail climate, we achieved earnings that were within our guidance range and higher than in any pre-pandemic second quarter, despite being softer than anticipated in the face of macroeconomic headwinds that accelerated over the course of the quarter,” Big 5 chairman, president, and CEO Steven G. Miller said.

Spiral in Sporting Goods

Big 5’s report follows the downward trend of other sporting goods retailers. 

In June, Academy Sports + Outdoors reported $1.47 billion in first-quarter net sales, a 7.1% year-over-year decline. In May, Dick’s Sporting Goods reported $2.7 billion in first-quarter revenue, falling from $2.92 billion in Q12021.

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