Big 5 Sporting Goods Corporation (NASDAQ:BGFV) Q1 2024 Earnings Call Transcript

The year-over-year decrease in our operating cash flow primarily reflected lower net income, partially offset by a smaller decrease in accrued expenses. Our balance sheet at the end of the first quarter of fiscal 2024 remains healthy. We had zero borrowings under our credit facility and a cash balance of $12.6 million up from $9.2 million at the end of Q4 ’23. Today, we announced that our Board of Directors declared a quarterly cash dividend of $0.05 per share. Now I’ll spend a moment on guidance. For the fiscal 2024 second quarter, we expect same-store sales to decrease in the high single-digit range compared to the 2023 second quarter. Our same-store sales guidance reflects an expectation that macroeconomic headwinds will continue to impact consumer discretionary spending over the balance of the quarter.

Although fiscal second-quarter net sales comparisons to the prior year will benefit from the calendar shift of the Easter holiday, this benefit is expected to be offset by the 4th of July holiday shifting two days further into our fiscal third quarter this year. Fiscal 2024 second-quarter net loss per basic share is expected in the range of $0.40 to $0.55, which compares to 2023 second-quarter loss per basic share of $0.01. That concludes our prepared remarks. I will now turn the call back to Steve for closing comments.

Steven Miller: Thank you, Barry. Thank you all for joining us on today’s call. We appreciate your interest in Big 5 Sporting Goods and look forward to speaking with you again after the conclusion of our second quarter.

Operator: Thank you, sir. Ladies and gentlemen, this does conclude today’s conference. Thank you for joining us.

End of Q&A: