Big 5 Sporting Goods Corp (BGFV) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Big 5 Sporting Goods First quarter 2025 earnings results conference call. Today's call is being recorded. And with us today are Mr. Steve Miller, President and Chief Executive Officer; and Mr.Barry Emerson, Chief Financial Officer of Big 5 Sporting Goods.

女士們、先生們，大家好。歡迎參加 Big 5 Sporting Goods 2025 年第一季收益結果電話會議。今天的通話正在錄音。今天與我們一起出席的還有總裁兼首席執行官史蒂夫·米勒先生和 Big 5 Sporting Goods 首席財務官巴里·埃默森先生。

At this time, for opening remarks and introductions, I'd like to turn the floor over to Mr. Miller. Thank you. You may begin.

現在，我想把開幕致詞和介紹交給米勒先生。謝謝。你可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to our 2025 first quarter conference call. Today, we will review our financial results for the first quarter of fiscal 2025 as well as provide an outlook for the second quarter.

謝謝您，接線生。大家下午好。歡迎參加我們的 2025 年第一季電話會議。今天，我們將回顧 2025 財年第一季的財務表現並對第二季進行展望。

I will now turn the call over to Barry to read our Safe Harbor statement.

現在我將把電話轉給巴里，讓他宣讀我們的安全港聲明。

Thanks, Steve. Except for statements of historical fact, any remarks that we may make about our future expectations, plans and prospects constitute forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

謝謝，史蒂夫。除歷史事實陳述外，我們對未來預期、計劃和前景所做的任何評論均構成根據 1995 年《私人證券訴訟改革法》安全港條款做出的前瞻性陳述。

Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in current and future periods to differ materially from forecasted results. These risks and uncertainties include those more fully described in our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statements that may be made from time to time by us or on our behalf.

前瞻性陳述涉及已知和未知的風險和不確定性，可能導致我們目前和未來的實際結果與預測結果有重大差異。這些風險和不確定性包括我們在 10-K 表年度報告、10-Q 表季度報告以及我們向美國證券交易委員會提交的其他文件中更詳細描述的風險和不確定性。我們不承擔修改或更新我們或代表我們不時做出的任何前瞻性陳述的義務。

Please refer to our press release to find a reconciliation of certain non-GAAP financial measures referenced in today's call.

請參閱我們的新聞稿，以了解今天電話會議中提到的某些非公認會計準則財務指標的對帳。

Thank you, Barry. We were able to deliver a first quarter top and bottom line performance that was consistent with our expectations despite pressures from macroeconomic and weather-related headwinds. Net sales for the first quarter were $175.6 million compared to $193.4 million in the prior year, with same-store sales down 7.8% compared to the first quarter of fiscal 2024.

謝謝你，巴里。儘管面臨宏觀經濟和天氣相關不利因素的壓力，我們仍能夠實現第一季符合預期的營收和利潤表現。第一季淨銷售額為 1.756 億美元，去年同期為 1.934 億美元，同店銷售額與 2024 財年第一季相比下降 7.8%。

Our sales in January and February were particularly difficult as we fought against highly unfavorable seasonal weather comparisons, which resulted in winter-related sales that were down nearly 25%. Although we experienced pockets of more normal seasonal winter weather, the southern tier of our store footprint was especially challenged.

由於我們面臨極為不利的季節性天氣，一月和二月的銷售尤其困難，導致冬季相關銷售額下降了近 25%。儘管我們經歷了較正常的冬季天氣，但我們門市所在地南部地區面臨的挑戰尤其嚴重。

That said, sales trending improved substantially in March as positive winter weather set in late in the season. March same-store sales were flat versus the prior year, which included an approximate 300 basis points benefit associated with the Easter calendar shift as the holiday when our stores are closed, moved into the second quarter this year versus being in the first quarter last year. This performance in March marked a significant improvement from the double-digit declines we experienced earlier in the quarter.

儘管如此，由於季末冬季天氣轉好，3 月銷售趨勢大幅改善。3 月份同店銷售額與前一年持平，其中包括與復活節日曆轉換相關的約 300 個基點的收益，因為復活節假期我們的商店關閉，今年復活節假期移至第二季度，而去年同期是在第一季度。3 月的表現與我們本季早些時候經歷的兩位數下滑相比有了顯著改善。

Looking at our major merchandise categories on a same-store basis for the quarter, hard goods decreased 4.7%, apparel declined 8.7% and footwear was down 11.8%. Apparel and footwear were the categories most impacted by the unfavorable weather comparison. Our transactions for the period were down 5.3% and our average sale was down 2.5%.

從本季同店主要商品類別來看，耐久財下降 4.7%，服飾下降 8.7%，鞋類下降 11.8%。服裝和鞋類是受不利天氣影響最大的類別。該期間我們的交易量下降了 5.3%，平均銷售額下降了 2.5%。

For the first quarter, our merchandise margins decreased 78 basis points compared to the prior year, reflecting product mix shifts along with promotional efforts to drive sales to value-conscious consumers.

第一季度，我們的商品利潤率與前一年相比下降了 78 個基點，這反映了產品結構的變化以及為吸引註重價值的消費者而採取的促銷措施。

We ended the quarter with inventory up 6.5% year-over-year. This increase reflects earlier receipts of seasonal merchandise compared to last year. This timing difference has proved advantageous. Not only are we better prepared as we move through spring and enter the key summer selling period, we've also significantly mitigated the near-term impact from tariff -- increased tariff costs, providing us valuable time to advance negotiations with our vendors.

本季末，我們的庫存年增了 6.5%。這一增長反映了與去年相比季節性商品的提前收到。事實證明，這種時間差異是有利的。隨著春季的到來和夏季關鍵銷售期的到來，我們不僅做好了更充分的準備，而且還顯著減輕了關稅成本增加帶來的短期影響，為我們與供應商推進談判提供了寶貴的時間。

Although our inventory levels are currently higher than last year, we anticipate that they will normalize relative to last year as we move through summer and expect to be in a lower inventory position year-over-year at year-end.

儘管我們目前的庫存水準高於去年，但我們預計，隨著夏季的到來，庫存水準將相對於去年恢復正常，並預計年底的庫存水準將低於去年。

As part of our broader strategic initiatives, we continue to optimize our store portfolio to focus our resources on our most productive stores. We closed eight stores in the first quarter of fiscal 2025 and anticipate closing approximately seven additional stores over the remainder of the year.

作為我們更廣泛的策略舉措的一部分，我們將繼續優化我們的門市組合，將我們的資源集中在最俱生產力的門市上。我們在 2025 財年第一季關閉了 8 家門市，預計今年剩餘時間內也將關閉約 7 家門市。

Turning now to our second quarter. Our quarter-to-date sales are down in the high single-digit range, in part reflecting an approximate negative 400 basis points impact from one less sales day in the period to date due to the Easter calendar shift.

現在轉到我們的第二季。我們本季迄今的銷售額下降了高個位數，部分原因是由於復活節日曆的變化導致本季度迄今為止的銷售日減少了一天，從而產生了約負 400 個基點的影響。

Notwithstanding the fluidity of the macroeconomic conditions, the key to our results this quarter will be capitalizing on sales opportunities around the higher volume periods surrounding Memorial Day, Father's Day and the start of summer. We believe we are well prepared for this period with healthy inventory levels of key products, which we received in front of any tariff impact. We are encouraged by the early reads of our summer seasonal categories that we've experienced on the occasions thus far when we've seen snippets of warm weather in our geographies.

儘管宏觀經濟條件不穩定，但本季業績的關鍵在於利用陣亡將士紀念日、父親節和夏季開始等銷售旺季的銷售機會。我們相信，我們已經為這段時期做好了充分的準備，在關稅影響到來之前，我們已獲得主要產品的健康庫存水準。我們對夏季季節性類別的早期讀數感到鼓舞，到目前為止，當我們在我們所處地區看到溫暖天氣的片段時，我們已經經歷了這些讀數。

Before I close, I want to briefly touch on the broader tariff situation. As I mentioned, we brought in extra product in advance of the tariffs, which should minimize any tariff impacts in the near term. Looking further down the road, it is a fluid situation. And like all retailers, we will continue to closely monitor tariffs and their impact on the supply chain, consumer sentiment and consequently, consumer discretionary spending.

在結束之前，我想簡單談談更廣泛的關稅情況。正如我所提到的，我們在關稅實施前就引進了額外的產品，這應該會在短期內最大限度地減少關稅的影響。展望未來，情勢仍不確定。與所有零售商一樣，我們將繼續密切關注關稅及其對供應鏈、消費者情緒以及消費者可自由支配支出的影響。

The overall environment is uncertain right now, but as matters progress, we will remain nimble and evolve as needed by adjusting our purchasing. In the meantime, we are focused on the aspects of our business that we can best control to continue delivering value to our customers as we have throughout our long history.

目前整體環境尚不確定，但隨著事態的發展，我們將保持靈活，並根據需要調整採購。同時，我們專注於我們能夠最好地控制的業務方面，以便像我們長期以來所做的那樣繼續為我們的客戶提供價值。

With that I'll now turn it over to Barry to provide additional details regarding our first quarter performance and second quarter outlook.

現在我將把時間交給 Barry，讓他提供有關我們第一季業績和第二季展望的更多詳細資訊。

Thanks, Steve. Gross profit for the fiscal 2025 first quarter was $54.3 million compared to gross profit of $60.4 million in the first quarter of the prior year. Our gross profit margin of 30.9% in the 2025 first quarter compared to 31.2% in the first quarter last year. The slight decrease in gross profit margin versus the prior year primarily reflected higher store occupancy expense as a percentage of net sales and a decrease in merchandise margins of 78 basis points.

謝謝，史蒂夫。2025 財年第一季的毛利為 5,430 萬美元，而去年同期第一季的毛利為 6,040 萬美元。2025 年第一季我們的毛利率為 30.9%，去年第一季為 31.2%。毛利率較上年略有下降，主要反映了店面佔用費用佔淨銷售額的百分比上升以及商品利潤率下降了 78 個基點。

Overall selling and administrative expense for the fiscal 2025 first quarter decreased $0.6 million compared to the prior year. The year-over-year reduction primarily reflected decreases in labor costs and reduced credit card fees related to lower sales.

2025 財年第一季的整體銷售和管理費用與前一年相比減少了 60 萬美元。年比下降主要反映了勞動力成本的下降以及與銷售額下降相關的信用卡費用的減少。

As a percent of net sales, selling and administrative expense was 40.3% in the 2025 first quarter versus 36.9% in the 2024 first quarter, reflecting the lower sales base. We continue to focus on managing the expenses within our control, considering the ongoing economic challenges. Now looking at our bottom line. Net loss for the first quarter of fiscal 2025 was $17.3 million or $0.78 per basic share compared to a net loss of $8.3 million or $0.38 per basic share in the first quarter last year.

以淨銷售額的百分比計算，2025 年第一季的銷售和管理費用為 40.3%，而 2024 年第一季為 36.9%，反映出銷售基數較低。考慮到持續的經濟挑戰，我們將繼續專注於管理我們可控制範圍內的開支。現在來看看我們的底線。2025 財年第一季淨虧損為 1,730 萬美元，即每股基本虧損 0.78 美元，去年第一季淨虧損為 830 萬美元，即每股基本虧損 0.38 美元。

Due to the valuation allowance related to deferred tax assets that we established in the third quarter of fiscal 2024, net loss for the first quarter of fiscal 2025 does not reflect an income tax benefit, which was recorded in the year ago period. For ease of reference, our net loss for the first quarter of fiscal 2024 reflected an income tax benefit of $2.8 million.

由於我們在 2024 財年第三季建立了與遞延稅務資產相關的估值準備金，2025 財年第一季的淨虧損並未反映去年同期記錄的所得稅收益。為了方便參考，我們 2024 財年第一季的淨虧損反映了 280 萬美元的所得稅收益。

EBITDA was negative $12 million for the first quarter of fiscal 2025 compared to negative EBITDA of $6.5 million in the first quarter last year. Turning to the balance sheet. Our merchandise inventory at the end of the first quarter of fiscal 2025 increased 6.5% year-over-year. The increase primarily reflects our earlier scheduling of spring and summer merchandise deliveries compared to last year when we experienced delays in receiving certain categories of product and missed sales opportunities. As Steve mentioned, we believe our inventory is well positioned to drive sales during the upcoming summer season.

2025 財年第一季的 EBITDA 為負 1,200 萬美元，而去年第一季的 EBITDA 為負 650 萬美元。轉向資產負債表。我們的 2025 財年第一季末的商品庫存年增 6.5%。這一成長主要反映了我們較早安排了春季和夏季商品的交付，而去年同期，我們在某些​​類別的產品接收方面遭遇了延遲，並錯失了銷售機會。正如史蒂夫所提到的，我們相信我們的庫存足以推動即將到來的夏季的銷售。

Reviewing our capital spending, our CapEx, excluding noncash acquisitions, totaled $1.7 million for the first quarter of fiscal 2025, primarily reflecting store-related remodeling and distribution center investments. For the 2025 full year, we expect CapEx in the range of $4 million to $7 million, mainly representing investments in store-related remodeling.

回顧我們的資本支出，我們的資本支出（不包括非現金收購）在 2025 財年第一季總計 170 萬美元，主要反映了與商店相關的改造和配送中心投資。對於 2025 年全年，我們預計資本支出將在 400 萬至 700 萬美元之間，主要用於與商店相關的改造的投資。

Now looking at our cash flow. Net cash used in operating activities was $15.3 million in the first quarter of fiscal 2025. This compares to net cash provided by operating activities of $8.2 million last year. The decrease was primarily attributed to increased funding of merchandise inventory and a larger net loss in the current period. As of the end of our 2025 first quarter, we had $30.9 million of borrowings outstanding under our $150 million credit facility and a cash balance of $3.9 million.

現在看看我們的現金流。2025財年第一季經營活動所用淨現金為1,530萬美元。相比之下，去年經營活動提供的淨現金為 820 萬美元。減少的主要原因是本期商品庫存資金增加以及淨虧損擴大。截至 2025 年第一季末，我們在 1.5 億美元信貸額度下尚未償還的借款為 3,090 萬美元，現金餘額為 390 萬美元。

Now I'll spend a moment on guidance. For the fiscal 2025 second quarter, we expect same-store sales to be down in the low to mid-single-digit range compared to the 2024 second quarter. Our same-store sales guidance reflects an expectation that macroeconomic headwinds will continue through the second quarter.

現在我將花一點時間來提供指導。對於 2025 財年第二季度，我們預計同店銷售額將與 2024 年第二季度相比下降至低至中等個位數範圍。我們的同店銷售額預期反映出宏觀經濟逆風將持續整個第二季。

This guidance also reflects the combined negative impact of calendar shifts associated with the Easter holiday during which the company's stores are closed from the first quarter of fiscal 2024 and into the second quarter of fiscal 2025, and with the 4 July holiday, which will move one day further into the third quarter this year.

該指引也反映了復活節假期帶來的日曆變化的綜合負面影響。在復活節假期期間，該公司的門市將從 2024 財年第一季到 2025 財年第二季關閉，而 7 月 4 日假期將在今年第三季延長一天。

Fiscal 2025 second quarter net loss per basic share is expected in the range of $0.75 to $0.90, which reflects no tax benefit for the period compared to fiscal 2024 second quarter net loss per basic share of $0.46, which reflected a tax benefit of $0.16 per basic share.

預計 2025 財年第二季每股基本淨虧損將在 0.75 美元至 0.90 美元之間，這反映出該期間沒有稅收優惠，而 2024 財年第二季度每股基本淨虧損為 0.46 美元，反映了每股基本淨虧損 0.16 美元的稅收優惠。

That concludes our prepared remarks. I will now turn the call back to Steve for some closing comments.

我們的準備好的演講到此結束。現在我將把電話轉回給史蒂夫，請他發表一些結束語。

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.

謝謝你，巴里。感謝大家參加今天的電話會議。感謝您對 Big 5 Sporting Goods 的關注，並期待在第二季結束後再次與您交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。