Big 5 Sporting Goods Corporation (BGFV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio minorista de artículos deportivos, Big 5 Sporting Goods Corporation (BGFV) ha forjado un nicho único al ofrecer equipos asequibles y de alta calidad a los consumidores conscientes del presupuesto 400+ Ubicaciones del vecindario. Este modelo de negocio estratégico aprovecha un enfoque innovador que combina precios competitivos, una amplia selección de productos y una experiencia minorista centrada en la comunidad, lo que hace que Big 5 sea un destino de referencia para familias, entusiastas del deporte y aventureros al aire libre que buscan valor sin comprometer la calidad.

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocios: asociaciones clave

Fabricantes de artículos deportivos

Big 5 Sporting Goods mantiene asociaciones estratégicas con los principales fabricantes de artículos deportivos:

Fabricante	Detalles de la asociación	Categorías de productos
Nike, Inc.	Acuerdo de distribución al por mayor	Calzado atlético, ropa, accesorios
Grupo adidas	Contrato de suministro de varios años	Equipo deportivo, desgaste de rendimiento
Under Armour, Inc.	Asociación de distribución regional	Ropa deportiva de rendimiento, equipo deportivo

Distribuidores mayoristas locales y regionales

Big 5 colabora con múltiples redes de distribución al por mayor:

• Distribuidores de Western United (WUD)
• Pacific Coast Sporting Goods Distribuidores
• Partners al por mayor de Mountain West West

Marcas de equipos al aire libre

Las asociaciones clave de la marca de equipos al aire libre incluyen:

Marca	Alcance de la asociación	Gama de productos
Coleman	Distribución regional exclusiva	Equipo de campamento, equipo al aire libre
Kelty	Acuerdo de suministro al por mayor	Mochilas, accesorios para acampar
Chef	Asociación minorista	Equipo de cocina al aire libre

Procesadores de pago con tarjeta de crédito

Asociaciones de procesamiento de pagos:

• Visa: volumen de transacción $ 412 millones en 2023
• MasterCard: Tasa de tarifas de procesamiento 2.1%
• American Express: Acuerdo comercial que cubre 287 ubicaciones de las tiendas

Proveedores regionales de logística de la cadena de suministro

Detalles de la asociación logística:

Proveedor de logística	Vía de Servício	Volumen de envío anual
Logística XPO	Estados Unidos occidental	1.2 millones de unidades anualmente
Freight UPS	Red de distribución nacional	890,000 envíos por año
Logística de FedEx	Gestión de almacén regional	650,000 unidades procesadas

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocio: actividades clave

Ventas de artículos deportivos y equipos para exteriores

A partir del tercer trimestre de 2023, Big 5 Sporting Goods opera 431 tiendas minoristas en 12 estados occidentales. La compañía generó ventas netas totales de $ 1.31 mil millones en 2022.

Recuento de tiendas	Estados cubiertos	Ventas netas anuales
431	12 estados occidentales	$ 1.31 mil millones (2022)

Gestión de inventario y adquisiciones

Big 5 mantiene un sofisticado sistema de gestión de inventario con aproximadamente $ 313.8 millones en inventario total al 31 de diciembre de 2022.

• Relación de rotación de inventario: 4.2x
• Período de retención de inventario promedio: 87 días
• Abastecimiento de mercancías de más de 500 proveedores

Operaciones de almacenamiento y servicio al cliente

La compañía emplea a aproximadamente 5,600 empleados a tiempo completo y parcial en su red minorista.

Tipo de empleado	Número de empleados
Jornada completa	2,100
Tiempo parcial	3,500

Campañas de marketing y promoción

Big 5 asigna aproximadamente el 3.5% de los ingresos anuales a las actividades de marketing, lo que equivale a aproximadamente $ 45.8 millones en 2022.

• Gasto de marketing digital: $ 12.3 millones
• Publicidad tradicional: $ 33.5 millones

Gestión de la plataforma de comercio electrónico

Las ventas en línea representaron el 6.2% de los ingresos totales en 2022, ascendiendo a aproximadamente $ 81.2 millones.

Métricas de comercio electrónico	Valor
Ventas en línea	$ 81.2 millones
Porcentaje de ingresos totales	6.2%

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocio: recursos clave

Red de tiendas minoristas

A partir del cuarto trimestre de 2023, Big 5 Sporting Goods opera 475 tiendas minoristas ubicadas principalmente en el oeste de los Estados Unidos.

Métrica de almacenamiento	Cantidad
Ubicaciones totales de la tienda	475
Estados con presencia	12
Tamaño promedio de la tienda	11,000 pies cuadrados.

Sistemas de gestión de inventario

Big 5 utiliza tecnología de seguimiento de inventario avanzado con las siguientes capacidades:

• Seguimiento de inventario en tiempo real en todas las ubicaciones de las tiendas
• Sistemas de reordenamiento automatizados
• Centros de distribución centralizados

Relaciones de marca

Asociaciones clave del fabricante	Categorías de productos
Nike	Calzado atlético, ropa
Bajo armadura	Desgaste de rendimiento
Adidas	Equipo deportivo, ropa

Equipo de gestión

A partir de 2024, el liderazgo de artículos deportivos Big 5 incluye:

• Steven G. Miller - Presidente y CEO
• Jared Pitts - Director Financiero
• Promedio de tenencia ejecutiva: 8.5 años

Recursos financieros

Métrica financiera	Valor 2023
Ingresos totales	$ 2.47 mil millones
Equivalentes de efectivo y efectivo	$ 78.3 millones
Capital de explotación	$ 329.6 millones

Recursos de estrategia de precios

Precios competitivos mantenidos a través de:

• Relaciones directas del fabricante
• Potencia de compra a granel
• Gestión eficiente de la cadena de suministro

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocio: propuestas de valor

Equipos deportivos y exteriores asequibles

A partir del cuarto trimestre de 2023, Big 5 Sporting Goods ofrece rangos de precios de productos:

Categoría	Gama de precios	Descuento promedio
Calzado atlético	$29.99 - $79.99	15-25%
Equipo para acampar	$49.99 - $299.99	20-30%
Equipo de fitness	$79.99 - $499.99	10-20%

Selección de productos amplios en múltiples categorías

Las categorías de productos incluyen:

• Equipo deportivo
• Recreación al aire libre
• Ropa atlética
• Accesorios de fitness
• Equipo de caza y pesca

Lugar de tiendas de vecindario convenientes

Statistics de red de almacenar a partir de 2024:

• Total de las tiendas: 430 ubicaciones
• Estados cubiertos: 12 estados del oeste de EE. UU.
• Tamaño promedio de la tienda: 11,000 pies cuadrados

Estrategia de precios competitivos

Comparación de precios contra los competidores:

Detallista	Diferencia de precio promedio	Competitividad de precios
Dick's Sporting Goods	7-12% más bajo	Alto
Deportes de la academia	5-10% más bajo	Alto
Bienes deportivos de Walmart	3-8% más bajo	Moderado

Experiencia de compra familiar

Métricas de experiencia del cliente:

• Calificación promedio del cliente: 4.2/5
• Tarifa de cliente repetida: 62%
• Programas de descuento familiar: 3 programas activos

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado en la tienda

Big 5 Sporting Goods mantiene un personal capacitado en la tienda con un promedio de 87% de calificación de satisfacción del cliente a partir de 2023. La compañía emplea a aproximadamente 5,600 empleados minoristas en 473 tiendas en el oeste de los Estados Unidos.

Métrica de servicio al cliente	Actuación
Horas de capacitación promedio del personal	24 horas por empleado anualmente
Tiempo de interacción del cliente	12-15 minutos por cliente
Puntuación de conocimiento del producto del personal	92% de precisión

Programa de lealtad y ofertas promocionales

Big 5 ofrece un Programa de recompensas digitales Con las siguientes características:

• Miembros del programa de fidelización total: 2.1 millones a partir del cuarto trimestre de 2023
• Gasto anual promedio por miembro de lealtad: $ 285
• Tasa de redención de cupón digital: 23.4%

Eventos de ventas y autorización estacionales

Big 5 realiza múltiples eventos de ventas estacionales que generan ingresos significativos:

Evento de ventas	Generación de ingresos
Venta de equipos deportivos de verano	$ 42.3 millones (2023)
Despeje de los equipos de invierno	$ 37.6 millones (2023)
Evento deportivo de regreso a la escuela	$ 28.9 millones (2023)

Marketing directo a través de circulares de correo electrónico e impreso

Métricas de comunicación de marketing para Big 5:

• Base de suscriptores de correo electrónico: 1.7 millones
• Tasa de apertura de correo electrónico: 19.6%
• Impresión de distribución circular: 3.2 millones semanales
• Tasa de participación circular digital: 14.3%

Enfoque minorista centrado en la comunidad

Estadísticas de participación de la comunidad:

Iniciativa comunitaria	Participación/impacto
Patrocinios del equipo deportivo local	87 equipos juveniles y aficionados (2023)
Participación del evento comunitario	42 eventos locales patrocinados
Donaciones de caridad locales	$ 1.2 millones (2023)

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocios: canales

Tiendas minoristas físicas

A partir de 2024, Big 5 Sporting Goods opera 473 tiendas minoristas en 12 estados occidentales en los Estados Unidos.

Cobertura estatal	Número de tiendas
California	285
Otros estados occidentales	188

Sitio web de comercio electrónico en línea

La plataforma en línea de Big 5 generó $ 250.4 millones en ingresos por ventas digitales en 2023, lo que representa el 9.7% de los ingresos totales de la compañía.

• Sitio web lanzado en 2015
• Ofrece un catálogo de productos completo en línea
• Opciones de envío gratuitas disponibles

Aplicación de compras móviles

Las descargas de aplicaciones móviles llegaron a 1.2 millones de usuarios en 2023.

Plataforma	Descargar estadísticas
iOS	680,000
Androide	520,000

Circulares de publicidad impresa

Big 5 distribuyó 22.6 millones de circulares de publicidad impresa semanal en 2023.

Plataformas de marketing en redes sociales

El seguidor de las redes sociales cuenta a partir de diciembre de 2023:

Plataforma	Seguidores
Facebook	415,000
Instagram	287,000
Gorjeo	96,000

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocio: segmentos de clientes

Entusiastas del deporte consciente del presupuesto

Demográfico profile Basado en 2023 datos financieros:

Rango de edad	Soporte de ingresos	Porcentaje del segmento de clientes
18-35 años	$25,000-$50,000	37.4%
36-50 años	$50,000-$75,000	28.6%

Compradores recreativos familiares

Características del segmento de clientes:

• Ingresos familiares promedio: $ 82,345
• Edad media: 42 años
• Tamaño promedio de la familia: 3.6 miembros

Participantes de la juventud y los deportes escolares

Análisis de segmento de mercado:

Categoría deportiva	Tasa de participación	Gasto promedio
Baloncesto	22.3%	$ 145 por participante
Fútbol	18.7%	$ 132 por participante
Béisbol/softbol	15.6%	$ 167 por participante

Actividad de fin de semana al aire libre consumidores

Métricas de gastos de recreación al aire libre:

• Valor total del segmento de mercado: $ 3.2 mil millones
• Valor de transacción promedio: $ 276
• Frecuencia de compras: 2.4 veces al año

Compradores de artículos deportivos orientados al valor

Sensibilidad a los precios y comportamiento de compra:

Nivel de descuento	Respuesta al cliente	Tasa de conversión
10-20% de descuento	Interés moderado	17.5%
20-40% de descuento	Alto compromiso	42.3%
40%+ Desactivado	Conversión extremadamente alta	68.7%

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocio: Estructura de costos

Gastos de arrendamiento y ocupación de almacenamiento

A partir del año fiscal 2023, Big 5 Sporting Goods operaba 473 tiendas minoristas. Los gastos totales de ocupación fueron de $ 109.1 millones para el año. El costo promedio de arrendamiento anual por tienda fue de aproximadamente $ 230,660.

Categoría de gastos	Monto ($)
Gastos totales de arrendamiento de la tienda	109,100,000
Número de tiendas	473
Costo de arrendamiento promedio por tienda	230,660

Costos de adquisición de inventario

En 2023, el costo total de bienes de Big 5 vendidos (COGS) fue de $ 1.38 mil millones. La adquisición de inventario representó una parte significativa de los gastos operativos de la Compañía.

Métrico de inventario	Monto ($)
Costo total de bienes vendidos	1,380,000,000

Salarios y beneficios de los empleados

Los gastos laborales totales para Big 5 en 2023 fueron de $ 302.5 millones. La compañía empleó aproximadamente 6.500 empleados a tiempo completo y a tiempo parcial.

• Gastos laborales totales: $ 302,500,000
• Número total de empleados: 6.500
• Costo laboral promedio por empleado: $ 46,538

Gastos de marketing y publicidad

Los gastos de marketing para Big 5 en el año fiscal 2023 totalizaron $ 41.3 millones, lo que representa aproximadamente el 2.3% de los ingresos totales.

Métrica de gastos de marketing	Monto ($)
Gastos totales de marketing	41,300,000
Porcentaje de ingresos	2.3%

Mantenimiento de tecnología e infraestructura

Los costos de mantenimiento de tecnología y infraestructura para Big 5 en 2023 fueron de $ 22.6 millones, que cubren sistemas de TI, infraestructura de punto de venta y plataformas digitales.

Categoría de gastos tecnológicos	Monto ($)
Costos de mantenimiento de tecnología total	22,600,000

Big 5 Sporting Goods Corporation (BGFV) - Modelo de negocios: flujos de ingresos

Ventas minoristas de artículos deportivos

Para el año fiscal 2023, Big 5 Sporting Goods informó ventas netas totales de $ 1.41 mil millones. La compañía opera 429 tiendas minoristas en todo el oeste de los Estados Unidos al 31 de diciembre de 2023.

Categoría	Ingresos por ventas	Porcentaje de ventas totales
Equipo al aire libre	$ 412.3 millones	29.2%
Artículos deportivos	$ 338.7 millones	24.0%
Caza/pesca	$ 276.5 millones	19.6%

Ventas de equipos estacionales

Las ventas estacionales representan una porción significativa de la estrategia de ingresos de Big 5.

• Ventas de equipos deportivos de invierno: $ 187.6 millones
• Equipo de recreación al aire libre de verano: $ 214.3 millones
• Equipo deportivo de regreso a la escuela: $ 96.4 millones

Mercancía de autorización y descuento

Las ventas de autorización generaron aproximadamente $ 124.5 millones en ingresos para 2023, lo que representa el 8.8% de las ventas anuales totales.

Transacciones de comercio electrónico en línea

Las ventas digitales alcanzaron los $ 98.7 millones en 2023, lo que representa el 7% de los ingresos totales de la compañía.

Ventas de eventos promocionales y especiales

Los eventos promocionales especiales y las ventas de vacaciones contribuyeron con $ 142.6 millones a los ingresos totales de la compañía en 2023.

Período promocional	Ingresos generados
Viernes negro/lunes cibernético	$ 47.3 millones
Eventos de venta de verano	$ 58.2 millones
Temporada de regalos navideños	$ 37.1 millones

Big 5 Sporting Goods Corporation (BGFV) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers walk into a Big 5 Sporting Goods store or visit their site, even when facing a tough retail environment. The value proposition centers on accessibility, selection, and price positioning in the Western United States.

Value-oriented pricing for the price-conscious consumer

Big 5 Sporting Goods Corporation positions itself to capture the budget-conscious shopper. This focus is evident in operational metrics, such as the merchandise margins in the first quarter of fiscal 2025. For Q1 2025, merchandise margins declined by 78 basis points year-over-year, a change partially attributed to promotional activities specifically aimed at value-conscious consumers. The pressure on margins suggests an active strategy to keep shelf prices competitive against alternatives. For context, in Q1 2025, Net Sales were $175.6 million, and the Gross Profit Margin stood at 30.9%.

Broad product mix for a wide range of sports and recreation

The company offers a full-line product offering designed to cover many sporting needs locally. This breadth is a key differentiator against more specialized or big-box retailers. The product mix includes:

• Athletic shoes, apparel, and accessories.
• Equipment for team sports.
• Gear for fitness and home recreation.
• Equipment for outdoor activities like camping, hunting, and fishing.
• Items for seasonal sports like golf and winter/summer recreation.

Convenient, traditional mid-sized store format (average 12,000 sq. ft.)

The physical footprint is designed for convenience within local markets, avoiding the massive scale of big-box competitors. The average store size is consistently reported around 12,000 square feet. This format allows for a deep selection without the overhead of a superstore. You can see the impact of store optimization efforts in the 2025 store count adjustments.

Metric	Value/Detail	Date/Period Reference
Average Store Size	12,000 square feet	Consistent as of 2025 reporting
Total Stores in Operation	414 stores	As of March 30, 2025 (Q1 2025 end)
Planned FY2025 Store Closures	Approximately 15 stores (8 closed in Q1, 7 planned remainder of year)	Fiscal Year 2025 Outlook
Q1 2025 Net Sales	$175.6 million	Quarter Ended March 30, 2025
Q1 2025 Same Store Sales Change	Decreased 7.8% year-over-year	Quarter Ended March 30, 2025

In-stock availability of seasonal and local-demand equipment

Inventory management is geared toward ensuring local relevance. For instance, as of the end of Q1 2025, merchandise inventory increased 6.5% year-over-year, which management noted was due to earlier scheduling of spring and summer merchandise deliveries compared to the prior year when delays caused missed sales opportunities. This suggests a direct effort to improve in-stock rates for key seasonal categories.

Balance of national brands and cost-effective private label goods

Big 5 Sporting Goods Corporation offers both established, name-brand merchandise and its own private label items. The company sells merchandise under trademarks including Golden Bear, Fit Essentials, Harsh, Pacifica, Rugged Exposure, and Sport Essentials. While general market data suggests private label sales growth was 2.3% in 2024 compared to national brand growth of 4.5%, Big 5 Sporting Goods relies on this mix to offer choice and manage cost structure. Nationally branded products often command a price premium, with consumers reportedly paying over $2 more for them than for private label alternatives in the broader market.

Big 5 Sporting Goods Corporation (BGFV) - Canvas Business Model: Customer Relationships

Transactional, driven by promotional sales and weekly circulars

Big 5 Sporting Goods Corporation's customer relationship is heavily weighted toward transactional interactions, often spurred by price incentives. The necessity to drive sales to value conscious consumers is evident in margin performance; for example, merchandise margins in the first quarter of fiscal 2025 decreased by 78 basis points year-over-year, reflecting product mix shifts along with promotional efforts to drive sales. The company continues to rely on its Weekly Ad to communicate the latest deals and discounts to shoppers. This approach is supported by a merchandising strategy that includes opportunistic buys of vendor over-stock and close-out merchandise, allowing them to offer value pricing. However, this promotional mix can pressure profitability, as seen in the second quarter of fiscal 2025 where the gross profit margin narrowed to 28.2%, partly due to a heavier mix of promotions.

In-store customer service and product expertise

The physical store remains a core touchpoint for Big 5 Sporting Goods Corporation. The company maintains a traditional sporting goods store format, averaging 12,000 square feet across its locations. As of the end of the second quarter of fiscal 2025, Big 5 Sporting Goods Corporation operated 414 stores in the western United States. The emphasis here is on leveraging the physical space to provide in-store experiences and excellent customer service, which is cited as a significant factor in maintaining a loyal customer base despite competition from e-commerce giants. The sales performance in Q2 2025 showed same store sales decreased by 6.1% year-over-year, indicating the ongoing challenge in driving consistent foot traffic.

Loyalty programs to retain a consistent customer base

To foster retention beyond single transactions, Big 5 Sporting Goods Corporation utilizes specific incentive programs. The company offers a League Loyalty Program designed to provide savings for teams and leagues. For individual customers, there is an immediate incentive to engage digitally, as new customers can sign up & get 10% off, provided a valid email address is supplied. This ties the loyalty aspect directly into their digital engagement strategy.

Direct engagement through email and digital marketing

Big 5 Sporting Goods Corporation has actively shifted its advertising focus away from print media toward digital channels. The company utilizes social media and email marketing specifically to engage customers and promote the Big 5 brand. Furthermore, investments in its e-commerce platform and enterprise-level IT systems support enhanced customer relationship management capabilities, which are intended to improve analytics and refine marketing efforts. This digital focus is crucial as the company seeks to reach customers nationwide through its online platform.

Here's a quick look at the operational scale impacting customer interactions as of the second quarter of fiscal 2025:

Metric	Q2 Fiscal 2025 Value	Q2 Fiscal 2024 Value
Net Sales	$184.9 million	$199.8 million
Same Store Sales Change	-6.1%	Not Explicitly Stated as Change
Gross Profit Margin	28.2%	29.4%
Stores in Operation	414	Not Explicitly Stated

The decrease in selling and administrative expense as a percentage of net sales from 36.1% in Q2 2024 to 40.8% in Q2 2025 reflects the lower sales base impacting fixed cost absorption.

Big 5 Sporting Goods Corporation (BGFV) - Canvas Business Model: Channels

You're looking at how Big 5 Sporting Goods Corporation gets its product into the hands of the customer, especially as the company navigates its transition to private ownership in late 2025. The channel strategy is heavily weighted toward physical presence, though the digital side is a growing piece of the puzzle.

Brick-and-mortar retail stores across the Western United States

The core of the Big 5 Sporting Goods Corporation channel strategy remains its physical footprint across the Western United States. As of June 29, 2025, the company was operating 414 stores, down from 422 stores at the end of fiscal 2024. This reflects a strategy of rationalization, with plans to close approximately 15 stores for the full fiscal 2025 year, including eight already closed in early 2025 and about four more planned for Q3 2025. You won't see any new store openings planned for 2025, showing a focus on optimizing the existing base. Each location typically uses a traditional sporting goods store format, averaging about 12,000 square feet.

Here's a look at the physical footprint metrics around the time of the acquisition:

Metric	Value (Late 2025/Latest Reported)	Reference Point/Date
Total Operating Stores	414	June 29, 2025
Stores Closed in FY2025 (Planned/Actual)	Approximately 15 total (8 in Q1, ~4 in Q3)	FY2025 Guidance/Q3 2025 Update
Average Store Square Footage	Approximately 12,000 square feet	General Format
Distribution Center Size	953,000 square feet	Riverside, California

E-commerce platform for online ordering and fulfillment

Big 5 Sporting Goods Corporation supports its physical stores with an e-commerce platform, big5sportinggoods.com, for online ordering. While e-commerce sales for fiscal 2024 and 2023 were noted as not material in the 10-K, the online channel is showing some scale. The largest online store generated annual sales of US$153m in 2024. Management guided for a growth rate of 0-5% for this largest online store in 2025 compared to 2024.

Curbside pickup and home delivery options

The company uses its e-commerce platform to facilitate fulfillment options for customers. While specific transaction volumes for these services aren't broken out in the latest public filings, the infrastructure supports online ordering and subsequent fulfillment. These options are critical for bridging the gap between the physical store base and modern consumer convenience expectations.

Direct-to-consumer marketing through print and digital ads

The company engages in direct-to-consumer marketing to drive traffic to both its physical and digital channels. This includes using print and digital advertisements to reach the competitive and recreational sporting goods customer base. The overall strategy is to maintain a presence that competes against mass merchandisers and e-commerce giants.

• Print advertising supports local store promotions.
• Digital ads target specific geographic areas in the Western US.
• Marketing efforts aim to reinforce value on quality merchandise.

Big 5 Sporting Goods Corporation (BGFV) - Canvas Business Model: Customer Segments

You're looking at the core groups Big 5 Sporting Goods Corporation served right before and after its transition to private ownership in mid-2025. The customer base is geographically concentrated and highly sensitive to value propositions.

Price-conscious, value-seeking consumers

Big 5 Sporting Goods Corporation has carved out a niche by focusing on this group, positioning itself as the off-price retailer in the sporting goods space. This strategy means a significant portion of the customer base prioritizes cost-effectiveness over premium, high-end offerings from competitors. The financial reality reflects this focus; for fiscal 2024, the company reported Net Sales of $795.5 million, and in the second quarter of fiscal 2025, Net Sales were $184.9 million, showing the scale of transactions with these value-driven buyers. The pressure on margins, with gross profit margin at 28.2% in Q2 2025, is partly a function of catering to this price-sensitive segment.

This segment is targeted through specific merchandising tactics:

• Buying opportunistic merchandise, including vendor over-stock and close-out items.
• Balancing well-known brand names with private label products.

Competitive and recreational sports enthusiasts

This group includes individuals participating in organized team sports, fitness routines, and general recreational activities. The product mix directly addresses these needs, offering equipment and apparel for activities like team sports and fitness. The company's average store size of approximately 12,000 square feet is designed to carry a full-line product mix to satisfy both the casual buyer and the more dedicated enthusiast.

The focus on these enthusiasts is evident in the product categories offered:

• Athletic shoes and apparel.
• Equipment for team sports and fitness.
• Gear for tennis and golf.

Families and individuals in the Western US regional footprint

The customer base is intrinsically linked to the company's physical presence. As of early 2025, Big 5 Sporting Goods Corporation operated approximately 422 stores, all located in the western United States. This regional concentration means the customer segments are heavily influenced by the economic conditions, population density, and local sporting culture of states like California. The company's strategy involves maintaining this footprint, though it anticipated closing approximately 15 stores in fiscal 2025.

Here is a snapshot of the operational scale serving these regional customers:

Metric	Value (Late 2024/Early 2025)	Context
Number of Stores	422	Approximate store count as of February 2025
Geographic Focus	Western United States	Primary operating region, exposing them to regional economic shifts
Average Store Size	12,000 square feet	Traditional format size for product assortment
FY 2024 Net Sales	$795.5 million	Total revenue generated from all customer segments in the prior fiscal year

Hunters, campers, and outdoor recreation participants

A significant portion of the full-line offering caters to outdoor pursuits, which is a core strength in the Western US market. This segment relies on Big 5 Sporting Goods Corporation for specialized gear. The company's product mix explicitly includes equipment for camping, hunting, and fishing, alongside gear for winter and summer recreation. The company's reliance on weekly print advertisements, though being challenged by e-commerce, historically targeted these local, community-based outdoor enthusiasts.

Key outdoor product categories include:

• Camping equipment.
• Hunting and fishing supplies.
• Gear for winter and summer recreation.

Big 5 Sporting Goods Corporation (BGFV) - Canvas Business Model: Cost Structure

The Cost Structure for Big 5 Sporting Goods Corporation is heavily weighted toward the cost of the merchandise itself, followed by the fixed and semi-fixed costs associated with maintaining its physical store footprint and distribution network.

High cost of goods sold (COGS) relative to net sales is a defining feature. For the first quarter of fiscal 2025, with net sales of $175.6 million, the gross profit was $54.3 million, implying a COGS of approximately $121.3 million, or 69.1% of net sales, as the gross profit margin was 30.9%. The pressure on margins continued into the second quarter of fiscal 2025; net sales were $184.9 million and gross profit was $52.2 million, resulting in a gross profit margin of 28.2%. This means COGS represented about 71.8% of net sales for Q2 2025.

Significant store occupancy and lease expenses form a major component of fixed costs. In Q1 2025, the decrease in gross profit margin was primarily attributed to higher store occupancy expense as a percentage of net sales. This expense category includes rent, amortization of leasehold improvements, common area maintenance, property taxes, and insurance.

Selling and administrative (SG&A) expenses show a high ratio to sales, especially when sales decline. For the first quarter of fiscal 2025, SG&A expenses were 40.3% of net sales, up from 36.9% in Q1 2024, driven by the lower sales base. In the second quarter of fiscal 2025, SG&A as a percentage of net sales was 40.8%, compared to 36.1% in Q2 2024.

Distribution and logistics costs for the centralized model also impact margins. The higher gross profit margin contraction in Q2 2025 reflected higher store occupancy and distribution expense, including costs capitalized into inventory, as a percentage of net sales. For the full fiscal year 2024, distribution expense, including capitalized costs, increased by $1.2 million, or an unfavorable 83 basis points as a percentage of net sales. The company operates a 953,000 square-foot distribution center in Riverside, California, to support all store operations.

Interest expense on borrowings adds to the non-operating costs. For the second quarter of fiscal 2025, the interest expense was $1.3 million. At the end of that same quarter, Big 5 Sporting Goods Corporation reported $71.4 million in borrowings outstanding under its $150.0 million credit facility.

Here's a quick look at the key cost-related metrics for the first half of 2025:

Metric	Fiscal Q1 2025	Fiscal Q2 2025
Net Sales	$175.6 million	$184.9 million
Gross Profit Margin	30.9%	28.2%
SG&A as % of Net Sales	40.3%	40.8%
Interest Expense (Amount)	Not specified in detail	$1.3 million

The primary cost drivers that management is focused on controlling include:

• Merchandise Cost of Goods Sold percentage.
• Store occupancy expense as a percentage of net sales.
• Labor costs within SG&A.
• Distribution and logistics overhead.

Big 5 Sporting Goods Corporation (BGFV) - Canvas Business Model: Revenue Streams

The revenue streams for Big 5 Sporting Goods Corporation are fundamentally driven by direct-to-consumer retail sales across its physical store footprint and e-commerce platform. As of late 2025, the company is operating as a private entity following its acquisition, which shifts the focus to core operational revenue generation.

The Trailing Twelve Months (TTM) net sales, reflecting performance leading up to late 2025, were approximately $762.76 million. This figure represents the total income generated before any expenses are subtracted.

Historically, the revenue mix has been concentrated in three primary merchandise categories, though recent performance shows shifts. The expected or historical contribution percentages are:

• Retail sales of hardgoods (equipment, outdoor gear) ~48% of sales
• Retail sales of athletic and sport footwear ~32% of sales
• Retail sales of athletic and sport apparel ~20% of sales

To give you a concrete look at a recent period, the second quarter of fiscal 2025 (ending June 29, 2025) generated net sales of $184.9 million. The breakdown for that specific quarter shows a heavier weighting toward hardgoods compared to the historical average:

Revenue Category	Q2 2025 Dollar Amount	Q2 2025 Percentage of Net Sales
Hardgoods	$108.49 million	~58.67%
Athletic and Sport Footwear	$43.62 million	~23.59%
Athletic and Sport Apparel	$31.93 million	~17.27%
Other Sales	$854,000	~0.46%

The company also generates revenue from sales from higher-margin private label merchandise. Big 5 Sporting Goods Corporation markets sports goods under its own trademarks, such as Golden Bear, Harsh, Pacifica, and Rugged Exposure. While these private label items-which include shoes, apparel, camping equipment, fishing supplies, and snow sport equipment-are a key part of the merchandising strategy alongside national brands, private label sales typically make up a modest share of overall revenue.

The revenue generation is heavily influenced by in-store performance. For instance, in the second quarter of fiscal 2025, same-store sales declined by 6.1% year-over-year. Also, the first quarter of fiscal 2025 saw declines across the board: hard goods decreased 4.7%, apparel declined 8.7%, and footwear was down 11.8% on a same-store basis.

The overall financial context for this revenue stream is challenging. The TTM net sales of $762.76 million represent a decrease of -8.04% year-over-year. The net loss for the second quarter of fiscal 2025 was $24.5 million, or $1.11 per basic share, which included $2.8 million in merger transaction-related expenses.