On August 3, 2022, Big 5 Sporting Goods reported $253.8 million in second-quarte
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On August 3, 2022, 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 Links to an external site.$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. Big 5’s report follows the downward trend of other sporting goods retailers. In June, Academy Sports + Outdoors reported Links to an external site.$1.47 billion in first-quarter net sales, a 7.1% year-over-year decline. In May, Dick’s Sporting Goods reported Links to an external site.$2.7 billion in first-quarter revenue, falling from $2.92 billion in Q12021. Prompt for the essay: 1. Research and identify the potential causes that led the revenue decline for in-store sporting goods sales. 2. Refer the Product-Place Matrix (one particular cell) where is your break through point in terms of who you plan to target and through what channel(s) you will be able to convince this particular segment of consumers to buy in? 2. What are the market and/or environmental factors during the post-pandemic era you must consider to help boost the sales in 2023 with the product-place combination you propose and why do you have to put these factors in consideration? 3. To prove the feasibility of your proposal to work, you need to provide the evidences of delivering a sport product or to increase the product sales using the similar product-place combination you plan to use. The essay should demonstrate students’ ability to think critically about utilizing the concept of Product-Place Matrix, specifically to ensure effective and efficient delivery of sport products. The essay should clearly present a proposal to boost the viewership with a specific audience group or a segment of NFL viewers’ market. In this scenario the expected result of the product delivery is the increased viewership, so the place or distribution channel needs to be determined. The most important component of the content are the sufficient evidences to prove that the proposed plan for boosting the viewership will work. The essays will be evaluated for content, format, and writing quality. The essay format should include the following: a minimum of two double spaced pages with 1” margins on all sides; at least two references from other sources in addition to the textbook to support the responses to the prompts; and information that is not the student’s original work or thoughts must be cited in text and be included on the reference page that is excluded from the required two minimum pages of essay.
