0000950170-21-002771 | 10-Q | XBRL Viewer | BIG 5 Sporting Goods Corp

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 03, 2021	Oct. 26, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 03, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	BGFV
Entity Registrant Name	BIG 5 SPORTING GOODS CORPORATION
Entity Central Index Key	0001156388
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--01-02
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity Address, State or Province	CA
Entity File Number	000-49850
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4388794
Entity Address, Address Line One	2525 East El Segundo Boulevard
Entity Address, City or Town	El Segundo
Entity Address, Postal Zip Code	90245
City Area Code	310
Local Phone Number	536-0611
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		22,310,772

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Current assets:
Cash and cash equivalents	$ 114,006	$ 64,654
Accounts receivable, net of allowances of $92 and $58, respectively	10,249	19,879
Merchandise inventories, net	255,245	251,180
Prepaid expenses	11,134	11,684
Total current assets	390,634	347,397
Operating lease right-of-use assets, net	277,180	278,607
Property and equipment, net	59,441	57,245
Deferred income taxes	14,212	13,831
Other assets, net of accumulated amortization of $796 and $2,407, respectively	3,886	2,914
Total assets	745,353	699,994
Current liabilities:
Accounts payable	81,965	80,882
Accrued expenses	78,528	82,877
Current portion of operating lease liabilities	76,113	73,737
Current portion of finance lease liabilities	3,379	2,089
Total current liabilities	239,985	239,585
Operating lease liabilities, less current portion	212,465	217,788
Finance lease liabilities, less current portion	6,391	2,504
Other long-term liabilities	6,749	7,479
Total liabilities	465,590	467,356
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, authorized 50,000,000 shares; issued 26,061,483 and 25,580,541 shares, respectively; outstanding 22,310,772 and 21,930,328 shares, respectively	260	255
Additional paid-in capital	124,000	121,837
Retained earnings	200,296	153,073
Less: Treasury stock, at cost; 3,750,711 and 3,650,213 shares, respectively	(44,793)	(42,527)
Total stockholders' equity	279,763	232,638
Total liabilities and stockholders' equity	$ 745,353	$ 699,994

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable, current	$ 92	$ 58
Accumulated amortization on other assets	$ 796	$ 2,407
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	26,061,483	25,580,541
Common stock, shares outstanding	22,310,772	21,930,328
Treasury stock, shares	3,750,711	3,650,213

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Oct. 03, 2021	Sep. 27, 2020
Income Statement [Abstract]
Net sales	$ 289,637	$ 304,959	$ 888,463	$ 750,630
Cost of sales	181,660	194,924	555,670	503,847
Gross profit	107,977	110,035	332,793	246,783
Selling and administrative expense	75,147	71,337	223,670	201,040
Other income				(2,500)
Operating income	32,830	38,698	109,123	48,243
Interest expense	175	199	701	1,683
Income before taxes	32,655	38,499	108,422	46,560
Income tax expense	8,524	10,106	25,942	11,642
Net income	$ 24,131	$ 28,393	$ 82,480	$ 34,918
Earnings per share:
Basic	$ 1.11	$ 1.33	$ 3.81	$ 1.64
Diluted	$ 1.07	$ 1.31	$ 3.66	$ 1.63
Weighted-average shares of common stock outstanding:
Basic	21,798	21,310	21,654	21,237
Diluted	22,534	21,725	22,525	21,464

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Outstanding [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock, At Cost [Member]
Beginning Balance at Dec. 29, 2019	$ 180,372		$ 252	$ 120,054	$ 102,593	$ (42,527)
Beginning Balance, Shares at Dec. 29, 2019		21,664,076
Net income	34,918				34,918
Dividends on common stock	(3,268)				(3,268)
Issuance of nonvested share awards			3	(3)
Issuance of nonvested share awards, Shares		321,600
Exercise of share option awards	27			27
Exercise of share option awards, Shares		5,175
Share-based compensation	1,281			1,281
Forfeiture of nonvested share awards, Shares		(21,110)
Retirement of common stock for payment of withholding tax	(97)			(97)
Retirement of common stock for payment of withholding tax, Shares		(64,573)
Ending Balance at Sep. 27, 2020	213,233		255	121,262	134,243	(42,527)
Ending Balance, shares at Sep. 27, 2020		21,905,168
Beginning Balance at Jun. 28, 2020	186,604		255	120,835	108,041	(42,527)
Beginning Balance, Shares at Jun. 28, 2020		21,901,208
Net income	28,393				28,393
Dividends on common stock	(2,191)				(2,191)
Exercise of share option awards	27			27
Exercise of share option awards, Shares		5,175
Share-based compensation	400			400
Forfeiture of nonvested share awards, Shares		(1,215)
Ending Balance at Sep. 27, 2020	213,233		255	121,262	134,243	(42,527)
Ending Balance, shares at Sep. 27, 2020		21,905,168
Beginning Balance at Jan. 03, 2021	232,638		255	121,837	153,073	(42,527)
Beginning Balance, Shares at Jan. 03, 2021		21,930,328
Net income	82,480				82,480
Dividends on common stock	(35,257)				(35,257)
Issuance of nonvested share awards			2	(2)
Issuance of nonvested share awards, Shares		248,550
Exercise of share option awards	$ 1,804		3	1,801
Exercise of share option awards, Shares	318,275	318,275
Share-based compensation	$ 1,410			1,410
Forfeiture of nonvested share awards, Shares		(15,655)
Retirement of common stock for payment of withholding tax	$ (1,046)			(1,046)
Retirement of common stock for payment of withholding tax, Shares	(70,228)	(70,228)
Purchases of treasury stock	$ (2,266)					(2,266)
Purchases of treasury stock, Shares		(100,498)
Ending Balance at Oct. 03, 2021	279,763		260	124,000	200,296	(44,793)
Ending Balance, shares at Oct. 03, 2021		22,310,772
Beginning Balance at Jul. 04, 2021	262,951		260	123,490	181,728	(42,527)
Beginning Balance, Shares at Jul. 04, 2021		22,420,270
Net income	24,131				24,131
Dividends on common stock	(5,563)				(5,563)
Exercise of share option awards	4			4
Exercise of share option awards, Shares		600
Share-based compensation	506			506
Forfeiture of nonvested share awards, Shares		(9,600)
Purchases of treasury stock	(2,266)					(2,266)
Purchases of treasury stock, Shares		(100,498)
Ending Balance at Oct. 03, 2021	$ 279,763		$ 260	$ 124,000	$ 200,296	$ (44,793)
Ending Balance, shares at Oct. 03, 2021		22,310,772

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Oct. 03, 2021	Sep. 27, 2020
Retained Earnings [Member]
Dividends per share	$ 0.25	$ 0.10	$ 1.58	$ 0.15

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020
Cash flows from operating activities:
Net income	$ 82,480	$ 34,918
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,121	13,633
Share-based compensation	1,410	1,281
Amortization of other assets	467	267
Noncash lease expense	48,996	47,095
Proceeds from insurance recovery - lost profit margin and expenses	1,083
Gain on recovery of insurance proceeds - lost profit margin and expenses	(460)
Gain on recovery of insurance proceeds - property and equipment	(249)
Gain on eminent domain condemnation		(2,500)
Proceeds from eminent domain condemnation - lost profit margin		2,263
Deferred income taxes	(381)	(875)
Changes in operating assets and liabilities:
Accounts receivable, net	9,307	2,668
Merchandise inventories, net	(4,065)	54,803
Prepaid expenses and other assets	(172)	634
Accounts payable	1,075	15,302
Operating lease liabilities	(50,816)	(47,248)
Accrued expenses and other long-term liabilities	(6,603)	14,147
Net cash provided by operating activities	95,193	136,388
Cash flows from investing activities:
Purchases of property and equipment	(7,266)	(5,041)
Proceeds from insurance recovery - property and equipment	249
Proceeds from eminent domain condemnation - property and equipment		237
Net cash used in investing activities	(7,017)	(4,804)
Cash flows from financing activities:
Borrowings under revolving credit facility		137,296
Payments under revolving credit facility		(203,855)
Changes in book overdraft	110	(11,973)
Debt issuance costs paid	(717)	(106)
Principal payments under finance lease liabilities	(2,141)	(2,067)
Proceeds from exercise of share option awards	1,804	27
Cash purchases of treasury stock	(2,266)
Tax withholding payments for share-based compensation	(1,046)	(97)
Dividends paid	(34,568)	(3,337)
Net cash used in financing activities	(38,824)	(84,112)
Net increase in cash and cash equivalents	49,352	47,472
Cash and cash equivalents at beginning of period	64,654	8,223
Cash and cash equivalents at end of period	114,006	55,695
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment acquired under finance leases	7,318
Property and equipment additions unpaid	1,401	976
Supplemental disclosures of cash flow information:
Interest paid	424	1,714
Income taxes paid	$ 26,767	$ 4,213

Description of Business

9 Months Ended

Oct. 03, 2021

Accounting Policies [Abstract]

Description of Business

(1)

Description of Business

Big 5 Sporting Goods Corporation (the “Company”) is a leading sporting goods retailer in the western United States, operating 429 stores and an e-commerce platform as of October 3, 2021. The Company provides a full-line product offering in a traditional sporting goods store format that averages approximately 11,000 square feet. The Company’s product mix includes athletic shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, home recreation, tennis, golf and winter and summer recreation. The Company is a holding company that operates as one reportable segment through Big 5 Corp., its 100%-owned subsidiary, and Big 5 Services Corp., which is a 100%-owned subsidiary of Big 5 Corp. Big 5 Services Corp. provides a centralized operation for the issuance and administration of gift cards and returned merchandise credits (collectively, “stored-value cards”).

The accompanying interim unaudited condensed consolidated financial statements (“Interim Financial Statements”) of the Company and its 100%-owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these Interim Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. These Interim Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended January 3, 2021 included in the Company’s Annual Report on Form 10-K. In the opinion of management, the Interim Financial Statements included herein contain all adjustments, including normal recurring adjustments, considered necessary to present fairly the Company’s financial position, the results of operations and cash flows for the periods presented.

The operating results and cash flows of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.

Summary of Significant Accounting Policies

9 Months Ended

Oct. 03, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2)

Summary of Significant Accounting Policies

Consolidation

The accompanying Interim Financial Statements include the accounts of Big 5 Sporting Goods Corporation, Big 5 Corp. and Big 5 Services Corp. Intercompany balances and transactions have been eliminated in consolidation.

Reporting Period

The Company follows the concept of a 52-53 week fiscal year, which ends on the Sunday nearest December 31. Fiscal year 2021 is comprised of 52 weeks and ends on January 2, 2022. Fiscal year 2020 was comprised of 53 weeks and ended on January 3, 2021. The four quarters of fiscal 2021 are each comprised of 13 weeks. The first three quarters in fiscal 2020 were each comprised of 13 weeks, and the fourth quarter of fiscal 2020 was comprised of 14 weeks.

Recently Issued Accounting Updates

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this standard apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this standard are elective and are effective upon issuance for all entities, and the impact from this standard was immaterial.

Other recently issued accounting updates are not expected to have a material impact on the Company’s Interim Financial Statements.

COVID-19 Impact on Concentration of Risk

The novel coronavirus (“COVID-19”) pandemic has significantly impacted health and economic conditions throughout the United States and globally, as public concern about becoming ill with the virus has led to the issuance of recommendations and/or mandates from federal, state and local authorities to practice social distancing or self-quarantine.

The Company primarily operates traditional sporting goods retail stores located in the western United States, with approximately 52% of its stores, along with its corporate offices and distribution center, located in California. Because of this, the Company is subject to regional risks, including the impact of the COVID-19 outbreak. Beginning on March 20, 2020, and continuing into the second quarter of fiscal 2020, the Company temporarily closed more than one-half of its retail store locations in response to state and local shelter orders related to the COVID-19 outbreak. The Company was subsequently able to gradually reopen its store locations based on initially qualifying as an “essential” business under applicable regulations and later as a result of the easing of regulatory restrictions on retail operations in the Company’s market areas. In an effort to promote social distancing protocols, the Company implemented reduced store hours, limited the number of customers in its stores at any one time and generally implemented social-distancing guidelines throughout the store operating space in fiscal 2020. As of the end of fiscal 2020 and during the first nine months of fiscal 2021, all of the Company’s stores were open for in-store shopping with reduced operating hours and certain COVID-19-related protocols in place. The Company may further restrict its store operations and operations in its distribution facility if deemed necessary or if recommended or mandated by authorities, and new temporary closures of stores or new safety protocols may be required if additional orders are issued in response to changing health conditions.

A substantial amount of the Company’s inventory is manufactured abroad. COVID-19, and surging consumer demand initially associated with the pandemic, has also impacted the Company’s supply chain for products sold, particularly those products that are sourced from Asia. To the extent one or more vendors is negatively impacted by continued supply chain disruptions or by COVID-19, including due to interruptions at or closure of those vendors’ distribution centers or manufacturing facilities, or the Company or its vendors are unable to obtain the necessary shipping capacity to transport products to the Company’s distribution center, the Company may be unable to maintain delivery schedules or adequate inventory in its stores. During the third quarter of fiscal 2021, the Company experienced significant shipping delays of products sourced from overseas vendors to be received at the Ports of Los Angeles and Long Beach, which reflected increased shipping volume and insufficient labor resources at the ports that have significantly increased cargo backlogs. These factors, in addition to workforce shortages in the trucking industry, have limited the Company’s ability to obtain desired quantities of inventory for various merchandise categories. While the Company has generally been able to sufficiently stock product in its stores to meet most consumer demand during the pandemic, future prolonged and sustained delays in product reaching the Company’s stores from overseas vendors, particularly during the holiday season, could result in the inability to obtain adequate levels of merchandise inventories to meet consumers’ needs, which could have an adverse impact on net sales and profitability.

General Concentration of Risk

The Company purchases merchandise from over 680 suppliers, and the Company’s 20 largest suppliers accounted for 36.4% of total purchases in fiscal 2020. One vendor, Nike, represented greater than 5% of total purchases, at 8.5%, in fiscal 2020 and accounted for 7.2% of the Company’s total sales in fiscal 2020. In the first quarter of fiscal 2021, the Company was informed of an expansion of Nike’s direct-to-consumer initiatives that will impact certain multi-branded retailers, including the Company, and which will lead to a significant reduction in the Company’s future supply chain relative to this vendor. This transition is not expected to impact the Company’s ability to continue to purchase certain Nike branded products from authorized licensees. The Company is actively expanding its relationships with other new and existing vendors in order to replace the affected Nike product within its product mix.

Use of Estimates

Management makes a number of estimates and assumptions relating to the reporting of assets, liabilities and stockholders’ equity and the disclosure of contingent assets and liabilities at the date of the Interim Financial Statements and reported amounts of revenue and expense during the reporting period to prepare these Interim Financial Statements in conformity with GAAP. Certain items subject to such estimates and assumptions include the carrying amount of merchandise inventories, property and equipment, lease assets and lease liabilities; valuation allowances for receivables, sales returns and deferred income tax assets; estimates related to stored-value cards and the valuation of share-based compensation awards; and obligations related to litigation, self-insurance liabilities and employee benefits. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after October 3, 2021, including those resulting from the impacts of the COVID-19 pandemic, may result in actual outcomes that differ from those contemplated by management’s assumptions and estimates.

Revenue Recognition

The Company operates solely as a sporting goods retailer, which includes both retail stores and an e-commerce platform, that offers a broad range of products in the western United States and online. Generally, all revenue is recognized when control of the promised goods is transferred to customers, for an amount that reflects the consideration in exchange for those goods. Accordingly, the Company implicitly enters into a contract with customers to deliver merchandise inventory at the point of sale. Collectability is reasonably assured since the Company only extends immaterial credit purchases to certain municipalities and local school districts.

In accordance with ASC 606, Revenue from Contracts with Customers, the Company disaggregates net sales into the following major merchandise categories to depict the nature and amount of revenue and related cash flows:


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
	(In thousands)
Hardgoods	$	164,921	$	201,993	$	502,549	$	461,040
Athletic and sport footwear		74,472		59,654		212,706		164,685
Athletic and sport apparel		48,726		41,712		169,398		120,721
Other sales		1,518		1,600		3,810		4,184
Net sales	$	289,637	$	304,959	$	888,463	$	750,630

Substantially all of the Company’s revenue is for single performance obligations for the following distinct items:

•

Retail store sales

•

E-commerce sales

•

Stored-value cards

For performance obligations related to retail store and e-commerce sales contracts, the Company typically transfers control, for retail stores, upon consummation of the sale when the product is paid for and taken by the customer and, for e-commerce sales, when the product is tendered for delivery to the common carrier. For performance obligations related to stored-value cards, the Company typically transfers control upon redemption of the stored-value card through consummation of a future sales transaction. The Company accounts for shipping and handling relative to e-commerce sales as fulfillment activities, and not a separate performance obligation. Accordingly, the Company recognizes revenue for only one performance obligation, the sale of the product, at shipping point (when the customer gains control). Revenue associated with e-commerce sales was not material for the 13 and 39 weeks ended October 3, 2021 and September 27, 2020.

The Company recognized $1.3 million and $4.5 million in stored-value card redemption revenue for the 13 and 39 weeks ended October 3, 2021, respectively, compared to $1.3 million and $3.9 million in stored-value card redemption revenue for the 13 and 39 weeks ended September 27, 2020, respectively. The Company also recognized $0.1 million and $0.2 million in stored-value card breakage revenue for the 13 and 39 weeks ended October 3, 2021 and September 27, 2020. The Company had outstanding stored-value card liabilities of $6.9 million and $7.5 million as of October 3, 2021 and January 3, 2021, respectively, which are included in accrued expenses in the accompanying interim unaudited condensed consolidated balance sheets. Based upon historical experience, stored-value cards are predominantly redeemed in the first two years following their issuance date.

In the accompanying interim unaudited condensed consolidated balance sheets, the Company recorded, as prepaid expense, estimated right-of-return merchandise cost of $0.8 million and $1.2 million related to estimated sales returns as of October 3, 2021 and January 3, 2021, respectively, and recorded, in accrued expenses, an allowance for sales returns reserve of $1.6 million and $2.4 million as of October 3, 2021 and January 3, 2021, respectively.

Share-Based Compensation

The Company accounts for its share-based compensation in accordance with ASC 718, Compensation—Stock Compensation. The Company recognizes compensation expense on a straight-line basis over the requisite service period using the fair-value method for share option awards, nonvested share awards and nonvested share unit awards granted with service-only conditions. See Note 10 to the Interim Financial Statements for a further discussion on share-based compensation.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments of excess cash into U.S. Treasury bills, which have maturities of 90 days or less. Book overdrafts are classified as current liabilities.

Valuation of Merchandise Inventories, Net

The Company’s merchandise inventories are made up of finished goods and are valued at the lower of cost or net realizable value using the weighted-average cost method that approximates the first-in, first-out (“FIFO”) method. Average cost includes the direct purchase price of merchandise inventory, net of vendor allowances and cash discounts, in-bound freight-related expense and allocated overhead expense associated with the Company’s distribution center.

Management regularly reviews inventories and records valuation reserves for damaged and defective merchandise, merchandise items with slow-moving or obsolescence exposure and merchandise that has a carrying value that exceeds net realizable value. Because of its merchandise mix, the Company has not historically experienced significant occurrences of obsolescence.

Inventory shrinkage is accrued as a percentage of merchandise sales based on historical inventory shrinkage trends. The Company performs physical inventories of its stores at least once per year and cycle counts inventories at its distribution center throughout the year. The reserve for inventory shrinkage primarily represents an estimate for inventory shrinkage for each store since the last physical inventory date through the reporting date.

These reserves are estimates, which could vary significantly, either favorably or unfavorably, from actual results if future economic conditions, consumer demand and competitive environments differ from expectations.

Valuation of Long-Lived Assets

In accordance with ASC 360, Property, Plant, and Equipment, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows (“asset group”), usually at the store level. The carrying amount of a store asset group includes stores’ property and equipment, primarily leasehold improvements, and operating lease right-of-use (“ROU”) assets. The carrying amount of a store asset group is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the store asset group. Factors that could trigger an impairment review include a current-period operating or cash flow loss combined with a history of operating and cash flow losses, and a projection that demonstrates continuing losses or insufficient income over the remaining reasonably certain lease term associated with the use of a store asset group. Other factors may include an adverse change in the business climate or an adverse action or assessment by a regulator in the market of a store asset group. When stores are identified as having an indicator of impairment, the Company forecasts undiscounted cash flows over the store asset group’s remaining reasonably certain lease term and compares the undiscounted cash flows to the carrying amount of the store asset group. If the store asset group is determined not to be recoverable, then an impairment charge will be recognized in the amount by which the carrying amount of the store asset group exceeds its fair value, determined using discounted cash flow valuation techniques, as contemplated in ASC 820, Fair Value Measurements.

The Company determines the cash flows expected to result from the store asset group by projecting future revenue, gross margin and operating expense for each store asset group under evaluation for impairment. The estimates of future cash flows involve management judgment and are based upon assumptions about expected future operating performance. Assumptions used in these forecasts are consistent with internal planning, and include assumptions about sales growth rates, gross margins and operating expense in relation to the current economic environment and the Company’s future expectations, competitive factors in its various markets, inflation, sales trends and other relevant environmental factors that may impact the store under evaluation. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions. If economic conditions deteriorate in the markets in which the Company conducts business, or if other negative market conditions develop, the Company may experience additional impairment charges in the future for underperforming stores.

The resulting impairment charge, if any, is allocated to the property and equipment, primarily leasehold improvements, and operating lease ROU assets on a pro rata basis using the relative carrying amounts of those assets. The allocated impairment charge to a long-lived asset is limited to the extent that the impairment charge does not reduce the carrying amount of the long-lived asset below its individual fair value. The estimation of the fair value of an ROU asset involves the evaluation of current market value rental amounts for leases associated with ROU assets. The estimates of current market value rental amounts are primarily based on recent observable market rental data of other comparable retail store locations. The fair value of an ROU asset is measured using a discounted cash flow valuation technique by discounting the estimated current and future market rental values using a property-specific discount rate.

The Company did not recognize any impairment charges in the first nine months of fiscal 2021 or 2020.

Leases

In accordance with ASC 842, Leases, the Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for the Company’s retail store facilities, distribution center, corporate offices, information technology hardware, and distribution center delivery tractors and equipment. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent, on the interim unaudited condensed consolidated balance sheets. Finance leases are included in property and equipment and finance lease liabilities on the interim unaudited condensed consolidated balance sheets. Lease liabilities are calculated using the effective interest method, regardless of classification, while the amortization of ROU assets varies depending upon classification. Finance lease classification results in a front-loaded expense recognition pattern over the lease term which amortizes the ROU asset by recognizing interest expense and amortization expense as separate components of lease expense and calculates the amortization expense component on a straight-line basis. Conversely, operating lease classification results in a straight-line expense recognition pattern over the lease term and recognizes lease expense as a single expense component, which results in amortization of the ROU asset that equals the difference between lease expense and interest expense. Lease expense for finance and operating leases are included in cost of sales or selling and administrative expense, based on the use of the leased asset, on the interim unaudited condensed consolidated statements of operations. Variable payments such as property taxes, insurance and common area maintenance related to triple net leases, as well as certain equipment sales taxes, licenses, fees and repairs, are expensed as incurred, and leases with an initial term of 12 months or less are excluded from minimum lease payments and are not recorded on the balance sheet. The Company recognizes variable lease expense for these short-term leases on a straight-line basis over the remaining lease term.

ROU assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the reasonably certain lease term. As the Company’s leases generally do not provide an implicit rate, the Company uses a collateralized incremental borrowing rate (“IBR”) to determine the present value of lease payments. The collateralized IBR is based on a synthetic credit rating that is externally prepared on an annual basis. This analysis considers qualitative and quantitative factors based on guidance provided by a rating agency for the consumer durables industry. The Company adjusts the selected IBR quarterly with a company-specific unsecured yield curve that approximates the Company’s market risk profile. The collateralized IBR is also based upon the estimated impact that the collateral has on the IBR. To account for the collateralized nature of the IBR, the Company utilized a notching method based on notching guidance provided by a rating agency whereby the Company’s base credit rating is notched upward as the yield curve on a secured loan is expected to be lower versus an unsecured loan.

The operating lease ROU asset also includes any prepaid lease payments made and is reduced by lease incentives such as tenant improvement allowances. The operating lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term.

Certain of the leases for the Company’s retail store facilities provide for payments based on future sales volumes at the leased location, which are not measurable at the inception of the lease. Under ASC 842, these contingent rents are expensed as they accrue.

In response to the large volume of anticipated lease concessions to be granted related to the effects of the COVID-19 pandemic, and the resultant expected cost and complexity of applying the lease modification requirements in ASC 842, the FASB issued Staff Q&A—Topic 842 and Topic 840: Accounting For Lease Concessions Related to the Effects of the COVID-19 Pandemic, in April 2020 as interpretive guidance to provide clarity in response to the crisis. The FASB staff indicated that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how they would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Consequently, for such lease concessions, an entity will not need to reassess each existing contract to determine whether enforceable rights and obligations for concessions exist and an entity can elect to apply or not to apply the lease modification guidance in ASC 842 to those contracts. The election is available for concessions related to the effects of the COVID-19 pandemic that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract.

In accordance with this interpretive guidance, the Company elected to account for lease concessions related to the effects of the COVID-19 pandemic that resulted in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract consistent with how they would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Consequently, for such lease concessions, the Company did not reassess each existing contract to determine whether enforceable rights and obligations for concessions existed and elected not to apply the lease modification guidance in ASC 842 to those contracts. The Company accounted for its remaining lease deferrals related to COVID-19 as if no changes to the lease contract were made while continuing to recognize expense during the deferral period and deferring the payment obligation as a liability. The Company recorded remaining lease deferrals related to COVID-19 of $0.2 million and $0.6 million as of October 3, 2021 and January 3, 2021, respectively, in accrued expenses in the accompanying interim unaudited condensed consolidated balance sheets.

See Note 5 to the Interim Financial Statements for a further discussion on leases.

Fair Value Measurements

9 Months Ended

Oct. 03, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

(3)

Fair Value Measurements

The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate the fair values of these instruments due to their short-term nature. The carrying amount for borrowings, if any, under the Company’s credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. When the Company recognizes impairment on certain of its underperforming stores, the carrying values of these stores are reduced to their estimated fair values.

The Company’s only significant assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition were assets subject to long-lived asset impairment related to certain underperforming stores. The Company estimated the fair values of these long-lived assets based on the Company’s own judgments about the assumptions that market participants would use in pricing the asset and on observable real estate market data of underperforming stores’ specific comparable markets, when available. The Company classified these fair value measurements as Level 3 inputs, which are unobservable inputs for which market data are not available and that are developed using the best information available about pricing assumptions used by market participants in accordance with ASC 820. As of October 3, 2021 and January 3, 2021, these long-lived assets were immaterial.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accrued Expenses

9 Months Ended

Oct. 03, 2021

Payables and Accruals [Abstract]

Accrued Expenses

(4)

Accrued Expenses

The major components of accrued expenses are as follows:


	October 3, 2021		January 3, 2021
	(In thousands)
Payroll and related expense	$	36,942	$	37,826
Occupancy expense		11,156		10,215
Sales tax		8,592		11,609
Other		21,838		23,227
Accrued expenses	$	78,528	$	82,877

Payroll and related expense as of October 3, 2021 and January 3, 2021 reflected a deferral of the employer portion of Social Security tax provided by the U.S. Coronavirus Aid, Relief and Economic Security (“CARES”) Act, which allowed employers to defer their portion of the social security payroll tax otherwise due with respect to wages earned from March 27, 2020 through December 31, 2020.

Lease Commitments

9 Months Ended

Oct. 03, 2021

Leases [Abstract]

Lease Commitments

(5)

Lease Commitments

The Company has operating and finance leases for the Company’s retail store facilities, distribution center, corporate offices, information technology hardware and distribution center delivery tractors and equipment, and accounts for these leases in accordance with ASC 842.

Certain of the leases for the Company’s retail store facilities provide for variable payments for property taxes, insurance, common area maintenance payments related to triple net leases, rental payments based on future sales volumes at the leased location, as well as certain equipment sales taxes, licenses, fees and repairs, which are not measurable at the inception of the lease, or rental payments that are adjusted periodically for inflation. The Company recognizes variable lease expense for these leases in the period incurred which, for contingent rent, begins in the period in which it becomes probable that the specified target that triggers the variable lease payments will be achieved. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

In accordance with ASC 842, the components of lease expense were as follows:


	13 Weeks Ended						39 Weeks Ended
	October 3, 2021			September 27, 2020			October 3, 2021			September 27, 2020
	(In thousands)
Lease expense:
Amortization of right-of-use assets	$	742		$	660		$	2,112		$	2,070
Interest on lease liabilities		66			67			186			234
Finance lease expense		808			727			2,298			2,304
Operating lease expense		20,535			20,382			61,255			60,986
Variable lease expense		4,572			4,595			13,775			10,577
Sublease income		(13	)		(293	)		(90	)		(879	)
Total lease expense	$	25,902		$	25,411		$	77,238		$	72,988

In accordance with ASC 842, other information related to leases was as follows:


	39 Weeks Ended
	October 3, 2021			September 27, 2020
	(In thousands)
Operating cash flows from operating leases	$	64,226		$	57,243
Financing cash flows from finance leases		2,141			2,067
Operating cash flows from finance leases		198			234
Cash paid for amounts included in the measurement of lease liabilities	$	66,565		$	59,544

Right-of-use assets obtained in exchange for new finance lease liabilities	$	7,661		$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	47,325		$	75,025
Weighted-average remaining lease term—finance leases	3.9 years			2.6 years
Weighted-average remaining lease term—operating leases	4.9 years			5.2 years
Weighted-average discount rate—finance leases		3.2	%		4.7	%
Weighted-average discount rate—operating leases		5.4	%		6.2	%

In accordance with ASC 842, maturities of finance and operating lease liabilities as of October 3, 2021 were as follows:


Year Ending:	Finance Leases			Operating Leases
	(In thousands)
2021 (remaining three months)	$	998		$	22,913
2022		3,283			83,566
2023		2,361			66,935
2024		1,543			58,016
2025		1,060			41,385
Thereafter		1,064			55,618
Undiscounted cash flows	$	10,309		$	328,433
Reconciliation of lease liabilities:
Weighted-average remaining lease term	3.9 years			4.9 years
Weighted-average discount rate		3.2	%		5.4	%
Present values	$	9,770		$	288,578
Lease liabilities - current		3,379			76,113
Lease liabilities - long-term		6,391			212,465
Lease liabilities - total	$	9,770		$	288,578
Difference between undiscounted and discounted cash flows	$	539		$	39,855

Long-Term Debt

9 Months Ended

Oct. 03, 2021

Debt Disclosure [Abstract]

Long-Term Debt

(6)

Long-Term Debt

The Company, Big 5 Corp. and Big 5 Services Corp. were parties to a credit agreement with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and a syndicate of other lenders, as amended (the “Prior Credit Agreement”), which was terminated and replaced on February 24, 2021, as discussed below.

On February 24, 2021, the Company entered into a Loan, Guaranty and Security Agreement with Bank of America, N.A. (“BofA”), as agent and lender (the “Loan Agreement”), at which time the Prior Credit Agreement was terminated. The Loan Agreement has a maturity date of February 24, 2026 and provides for a revolving credit facility with an aggregate committed availability of up to $150.0 million. The Company may also request additional increases in aggregate availability, up to a maximum of $200.0 million, in which case the existing lenders under the Loan Agreement will have the option to increase the commitment to accommodate the requested increase. If such existing lenders do not exercise that option, the Company may (with the consent of BofA in its role as the administrative agent, not to be unreasonably withheld) seek other lenders willing to provide such commitments. The credit facility includes a $50.0 million sublimit for issuances of letters of credit.

Similar to the Prior Credit Agreement, the Company may borrow under the Loan Agreement from time to time, provided the amounts outstanding will not exceed the lesser of the then aggregate committed availability (as discussed above) and the Borrowing Base (such lesser amount being referred to as the “Line Cap”). As defined in the Loan Agreement, the “Borrowing Base” generally is comprised of the sum, at the time of calculation, of (a) 90.00% of eligible credit card receivables; plus (b) the cost of eligible inventory (other than eligible in-transit inventory), net of inventory reserves, multiplied by 90.00% of the appraised net orderly liquidation value of eligible inventory (expressed as a percentage of the cost of eligible inventory); plus (c) the cost of eligible in-transit inventory, net of inventory reserves, multiplied by 90.00% of the appraised net orderly liquidation value of eligible in-transit inventory (expressed as a percentage of the cost of eligible in-transit inventory), minus (d) certain agreed-upon reserves as well as other reserves established by BofA in its role as the administrative agent in its reasonable discretion.

Generally, the Company may designate specific borrowings under the Loan Agreement as either base rate loans or LIBO rate loans. The applicable interest rate on the Company’s borrowings is a function of the daily average, over the preceding fiscal quarter, of the excess of the Line Cap over amounts borrowed (such amount being referred to as the “Average Daily Availability”). Those loans designated as LIBO rate loans bear interest at a rate equal to the then applicable adjusted LIBO rate plus an applicable margin as shown in the table below. Those loans designated as base rate loans bear interest at a rate equal to the applicable margin for base rate loans (as shown below) plus the highest of (a) the Federal funds rate, as in effect from time to time, plus one-half of one percent (0.50%), (b) the LIBO rate, plus one percentage point (1.00%), or (c) the rate of interest in effect for such day as announced from time to time within BofA as its “prime rate.” The applicable margin for all loans is a function of Average Daily Availability for the preceding fiscal quarter as set forth below.


Level	Average Daily Availability	LIBO Rate Applicable Margin	Base Rate Applicable Margin
I	Greater than or equal to $70,000,000	1.375%	0.375%
II	Less than $70,000,000	1.500%	0.500%

The commitment fee assessed on the unused portion of the credit facility is 0.20% per annum.

Obligations under the Loan Agreement are secured by a general lien on and security interest in substantially all of the Company’s assets. The Loan Agreement contains covenants that require the Company to maintain a fixed charge coverage ratio of not less than 1.0:1.0 in certain circumstances, and limits the ability to, among other things, incur liens, incur additional indebtedness, transfer or dispose of assets, change the nature of the business, guarantee obligations, pay dividends or make other distributions or repurchase stock, and make advances, loans or investments. The Company may generally declare or pay cash dividends or repurchase stock only if, among other things, no default or event of default then exists or would arise from such dividend or repurchase of stock and, after giving effect to such dividend or repurchase, certain availability and/or fixed charge coverage ratio requirements are satisfied, although the Company is permitted to make up to $5.0 million of dividend payments or stock repurchases per year without satisfaction of the availability or fixed charge coverage ratio requirements, but dividends or stock repurchases made without satisfying the availability and/or fixed charge coverage ratio requirements will require the establishment of an additional reserve that will reduce borrowing availability under the Loan Agreement for 75 days. The Loan Agreement contains customary events of default, including, without limitation, failure to pay when due principal amounts with respect to the credit facility, failure to pay any interest or other amounts under the credit facility, failure to comply with certain agreements or covenants contained in the Loan Agreement, failure to satisfy certain judgments against the Company, failure to pay when due (or any other default which permits the acceleration of) certain other material indebtedness in principal amount in excess of $5.0 million, and certain insolvency and bankruptcy events.

As previously disclosed, the Prior Credit Agreement had a maturity date of September 29, 2022 and, as amended, provided for a line of credit up to $140.0 million, which amount could be increased at the Company’s option up to a maximum of $165.0 million. The Company could also request additional increases in aggregate availability, on an uncommitted basis up to a maximum of $200.0 million. On March 30, 2020, the Company exercised the accordion feature and increased the amount available under the revolving credit facility to $165.0 million in response to the COVID-19 pandemic and drew down additional amounts at that time. The revolving credit facility under the Prior Credit Agreement included a $25.0 million sublimit for issuances of letters of credit and a $20.0 million sublimit for swingline loans. The Prior Credit Agreement provided for LIBO rate loans to bear interest at a rate equal to the applicable adjusted LIBO rate plus an applicable margin, as shown in the table below. The loans designated as base rate loans bore interest at a rate equal to the applicable margin for base rate loans (as shown below) plus the highest of (a) the Federal funds rate in effect plus one-half of one percent, (b) the LIBO rate, plus one percentage point, or (c) the prime interest rate. Under the Prior Credit Agreement, the applicable margin for all loans was a function of Average Daily Availability for the preceding fiscal quarter as set forth below.


Level	Average Daily Availability	LIBO Rate Applicable Margin	Base Rate Applicable Margin
I	Greater than or equal to $70,000,000	1.250%	0.250%
II	Less than $70,000,000	1.375%	0.500%

The commitment fee assessed on the unused portion of the credit facility under the Prior Credit Agreement was 0.20% per annum.

In the first quarter of fiscal 2021, the Company paid and capitalized $0.7 million in new creditor and third-party fees associated with the Loan Agreement, which will be amortized over the term of the Loan Agreement, and extinguished $0.2 million of deferred financing fees associated with the Prior Credit Agreement.

As of October 3, 2021 and January 3, 2021, the Company had no long-term revolving credit borrowings outstanding. As of October 3, 2021 and January 3, 2021, the Company had letter of credit commitments of $1.1 million and $2.6 million outstanding, respectively. Total remaining borrowing availability, after subtracting letters of credit, was $148.9 million and $162.4 million as of October 3, 2021 and January 3, 2021, respectively.

Income Taxes

9 Months Ended

Oct. 03, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(7)

Income Taxes

Under the asset and liability method prescribed under ASC 740, Income Taxes, the Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The realizability of deferred tax assets is assessed throughout the year and a valuation allowance is recorded, if necessary, to reduce net deferred tax assets to the amount more likely than not to be realized. As of October 3, 2021 and January 3, 2021, the Company had a valuation allowance for deferred income tax assets of $0.4 million and $0.7 million, respectively, related to unused California Enterprise Zone Tax Credits, which the Company will no longer be able to carry forward beyond 2024 as a result of California’s termination of this program.

The Company files a consolidated federal income tax return and files tax returns in various state and local jurisdictions. The statutes of limitations for consolidated federal income tax returns are open for fiscal years 2017 and after, and state and local income tax returns are open for fiscal years 2016 and after.

The provision for income taxes for the 39 weeks ended October 3, 2021 reflects an increased tax benefit related to the deduction for share-based compensation, a $0.3 million favorable reduction of the Company’s previously established valuation allowance related to unused California Enterprise Zone Tax Credits and a $0.2 million disaster recovery credit related to fires in California. The provision for income taxes for the 39 weeks ended September 27, 2020 reflects the write-off of deferred tax assets of $0.3 million related to share-based compensation.

On March 27, 2020, the Federal government enacted the CARES Act to provide relief from the impact of COVID-19. Among other relief, the CARES Act allows companies with a net operating loss (“NOL”) in either 2018, 2019 or 2020 to carry back those losses five years. As a result, the Company amended its 2018 income tax return to carry back its 2018 NOL to a period with a higher statutory tax rate, which is reflected in its effective tax rate for fiscal 2020, and the Company received a related income tax refund of $2.1 million in fiscal 2020.

As of October 3, 2021 and January 3, 2021, the Company had no unrecognized tax benefits including those that, if recognized, would affect the Company’s effective income tax rate over the next 12 months. The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expense. As of October 3, 2021 and January 3, 2021, the Company had no accrued interest or penalties.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

9 Months Ended

Oct. 03, 2021

Earnings Per Share [Abstract]

Earnings Per Share

(8)

Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards. During periods of net loss, diluted loss per share is equal to basic loss per share because the antidilutive effect of potential common shares is disregarded.

The following table sets forth the computation of basic and diluted earnings per common share:


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
	(In thousands, except per share data)
Net income	$	24,131	$	28,393	$	82,480	$	34,918
Weighted-average shares of common stock outstanding:
Basic		21,798		21,310		21,654		21,237
Dilutive effect of common stock equivalents arising from share option, nonvested share and nonvested share unit awards		736		415		871		227
Diluted		22,534		21,725		22,525		21,464
Basic earnings per share	$	1.11	$	1.33	$	3.81	$	1.64
Diluted earnings per share	$	1.07	$	1.31	$	3.66	$	1.63
Antidilutive share option awards excluded from diluted calculation		—		268		—		700
Antidilutive nonvested share and nonvested share unit awards excluded from diluted calculation		—		120		7		144

No share option awards were antidilutive (i.e., including such share option awards would result in higher earnings per share) for the 13 and 39 weeks ended October 3, 2021. The computation of diluted earnings per share for the 13 and 39 weeks ended September 27, 2020 excludes certain potential share option awards since the exercise prices of these share option awards exceeded the average market price of the Company’s common shares, and the effect of their inclusion would have been antidilutive.

No nonvested share awards or nonvested share unit awards were antidilutive for the 13 weeks ended October 3, 2021. The computation of diluted earnings per share for the 39 weeks ended October 3, 2021 excludes certain nonvested share awards and nonvested share unit awards that were outstanding and antidilutive, since the grant date fair values of these nonvested share awards and nonvested share unit awards exceeded the average market price of the Company’s common shares. The computation of diluted earnings per share for the 13 and 39 weeks ended September 27, 2020 excludes certain nonvested share awards and nonvested share unit awards that were outstanding and antidilutive, since the grant date fair values of these nonvested share awards and nonvested share unit awards exceeded the average market price of the Company’s common shares.

Commitments and Contingencies

9 Months Ended

Oct. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(9)

Commitments and Contingencies

Eminent Domain Matter

On approximately March 13, 2018, the Orange County Transportation Authority (“OCTA”) filed an eminent domain action against the Company and its Westminster, California, store location to acquire the Company’s interest in the property for public purposes related to a transportation project. The Company surrendered possession of this location on approximately January 31, 2019. On March 31, 2020, the Company and representatives of the OCTA agreed to a preliminary settlement of the proceedings, which was formally approved by the OCTA’s Board on approximately April 27, 2020. Pursuant to the terms of the settlement, on May 21, 2020, the Company received a cash condemnation settlement from the OCTA in the amount of $2.5 million for lost profit and property. The Company recorded a pre-tax gain for the $2.5 million in the second quarter of fiscal 2020 related to the settlement, of which $0.2 million represented lost property and equipment, which was included as other income in the interim unaudited condensed consolidated statement of operations. Attorneys’ fees related to this settlement totaled $0.1 million in fiscal 2020 and were included in selling and administrative expense in the interim unaudited condensed consolidated statement of operations.

Recovery of Insurance Proceeds

In the second quarter of fiscal 2020, seven of the Company’s stores were damaged and qualified for loss recovery claims as a result of civil unrest, and the Company disposed of assets of approximately $0.6 million related to lost inventory and property and equipment. In the first quarter of fiscal 2021, the Company reached an agreement with its insurance carrier and, after application of a deductible of $0.3 million, the Company received a cash insurance recovery of $1.3 million in total, of which $1.0 million related to the reimbursement of lost inventory and profit margin, $0.2 million related to the reimbursement of property and equipment, and $0.1 million related to a reimbursement for business interruption. Accordingly, the Company recognized gains of $0.5 million related to the recovery of lost profit margin and business interruption, and $0.2 million related to the recovery of property and equipment. The gain related to the recovery of lost profit margin and business interruption is included in the accompanying consolidated statement of operations as a reduction to cost of goods sold, and the gain related to the recovery of lost property and equipment is included in the accompanying consolidated statement of operations as a reduction to selling and administrative expense for fiscal 2021.

The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s results of operations or financial condition.

Share-based Compensation

9 Months Ended

Oct. 03, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation

(10)

Share-based Compensation

In April 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”) and stopped making grants under its 2007 Equity and Performance Incentive Plan, as amended and restated in April 2011 and April 2016 (the “2007 Plan”). As of October 3, 2021, 1,859,257 shares remained available for future grant under the 2019 Plan.

At its discretion, the Company grants share option awards, nonvested share awards and nonvested share unit awards to certain employees, as defined by ASC 718, Compensation—Stock Compensation, under the Company’s 2019 Plan, and accounts for its share-based compensation in accordance with ASC 718. The Company recognized $0.5 million and $1.4 million in share-based compensation expense for the 13 and 39 weeks ended October 3, 2021, respectively, compared to $0.4 million and $1.3 million in share-based compensation expense for the 13 and 39 weeks ended September 27, 2020, respectively.

Share Option Awards

Share option awards granted by the Company generally vest and become exercisable in four equal annual installments of 25% per year with a maximum life of ten years. The exercise price of share option awards is equal to the quoted market price of the Company’s common stock on the date of grant. No share option awards were granted in the first nine months of fiscal 2021. In the first nine months of fiscal 2020, the Company granted 257,000 share option awards with a weighted-average grant-date fair value of $1.25 per share option award.

A summary of the status of the Company’s share option awards is presented below:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value
Outstanding at January 3, 2021		742,800		$	4.62
Exercised		(318,275	)		5.67
Outstanding at October 3, 2021		424,525		$	3.84		7.56	$	8,606,225
Exercisable at October 3, 2021		58,625		$	6.72		6.05	$	1,019,545
Vested and Expected to Vest at October 3, 2021		419,068		$	3.85		7.55	$	8,489,154

The aggregate intrinsic value represents the total pretax intrinsic value, based upon the Company’s most recent closing stock price of $24.11 as of October 3, 2021, which would have been received by the share option award holders had all share option award holders exercised their share option awards as of that date.

The fair value of each share option award on the date of grant is estimated using the Black-Scholes method based on the following weighted-average assumptions:


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Risk-free interest rate		—		—		—		0.9	%
Expected term		—		—		—	5.7 years
Expected volatility		—		—		—		63.0	%
Expected dividend yield		—		—		—		—

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option award; the expected term represents the weighted-average period of time that option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based upon the Company’s current dividend rate. In order to support its liquidity initiatives throughout the organization as a result of the COVID-19 outbreak, early in the second quarter of fiscal 2020 the Company’s Board of Directors suspended its quarterly cash dividend. Due to the uncertainty of future dividend payments when share option awards were granted in the first quarter of fiscal 2020, the Company used zero as the expected dividend yield assumption for share option awards granted at that time.

As of October 3, 2021, there was $0.3 million of total unrecognized compensation expense related to share option awards granted. That expense is expected to be recognized over a weighted-average period of 1.8 years.

Nonvested Share Awards and Nonvested Share Unit Awards

Nonvested share awards and nonvested share unit awards granted by the Company vest for employees from the date of grant in four equal annual installments of 25% per year. Nonvested share awards and nonvested share unit awards granted by the Company to non-employee directors for their service as directors, as defined by ASC 718, generally vest 100% on the earlier of (a) the date of the Company’s next annual stockholders meeting following the grant date, or (b) the first anniversary of the grant date.

Nonvested share awards become outstanding when granted and are delivered to the recipient upon their vesting. Shares issuable related to nonvested share unit awards, including any dividend reinvestments, are delivered to the recipient on the tenth business day of January following the year in which the recipient’s service to the Company is terminated, at which time the units convert to shares and become outstanding. The total fair value of nonvested share awards which vested during the first nine months of fiscal 2021 and 2020 was $5.3 million and $0.4 million, respectively. The total fair value of nonvested share unit awards which vested in the first nine months of fiscal 2021 and 2020 was $1.2 million and $0.2 million, respectively.

The Company granted 248,550 and 321,600 nonvested share awards in the first nine months of fiscal 2021 and 2020, respectively. The weighted-average grant-date fair value per share of the Company’s nonvested share awards granted in the first nine months of fiscal 2021 and 2020 was $15.61 and $1.69, respectively.

A summary of the status of the Company’s nonvested share awards is presented below:


	Shares			Weighted- Average Grant- Date Fair Value
Balance at January 3, 2021		591,325		$	3.79
Granted		248,550			15.61
Vested		(268,550	)		4.83
Forfeited		(15,655	)		6.16
Balance at October 3, 2021		555,670		$	8.51

To satisfy employee minimum statutory tax withholding requirements for nonvested share awards that vest, the Company withholds and retires a portion of the vesting common shares, unless an employee elects to pay cash. In the first nine months of fiscal 2021, the Company withheld 70,228 common shares with a total value of $1.0 million. This amount is presented as a cash outflow from financing activities in the accompanying interim unaudited condensed consolidated statement of cash flows.

A summary of the status of the Company’s nonvested share unit awards is presented below:


	Units			Weighted- Average Grant- Date Fair Value
Balance at January 3, 2021		41,160		$	1.91
Granted		2,614			28.69
Dividend reinvestments		14,841			27.46
Vested		(40,000	)		2.28
Dividend reinvestments vested		(15,975	)		25.98
Balance at October 3, 2021		2,640		$	20.86

As of October 3, 2021, there was $3.7 million and $0.1 million of total unrecognized compensation expense related to nonvested share awards and nonvested share unit awards, respectively. That expense is expected to be recognized over a weighted-average period of 2.5 and 0.7 years for nonvested share awards and nonvested share unit awards, respectively.

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 03, 2021
Subsequent Events [Abstract]
Subsequent Events	(11) Subsequent Events On October 28, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share of outstanding common stock, which will be paid on December 15, 2021 to stockholders of record as of December 1, 2021, and declared a special cash dividend of $1.00 per share of outstanding common stock, which will be paid on December 1, 2021 to stockholders of record as of November 17, 2021.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Oct. 03, 2021

Accounting Policies [Abstract]

Consolidation

Reporting Period

Recently Issued Accounting Updates

Other recently issued accounting updates are not expected to have a material impact on the Company’s Interim Financial Statements.

COVID-19 Impact on Concentration of Risk

General Concentration of Risk

Use of Estimates

Revenue Recognition


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
	(In thousands)
Hardgoods	$	164,921	$	201,993	$	502,549	$	461,040
Athletic and sport footwear		74,472		59,654		212,706		164,685
Athletic and sport apparel		48,726		41,712		169,398		120,721
Other sales		1,518		1,600		3,810		4,184
Net sales	$	289,637	$	304,959	$	888,463	$	750,630

Substantially all of the Company’s revenue is for single performance obligations for the following distinct items:

•

Retail store sales

•

E-commerce sales

•

Stored-value cards

Share-Based Compensation

Cash and Cash Equivalents

Valuation of Merchandise Inventories, Net

Valuation of Long-Lived Assets

The Company did not recognize any impairment charges in the first nine months of fiscal 2021 or 2020.

Leases

See Note 5 to the Interim Financial Statements for a further discussion on leases.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 03, 2021

Accounting Policies [Abstract]

Summary of Disaggregates Net Sales into Major Merchandise Categories to Depict Nature and Amount of Revenue and Related Cash Flows


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
	(In thousands)
Hardgoods	$	164,921	$	201,993	$	502,549	$	461,040
Athletic and sport footwear		74,472		59,654		212,706		164,685
Athletic and sport apparel		48,726		41,712		169,398		120,721
Other sales		1,518		1,600		3,810		4,184
Net sales	$	289,637	$	304,959	$	888,463	$	750,630

Accrued Expenses (Tables)

9 Months Ended

Oct. 03, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses

The major components of accrued expenses are as follows:


	October 3, 2021		January 3, 2021
	(In thousands)
Payroll and related expense	$	36,942	$	37,826
Occupancy expense		11,156		10,215
Sales tax		8,592		11,609
Other		21,838		23,227
Accrued expenses	$	78,528	$	82,877

Lease Commitments (Tables)

9 Months Ended

Oct. 03, 2021

Leases [Abstract]

Summary of Components of Lease Expense

In accordance with ASC 842, the components of lease expense were as follows:


	13 Weeks Ended						39 Weeks Ended
	October 3, 2021			September 27, 2020			October 3, 2021			September 27, 2020
	(In thousands)
Lease expense:
Amortization of right-of-use assets	$	742		$	660		$	2,112		$	2,070
Interest on lease liabilities		66			67			186			234
Finance lease expense		808			727			2,298			2,304
Operating lease expense		20,535			20,382			61,255			60,986
Variable lease expense		4,572			4,595			13,775			10,577
Sublease income		(13	)		(293	)		(90	)		(879	)
Total lease expense	$	25,902		$	25,411		$	77,238		$	72,988

Schedule of Other Information Related To Leases

In accordance with ASC 842, other information related to leases was as follows:


	39 Weeks Ended
	October 3, 2021			September 27, 2020
	(In thousands)
Operating cash flows from operating leases	$	64,226		$	57,243
Financing cash flows from finance leases		2,141			2,067
Operating cash flows from finance leases		198			234
Cash paid for amounts included in the measurement of lease liabilities	$	66,565		$	59,544

Right-of-use assets obtained in exchange for new finance lease liabilities	$	7,661		$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	47,325		$	75,025
Weighted-average remaining lease term—finance leases	3.9 years			2.6 years
Weighted-average remaining lease term—operating leases	4.9 years			5.2 years
Weighted-average discount rate—finance leases		3.2	%		4.7	%
Weighted-average discount rate—operating leases		5.4	%		6.2	%

Schedule of Maturities For Finance And Operating Leases

In accordance with ASC 842, maturities of finance and operating lease liabilities as of October 3, 2021 were as follows:


Year Ending:	Finance Leases			Operating Leases
	(In thousands)
2021 (remaining three months)	$	998		$	22,913
2022		3,283			83,566
2023		2,361			66,935
2024		1,543			58,016
2025		1,060			41,385
Thereafter		1,064			55,618
Undiscounted cash flows	$	10,309		$	328,433
Reconciliation of lease liabilities:
Weighted-average remaining lease term	3.9 years			4.9 years
Weighted-average discount rate		3.2	%		5.4	%
Present values	$	9,770		$	288,578
Lease liabilities - current		3,379			76,113
Lease liabilities - long-term		6,391			212,465
Lease liabilities - total	$	9,770		$	288,578
Difference between undiscounted and discounted cash flows	$	539		$	39,855

Long-Term Debt (Tables)

9 Months Ended

Oct. 03, 2021

Loan, Guaranty and Security Agreement [Member]

Average Daily Excess Availability for Preceding Fiscal Quarter

The applicable margin for all loans is a function of Average Daily Availability for the preceding fiscal quarter as set forth below.


Level	Average Daily Availability	LIBO Rate Applicable Margin	Base Rate Applicable Margin
I	Greater than or equal to $70,000,000	1.375%	0.375%
II	Less than $70,000,000	1.500%	0.500%

Prior Credit Agreement [Member]

Average Daily Excess Availability for Preceding Fiscal Quarter

Under the Prior Credit Agreement, the applicable margin for all loans was a function of Average Daily Availability for the preceding fiscal quarter as set forth below.


Level	Average Daily Availability	LIBO Rate Applicable Margin	Base Rate Applicable Margin
I	Greater than or equal to $70,000,000	1.250%	0.250%
II	Less than $70,000,000	1.375%	0.500%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Oct. 03, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
	(In thousands, except per share data)
Net income	$	24,131	$	28,393	$	82,480	$	34,918
Weighted-average shares of common stock outstanding:
Basic		21,798		21,310		21,654		21,237
Dilutive effect of common stock equivalents arising from share option, nonvested share and nonvested share unit awards		736		415		871		227
Diluted		22,534		21,725		22,525		21,464
Basic earnings per share	$	1.11	$	1.33	$	3.81	$	1.64
Diluted earnings per share	$	1.07	$	1.31	$	3.66	$	1.63
Antidilutive share option awards excluded from diluted calculation		—		268		—		700
Antidilutive nonvested share and nonvested share unit awards excluded from diluted calculation		—		120		7		144

Share-based Compensation (Tables)

9 Months Ended

Oct. 03, 2021

Share-based Payment Arrangement [Abstract]

Summary of Share Option Awards

A summary of the status of the Company’s share option awards is presented below:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value
Outstanding at January 3, 2021		742,800		$	4.62
Exercised		(318,275	)		5.67
Outstanding at October 3, 2021		424,525		$	3.84		7.56	$	8,606,225
Exercisable at October 3, 2021		58,625		$	6.72		6.05	$	1,019,545
Vested and Expected to Vest at October 3, 2021		419,068		$	3.85		7.55	$	8,489,154

Weighted-Average Assumptions Used to Estimate the Fair Value of Each Share Option Award

The fair value of each share option award on the date of grant is estimated using the Black-Scholes method based on the following weighted-average assumptions:


	13 Weeks Ended				39 Weeks Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Risk-free interest rate		—		—		—		0.9	%
Expected term		—		—		—	5.7 years
Expected volatility		—		—		—		63.0	%
Expected dividend yield		—		—		—		—

Summary of Nonvested Share Awards Activity

A summary of the status of the Company’s nonvested share awards is presented below:


	Shares			Weighted- Average Grant- Date Fair Value
Balance at January 3, 2021		591,325		$	3.79
Granted		248,550			15.61
Vested		(268,550	)		4.83
Forfeited		(15,655	)		6.16
Balance at October 3, 2021		555,670		$	8.51

A summary of the status of the Company’s nonvested share unit awards is presented below:


	Units			Weighted- Average Grant- Date Fair Value
Balance at January 3, 2021		41,160		$	1.91
Granted		2,614			28.69
Dividend reinvestments		14,841			27.46
Vested		(40,000	)		2.28
Dividend reinvestments vested		(15,975	)		25.98
Balance at October 3, 2021		2,640		$	20.86

Description of Business - Additional Information (Detail)	9 Months Ended
	Oct. 03, 2021 ft² Store Segment
Description Of Business [Line Items]
Number of operating stores \| Store	429
Area of traditional sporting goods store \| ft²	11,000
Number of reportable segment \| Segment	1
Big 5 Corp [Member]
Description Of Business [Line Items]
Subsidiary interest ownership percentage	100.00%
Big 5 Service Corp [Member] \| Big 5 Corp [Member]
Description Of Business [Line Items]
Subsidiary interest ownership percentage	100.00%

Summary of Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 20, 2020	Oct. 03, 2021 USD ($)	Sep. 27, 2020 USD ($)	Oct. 03, 2021 USD ($)	Sep. 27, 2020 USD ($)	Jan. 03, 2021 USD ($) Supplier
Accounting Policies [Line Items]
Reporting period, minimum				364 days
Reporting period, maximum				371 days
Concentration risk, suppliers \| Supplier						680
Concentration risk, largest supplier \| Supplier						20
Suppliers accounted for total purchases						36.40%
Vendor represented greater than of total purchases \| Supplier						1
Number of performance obligation				one
Stored value card redemption revenue recognized		$ 1,300,000	$ 1,300,000	$ 4,500,000	$ 3,900,000
Outstanding stored value card liabilities		6,900,000		$ 6,900,000		$ 7,500,000
Stored value cards redeemed period				2 years
Impairment charges				$ 0	0
Merchandise [Member] \| Accounting Standards Update 2014-09 \| ASC 606 [Member]
Accounting Policies [Line Items]
Estimated right of return related to estimated sales returns				800,000		1,200,000
Allowance for sales returns reserve		1,600,000		1,600,000		$ 2,400,000
Stored Value Card Breakage Revenue [Member]
Accounting Policies [Line Items]
Recognized stored value card breakage revenue		100,000	$ 100,000	200,000	$ 200,000
Nike [Member]
Accounting Policies [Line Items]
Suppliers accounted for total purchases						8.50%
Percentage of vendors represented greater than of total purchases						5.00%
Suppliers accounted for total sales						7.20%
COVID-19 [Member]
Accounting Policies [Line Items]
Percentage of minimum number of retail store locations closed	50.00%
Deferred, lease liability		$ 200,000		$ 200,000		$ 600,000
COVID-19 [Member] \| California [Member]
Accounting Policies [Line Items]
Percentage of stores				52.00%
First Quarter [Member]
Accounting Policies [Line Items]
Interim reporting periods				91 days		91 days
Second Quarter [Member]
Accounting Policies [Line Items]
Interim reporting periods				91 days		91 days
Third Quarter [Member]
Accounting Policies [Line Items]
Interim reporting periods				91 days		91 days
Fourth Quarter [Member]
Accounting Policies [Line Items]
Interim reporting periods				91 days		98 days

Summary of Disaggregates Net Sales into Major Merchandise Categories to Depict Nature and Amount of Revenue and Related Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Oct. 03, 2021	Sep. 27, 2020
Accounting Policies [Line Items]
Net sales	$ 289,637	$ 304,959	$ 888,463	$ 750,630
Hardgoods [Member]
Accounting Policies [Line Items]
Net sales	164,921	201,993	502,549	461,040
Athletic and sport footwear [Member]
Accounting Policies [Line Items]
Net sales	74,472	59,654	212,706	164,685
Athletic and sport apparel [Member]
Accounting Policies [Line Items]
Net sales	48,726	41,712	169,398	120,721
Other sales [Member]
Accounting Policies [Line Items]
Net sales	$ 1,518	$ 1,600	$ 3,810	$ 4,184

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Payables and Accruals [Abstract]
Payroll and related expense	$ 36,942	$ 37,826
Occupancy expense	11,156	10,215
Sales tax	8,592	11,609
Other	21,838	23,227
Accrued expenses	$ 78,528	$ 82,877

Lease Commitments - Summary of Components of Lease Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Oct. 03, 2021	Sep. 27, 2020
Lease expense:
Amortization of right-of-use assets	$ 742	$ 660	$ 2,112	$ 2,070
Interest on lease liabilities	66	67	186	234
Finance lease expense	808	727	2,298	2,304
Operating lease expense	20,535	20,382	61,255	60,986
Variable lease expense	4,572	4,595	13,775	10,577
Sublease income	(13)	(293)	(90)	(879)
Total lease expense	$ 25,902	$ 25,411	$ 77,238	$ 72,988

Lease Commitments - Schedule of Other Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 64,226	$ 57,243
Financing cash flows from finance leases	2,141	2,067
Operating cash flows from finance leases	198	234
Cash paid for amounts included in the measurement of lease liabilities	66,565	59,544
Right-of-use assets obtained in exchange for new finance lease liabilities	7,661
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 47,325	$ 75,025
Weighted-average remaining lease term—finance leases	3 years 10 months 24 days	2 years 7 months 6 days
Weighted-average remaining lease term—operating leases	4 years 10 months 24 days	5 years 2 months 12 days
Weighted-average discount rate—finance leases	3.20%	4.70%
Weighted-average discount rate—operating leases	5.40%	6.20%

Lease Commitments - Schedule of Finance and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021	Sep. 27, 2020
Finance Lease Liabilities, Payments, Due [Abstract]
2021 (remaining three months)	$ 998
Finance leases, 2022	3,283
Finance leases, 2023	2,361
Finance leases, 2024	1,543
Finance leases, 2025	1,060
Finance leases, thereafter	1,064
Finance leases, total lease payments	$ 10,309
Weighted-average remaining lease term	3 years 10 months 24 days		2 years 7 months 6 days
Weighted-average discount rate	3.20%		4.70%
Present values	$ 9,770
Lease liabilities - current	3,379	$ 2,089
Lease liabilities - long-term	6,391	2,504
Lease liabilities - total	9,770
Difference between undiscounted and discounted cash flows	539
Operating Lease Liabilities, Payments Due [Abstract]
2021 (remaining three months)	22,913
Operating leases, 2022	83,566
Operating leases, 2023	66,935
Operating leases, 2024	58,016
Operating leases, 2025	41,385
Operating leases, thereafter	55,618
Operating leases, total lease payments	$ 328,433
Weighted-average remaining lease term	4 years 10 months 24 days		5 years 2 months 12 days
Weighted-average discount rate	5.40%		6.20%
Present values	$ 288,578
Lease liabilities - current	76,113	73,737
Lease liabilities - long-term	212,465	$ 217,788
Lease liabilities - total	288,578
Difference between undiscounted and discounted cash flows	$ 39,855

Long-Term Debt - Additional Information (Detail) - USD ($)		3 Months Ended	9 Months Ended
	Feb. 24, 2021	Apr. 04, 2021	Oct. 03, 2021	Sep. 27, 2020	Jan. 03, 2021	Mar. 30, 2020
Debt Instrument [Line Items]
Credit Agreement description			The Company, Big 5 Corp. and Big 5 Services Corp. were parties to a credit agreement with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and a syndicate of other lenders, as amended (the “Prior Credit Agreement”), which was terminated and replaced on February 24, 2021, as discussed below.
Debt issuance costs paid		$ 700,000	$ 717,000	$ 106,000
Long-term revolving credit borrowings outstanding			0		$ 0
Letter of credit commitments			$ 1,100,000		2,600,000
Loan, Guaranty and Security Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 150,000,000.0
Maximum limit of credit facility	200,000,000.0
Sublimit for issuances of letters of credit	$ 50,000,000.0
Maturity date of credit agreement	Feb. 24, 2026
Percentage of eligible credit card accounts receivables	90.00%
Percentage of the value of eligible inventory	90.00%
Percentage of the value of eligible in-transit inventory	90.00%
Interest rate, description			the applicable margin for base rate loans (as shown below) plus the highest of (a) the Federal funds rate, as in effect from time to time, plus one-half of one percent (0.50%), (b) the LIBO rate, plus one percentage point (1.00%), or (c) the rate of interest in effect for such day as announced from time to time within BofA as its “prime rate.”
Commitment fee assessed	0.20%
Debt instrument, covenant description			Obligations under the Loan Agreement are secured by a general lien on and security interest in substantially all of the Company’s assets. The Loan Agreement contains covenants that require the Company to maintain a fixed charge coverage ratio of not less than 1.0:1.0 in certain circumstances, and limits the ability
Events of default, description			The Loan Agreement contains customary events of default, including, without limitation, failure to pay when due principal amounts with respect to the credit facility, failure to pay any interest or other amounts under the credit facility, failure to comply with certain agreements or covenants contained in the Loan Agreement, failure to satisfy certain judgments against the Company, failure to pay when due (or any other default which permits the acceleration of) certain other material indebtedness in principal amount in excess of $5.0 million, and certain insolvency and bankruptcy events.
Maximum dividend payment or stock purchase amount	$ 5,000,000.0
Line of Credit Facility default debt minimum amount	$ 5,000,000.0
Loan, Guaranty and Security Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	100.00%
Loan, Guaranty and Security Agreement [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Applicable margin in addition to variable rate	0.50%
Loan, Guaranty and Security Agreement [Member] \| LIBO Rate [Member]
Debt Instrument [Line Items]
Applicable margin in addition to variable rate	1.00%
Prior Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility			$ 140,000,000.0			$ 165,000,000.0
Maximum limit of credit facility			200,000,000.0
Sublimit for issuances of letters of credit			$ 25,000,000.0
Maturity date of credit agreement			Sep. 29, 2022
Interest rate, description			The Prior Credit Agreement provided for LIBO rate loans to bear interest at a rate equal to the applicable adjusted LIBO rate plus an applicable margin, as shown in the table below. The loans designated as base rate loans bore interest at a rate equal to the applicable margin for base rate loans (as shown below) plus the highest of (a) the Federal funds rate in effect plus one-half of one percent, (b) the LIBO rate, plus one percentage point, or (c) the prime interest rate.
Commitment fee assessed			0.20%
First tier of increase to the borrowing capacity			$ 165,000,000.0
Sublimit for swingline loans			$ 20,000,000.0
Write off of deferred debt issuance cost		$ 200,000
Prior Credit Agreement [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Applicable margin in addition to variable rate			0.50%
Prior Credit Agreement [Member] \| LIBO Rate [Member]
Debt Instrument [Line Items]
Applicable margin in addition to variable rate			1.00%
Wells Fargo Bank National Association [Member]
Debt Instrument [Line Items]
Remaining borrowing availability			$ 148,900,000		$ 162,400,000

Long-Term Debt - Average Daily Excess Availability for Preceding Fiscal Quarter (Detail)		9 Months Ended
	Feb. 24, 2021	Oct. 03, 2021
Loan, Guaranty and Security Agreement [Member] \| Level I [Member]
Line Of Credit Facility [Line Items]
Average Daily Availability	Greater than or equal to $70,000,000
LIBO Rate Applicable Margin	1.375%
Base Rate Applicable Margin	0.375%
Loan, Guaranty and Security Agreement [Member] \| Level II [Member]
Line Of Credit Facility [Line Items]
Average Daily Availability	Less than $70,000,000
LIBO Rate Applicable Margin	1.50%
Base Rate Applicable Margin	0.50%
Prior Credit Agreement [Member] \| Level I [Member]
Line Of Credit Facility [Line Items]
Average Daily Availability		Greater than or equal to $70,000,000
LIBO Rate Applicable Margin		1.25%
Base Rate Applicable Margin		0.25%
Prior Credit Agreement [Member] \| Level II [Member]
Line Of Credit Facility [Line Items]
Average Daily Availability		Less than $70,000,000
LIBO Rate Applicable Margin		1.375%
Base Rate Applicable Margin		0.50%

Income Taxes - Additional Information (Detail) - USD ($)	9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Jan. 03, 2021
Income Tax Contingency [Line Items]
Write-off of deferred tax assets related to share based compensation		$ 300,000
CARES act of 2020, net operating loss (NOL) carryback description	the CARES Act allows companies with a net operating loss (“NOL”) in either 2018, 2019 or 2020 to carry back those losses five years.
CARES act of 2020, net operating loss carryback period	5 years
Income tax refund received			$ 2,100,000
Unrecognized tax benefits	$ 0		0
Unrecognized tax benefits, period	over the next 12 months
Accrued interest or penalties	$ 0		0
California [Member]
Income Tax Contingency [Line Items]
Disaster recovery credit related to fire	$ 200,000
Earliest Tax Year [Member] \| Federal [Member]
Income Tax Contingency [Line Items]
Income tax returns in period	2017
Earliest Tax Year [Member] \| State and Local [Member]
Income Tax Contingency [Line Items]
Income tax returns in period	2016
California Enterprise Zone Tax Credits [Member]
Income Tax Contingency [Line Items]
Deferred tax assets valuation allowance	$ 400,000		$ 700,000
Tax credits carry forward latest expiration year	2024
Change in valuation allowance	$ 300,000

Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Oct. 03, 2021	Sep. 27, 2020
Earnings Per Share Basic [Line Items]
Net income	$ 24,131	$ 28,393	$ 82,480	$ 34,918
Weighted-average shares of common stock outstanding:
Basic	21,798,000	21,310,000	21,654,000	21,237,000
Dilutive effect of common stock equivalents arising from share option, nonvested share and nonvested share unit awards	736,000	415,000	871,000	227,000
Diluted	22,534,000	21,725,000	22,525,000	21,464,000
Basic earnings per share	$ 1.11	$ 1.33	$ 3.81	$ 1.64
Diluted earnings per share	$ 1.07	$ 1.31	$ 3.66	$ 1.63
Share Option Awards [Member]
Weighted-average shares of common stock outstanding:
Antidilutive shares/unit awards excluded from diluted calculation	0	268,000	0	700,000
Nonvested Share Awards and Nonvested Share Unit Awards [Member]
Weighted-average shares of common stock outstanding:
Antidilutive shares/unit awards excluded from diluted calculation	0	120,000	7,000	144,000

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Oct. 03, 2021	Sep. 27, 2020
Share Option Awards [Member]
Earnings Per Share Basic [Line Items]
Antidilutive options	0	268,000	0	700,000
Nonvested Share Awards and Nonvested Share Unit Awards [Member]
Earnings Per Share Basic [Line Items]
Antidilutive options	0	120,000	7,000	144,000

Commitments and Contingencies - Additional Information (Detail) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	May 21, 2020 USD ($)	Apr. 04, 2021 USD ($)	Jun. 28, 2020 USD ($) Store	Oct. 03, 2021 USD ($)	Sep. 27, 2020 USD ($)	Jan. 03, 2021 USD ($)
Commitments And Contingencies [Line Items]
Received cash condemnation settlement from Orange County Transport Authority pre-tax gain amount					$ 2,500
Cash condemnation settlement from Orange Country Transport Authority	$ 2,500
Loss on property and equipment					$ 237
Number of stores destroyed in civil unrest \| Store			7
Loss contingency, total loss			$ 600
Deduction on settlement		$ 300
Proceeds from cash insurance recovery total, net of insurance deductible		1,300
Proceeds from insurance recovery				$ 1,083
Proceeds from insurance recovery - property and equipment		200		249
Gain on recovery of insurance proceeds - lost profit margin and business interruption		500		460
Gain on recovery of insurance proceeds - property and equipment		200		$ 249
Lost Inventory and Profit Margin [Member]
Commitments And Contingencies [Line Items]
Proceeds from insurance recovery		1,000
Business Interruption [Member]
Commitments And Contingencies [Line Items]
Proceeds from insurance recovery		$ 100
Other Income [Member]
Commitments And Contingencies [Line Items]
Received cash condemnation settlement from Orange County Transport Authority pre-tax gain amount			2,500
Loss on property and equipment			$ 200
Selling and Administrative Expenses [Member]
Commitments And Contingencies [Line Items]
Attorneys' fees related to fees settlement						$ 100

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020	Mar. 29, 2020	Oct. 03, 2021	Sep. 27, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 500	$ 400		$ 1,400	$ 1,300
Expected dividend yield			0.00%
Shares withheld for tax requirements				70,228
Tax withholding payments for share-based compensation				$ 1,046	$ 97
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price per share	$ 24.11			$ 24.11
Share Option Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum expiration period of share based payment awards granted				10 years
Granted, shares				0	257,000
Weighted-average grant-date fair value per share					$ 1.25
Unrecognized compensation expense	$ 300			$ 300
Weighted-average period of recognition				1 year 9 months 18 days
Share Option Awards [Member] \| Share-based Compensation Award, Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights (as percentage)				25.00%
Performance Shares [Member] \| Share-based Compensation Award, Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights (as percentage)				25.00%
Performance Shares [Member] \| Share-based Compensation Award, Tranche One [Member] \| Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights (as percentage)				100.00%
Nonvested Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average period of recognition				2 years 6 months
Fair value of nonvested share awards				$ 5,300	$ 400
Issuance of nonvested share awards, Shares				248,550	321,600
Weighted-average grant-date fair value per share, granted				$ 15.61	$ 1.69
Unrecognized compensation expenses	3,700			$ 3,700
Nonvested Share Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average period of recognition				8 months 12 days
Fair value of nonvested share awards				$ 1,200	$ 200
Issuance of nonvested share awards, Shares				2,614
Weighted-average grant-date fair value per share, granted				$ 28.69
Unrecognized compensation expenses	$ 100			$ 100
2019 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grant	1,859,257			1,859,257

Share-based Compensation - Summary of Share Option Awards (Detail) - USD ($)	9 Months Ended
	Oct. 03, 2021
Share-based Payment Arrangement [Abstract]
Shares, Outstanding at January 3, 2021	742,800
Shares, Exercised	(318,275)
Shares, Outstanding at October 3, 2021	424,525
Shares, Exercisable at October 3, 2021	58,625
Shares, Vested and Expected to Vest at October 3, 2021	419,068
Weighted-Average Exercise Price, Outstanding at January 3, 2021	$ 4.62
Weighted-Average Exercise Price, Exercised	5.67
Weighted-Average Exercise Price, Outstanding at October 3, 2021	3.84
Weighted-Average Exercise Price, Exercisable at October 3, 2021	6.72
Weighted-Average Exercise Price, Vested and Expected to Vest at October 3, 2021	$ 3.85
Weighted-Average Remaining Contractual Life (In Years), Outstanding at October 3, 2021	7 years 6 months 21 days
Weighted-Average Remaining Contractual Life (In Years), Exercisable at October 3, 2021	6 years 18 days
Weighted-Average Remaining Contractual Life (In Years), Vested and Expected to Vest at October 3, 2021	7 years 6 months 18 days
Aggregate Intrinsic Value, Outstanding at October 3, 2021	$ 8,606,225
Aggregate Intrinsic Value, Exercisable at October 3, 2021	1,019,545
Aggregate Intrinsic Value, Vested and Expected to Vest at October 3, 2021	$ 8,489,154

Share-based Compensation - Fair Value of Share Option Award Based on Weighted-Average Assumptions (Detail)	3 Months Ended	9 Months Ended
	Mar. 29, 2020	Sep. 27, 2020
Share-based Payment Arrangement [Abstract]
Risk-free interest rate		0.90%
Expected term		5 years 8 months 12 days
Expected volatility		63.00%
Expected dividend yield	0.00%

Share-based Compensation - Summary of Nonvested Share Awards Activity (Detail) - $ / shares	9 Months Ended
	Oct. 03, 2021	Sep. 27, 2020
Nonvested Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares/share units, beginning balance	591,325
Granted, shares/share units	248,550	321,600
Vested, shares/share units	(268,550)
Forfeited, shares/share units	(15,655)
Nonvested shares/share units, ending balance	555,670
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 3.79
Weighted-Average Grant-Date Fair Value, Granted	15.61	$ 1.69
Weighted-Average Grant-Date Fair Value, Vested	4.83
Weighted-Average Grant-Date Fair Value, Forfeited	6.16
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 8.51
Nonvested Share Unit Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares/share units, beginning balance	41,160
Granted, shares/share units	2,614
Dividend reinvestments, shares/share units	14,841
Vested, shares/share units	(40,000)
Dividend reinvestments vested, shares/share units	(15,975)
Nonvested shares/share units, ending balance	2,640
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 1.91
Weighted-Average Grant-Date Fair Value, Granted	28.69
Weighted-Average Grant-Date Fair Value, Dividend Reinvestments	27.46
Weighted-Average Grant-Date Fair Value, Vested	2.28
Weighted-Average Grant-Date Fair Value, Dividend Reinvestments Vested	25.98
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 20.86

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]	Oct. 28, 2021 $ / shares
Dividends Payable [Line Items]
Dividend per share	$ 0.25
Dividend declared per share, payable date	Dec. 15, 2021
Dividend declared per share, record date	Dec. 01, 2021
Special Cash [Member]
Dividends Payable [Line Items]
Dividend per share	$ 1.00
Dividend declared per share, payable date	Dec. 01, 2021
Dividend declared per share, record date	Nov. 17, 2021