0000950170-24-021829 | 10-K | XBRL Viewer | BIG 5 Sporting Goods Corp

Income Taxes - Schedule of Federal Statutory Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Income Tax Disclosure [Abstract]
Tax (benefit) expense at statutory rate	$ (2,222)	$ 6,918
State tax (benefit) expense, net of federal tax effect	(556)	1,734
Tax credits	(452)	(826)
Change in valuation allowance	(221)
Additional deduction related to share-based compensation	(119)	(1,321)
Nondeductible expenses	104	259
Other	(32)	45
Total income tax expense (benefit)	$ (3,498)	$ 6,809

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2)

Summary of Significant Accounting Policies

Consolidation

The accompanying consolidated 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 2023 and fiscal 2022 each included 52 weeks.

Recently Issued Accounting Updates

In June 2023, the Securities and Exchange Commission (“SEC”) approved new listing standards that were proposed by the New York Stock Exchange and Nasdaq. The new listing standards require listed companies to adopt and comply with a written policy providing for the recovery, in the event of a required accounting restatement, of incentive-based compensation received by current or former executive officers where that compensation is based on erroneously reported financial information. The listing standards took effect on October 2, 2023, and registrants had until December 1, 2023 (60 days after the effective date) to adopt a recovery policy. The recovery policy must, however, apply to erroneously awarded incentive-based compensation received (as defined in the listing standards) after the effective date. The adoption of these new listing standards did not have a material impact on the Company’s consolidated financial statements.

In July 2023, the SEC adopted the final rule under SEC Release Nos. 33-11216, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requiring current disclosure about material cybersecurity incidents; periodic disclosures about a registrant’s processes to assess, identify, and manage material cybersecurity risks; a description of management’s role in assessing and managing material cybersecurity risks; and the board of directors’ oversight of cybersecurity risks. While the incident-reporting requirements under this rule will be effective in the second quarter of fiscal 2024 due to the Company’s status as a smaller-reporting company, the disclosure requirements under this rule were effective in the fourth quarter of fiscal 2023. The adoption of this final rule did not have a material impact on the Company’s consolidated financial statements.

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which incorporates into the Accounting Standards Codification (“ASC”) certain incremental disclosure requirements introduced by the SEC as part of its disclosure update and simplification initiative. The amendments in this update are intended to clarify or improve presentation and disclosure requirements around a variety of ASC Topics, improve entity comparability for users, and align ASC requirements with SEC regulations. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the ASC and not become effective. Early adoption is prohibited. The Company does not expect the issuance of this ASU to have a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

Other recently issued accounting updates are not expected to have a material impact on the Company’s consolidated financial statements.

General Concentration of Risk

The Company maintains its cash accounts in financial institutions, and accounts at these institutions are insured by the Federal Deposit Insurance Corporation up to $250,000.

Because of the Company’s geographic concentration in the western United States, the Company is subject to regional risks, such as the economy, including downturns in the housing market, state financial conditions, unemployment and gas prices. Other regional risks include weather conditions, fires, droughts, earthquakes, power outages, floods and other natural disasters specific to the states in which the Company operates.

The Company relies on a single distribution center located in Riverside, California, which services all of its stores and e-commerce platform. Any natural disaster or other serious disruption to the distribution center due to fire, earthquake or any other cause could damage a significant portion of inventory and could materially impair the Company’s ability to adequately stock its stores and fulfill its e-commerce business.

The Company purchases merchandise from over 600 suppliers, and the Company’s 20 largest suppliers accounted for 39.3% of total purchases in fiscal 2023. One vendor represented greater than 5% of total purchases in fiscal 2023, at 5.1%. A significant portion of the Company’s inventory is manufactured abroad in Asia. Foreign imports subject the Company to the risks of changes in, or the imposition of new, import tariffs, duties or quotas, new restrictions on imports, loss of “most favored nation” status with the United States for a particular foreign country, antidumping or countervailing duty orders, retaliatory actions in response to illegal trade practices, work stoppages, delays in shipment, freight expense increases, product cost increases due to foreign currency fluctuations or revaluations, public health issues that could lead to temporary closures of facilities or shipping ports, such as the recent outbreak of the novel coronavirus (“COVID-19”), and other economic uncertainties. If a disruption of trade were to occur from the countries in which the suppliers of the Company’s vendors are located, the Company may be unable to obtain sufficient quantities of products to satisfy its requirements, or the cost of obtaining products may increase.

A substantial amount of the Company’s inventory is manufactured abroad. From time to time, shipping ports experience capacity constraints (such as delays associated with COVID-19), labor strikes, work stoppages or other disruptions that may delay the delivery of imported products. A contract dispute may lead to protracted delays in the movement of the Company’s products, which could further delay the delivery of products to the Company’s stores and impact net sales and profitability. In addition, other conditions outside of the Company’s control, such as adverse weather conditions or acts of terrorism or war, such as the current conflicts in Ukraine and the Middle East, could significantly disrupt operations at shipping ports or otherwise impact transportation of the imported merchandise we sell, either through supply chain disruptions, or rising freight and fuel costs.

The Company could be exposed to credit risk in the event of nonperformance by its lender under its revolving credit facility. Instability in the financial and capital markets could bring additional potential risks to the Company, including higher costs of credit, potential lender defaults, and potential commercial bank failures. The Company has received no indication that any such events will negatively impact its lender under its credit facility; however, the possibility does exist.

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 consolidated financial statements and reported amounts of revenue and expense during the reporting period to prepare these consolidated 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 December 31, 2023, 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.

Segment Reporting

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, and whose Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis, for purposes of allocating resources and evaluating financial performance. The Company’s stores typically have similar square footage, with the stores and e-commerce platform offering a similar general product mix. The Company’s core customer demographic remains similar across all sales channels, as does the Company’s process for the procurement and marketing of its product mix. Furthermore, the Company distributes its product mix for both the stores and e-commerce platform from a single distribution center. Given the consolidated level of review by the CODM, the Company operates as one reportable segment as defined by ASC 280, Segment Reporting.

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.

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, in 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.

As noted in the segment information elsewhere in this Note 2 to the Notes to Consolidated Financial Statements, the Company’s business consists of one reportable segment. 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:


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
	(In thousands)
Hardgoods	$	475,350	$	536,294
Athletic and sport footwear		219,184		246,302
Athletic and sport apparel		185,064		209,672
Other sales		5,147		3,270
Net sales	$	884,745	$	995,538

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 transaction price for each contract is the stated price on the product, reduced by any stated discounts at that point in time. The Company does not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit point-of-sale contract with the customer, as reflected in the transaction receipt, states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for the Company’s contracts is due in full upon delivery. The customer agrees to a stated price implicit in the contract.

The transaction price relative to sales subject to a right of return reflects the amount of estimated consideration to which the Company expects to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. There were no material adjustments to the Company’s previous estimates. The allowance for sales returns is estimated based upon historical experience and a provision for estimated returns is recorded as a reduction in sales in the relevant period. The estimated right-of-return merchandise cost related to the sales returns is recorded as prepaid expense in the Company’s consolidated balance sheet as of December 31, 2023. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net sales and earnings in the period such variances become known.

The Company has elected to apply the practical expedient, relative to e-commerce sales, which allows an entity to account for shipping and handling 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 is not material.

Contract liabilities are recognized primarily for stored-value card sales and issuances in exchange for returns. Cash received from the sale or issuance of stored-value cards is recorded as a contract liability in accrued expenses in the Company’s consolidated balance sheets, and the Company recognizes revenue upon the customer’s redemption of the stored-value card. Stored-value card breakage is recognized as revenue in proportion to the pattern of customer redemptions by applying a historical breakage rate of five percent. The Company does not sell or provide stored-value cards that carry expiration dates.

The Company recognized $5.5 million and $6.1 million in stored-value card redemption revenue for fiscal 2023 and 2022, respectively. The Company also recognized $0.3 million in stored-value card breakage revenue for each of fiscal 2023 and 2022. The Company had outstanding stored-value card liabilities of $9.2 million and $8.8 million as of December 31, 2023 and January 1, 2023, respectively, which are included in accrued expenses in the Company’s consolidated balance sheets. Based upon historical experience, stored-value cards are predominantly redeemed in the first two years following their issuance date.

The Company recorded, as prepaid expense in the Company’s consolidated balance sheets, estimated right-of-return merchandise cost of $0.9 million and $1.2 million related to estimated sales returns as of December 31, 2023 and January 1, 2023, and recorded, as accrued expense in the Company’s consolidated balance sheets, an allowance for sales returns reserve of $1.7 million and $2.3 million as of December 31, 2023 and January 1, 2023, respectively.

Cost of Sales

Cost of sales includes the cost of merchandise, net of discounts or allowances earned, freight (including e-commerce shipping and handling costs), inventory reserves, buying, distribution center expense, including depreciation and amortization, and store occupancy expense. Store occupancy expense includes rent, amortization of leasehold improvements, common area maintenance, property taxes and insurance.

Selling and Administrative Expense

Selling and administrative expense includes store-related expense, other than store occupancy expense, as well as advertising, depreciation and amortization, expense associated with operating the Company’s corporate headquarters and impairment charges, if any.

Vendor Allowances

The Company receives allowances for co-operative advertising and volume purchase rebates earned through programs with certain vendors. The Company records a receivable for these allowances which are earned but not yet received when it is determined the amounts are probable and reasonably estimable. Amounts that represent a reimbursement of costs incurred, such as advertising, and amounts relating to the purchase of merchandise are recorded as a reduction of inventory cost and reduce cost of goods sold as the merchandise is sold.

Advertising Expense

Advertising is expensed when the advertising first occurs. Advertising expense amounted to $10.2 million and $12.1 million for fiscal 2023 and 2022, respectively. The Company continues to benefit from reduced advertising in fiscal 2023 and 2022 as a result of measures implemented in response to the COVID-19 pandemic. Advertising expense is included in selling and administrative expense in the Company’s consolidated statements of operations. The Company receives co-operative advertising allowances from certain product vendors in order to subsidize qualifying advertising and similar promotional expenditures made relating to vendors’ products. The Company treats these advertising allowances as a reduction of inventory cost and cost of goods sold which had an immaterial effect on the Company’s consolidated financial statements.

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 13 to the Notes to Consolidated Financial Statements for a further discussion on share-based compensation.

Pre-opening Costs

Pre-opening costs for new stores, which are not material, consist primarily of payroll and recruiting expense, training, marketing, rent, travel and supplies, and are expensed as incurred and included in selling and administrative expense in the Company’s consolidated statements of operations.

Cash

Cash consists of cash on hand, and the Company had no cash equivalents as of any periods presented. Book overdrafts for checks outstanding are classified as current liabilities in the Company’s consolidated balance sheets.

Accounts Receivable

Accounts receivable consist primarily of third party purchasing card receivables, amounts due from inventory vendors for returned products, volume purchase rebates or co-operative advertising, amounts due from lessors for tenant improvement allowances and insurance recovery receivables. Accounts receivable have not historically resulted in any material credit losses. An allowance for doubtful accounts is provided when accounts are determined to be uncollectible.

Valuation of Merchandise Inventories, Net

The Company’s merchandise inventories 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.

Prepaid Expenses and Other Assets

Prepaid expenses include the prepayment of various operating expenses such as insurance, income and property taxes, software maintenance and supplies, which are expensed when the operating cost is realized, as well as estimated right-of-return merchandise cost related to estimated sales returns.

Other assets include the long-term portion of certain prepaid expenses, capitalized deferred financing fees related to the Company’s credit facility and capitalized implementation costs related to information technology (“IT”) system hosting arrangements that are service contracts. While deferred financing fees and implementation costs are capitalized and amortized over the respective terms of their arrangements, costs related to the service element of a hosting arrangement that is a service contract are expensed as incurred.

Property and Equipment, Net

Property and equipment are stated at cost and are being depreciated or amortized utilizing the straight-line method over the following estimated useful lives:


Land		Indefinite
Buildings		20 years
Leasehold improvements		Shorter of estimated useful life or term of lease
Furniture and equipment		3 – 10 years
Internal-use software		3 – 7 years

Maintenance and repairs are expensed as incurred.

The Company incurs costs to purchase and develop software for internal use. Costs related to the application development stage are capitalized and amortized over the estimated useful life of the software. Costs related to the design or maintenance of internal-use software are expensed as incurred. See Note 3 to the Notes to Consolidated Financial Statements for a further discussion on property and equipment.

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 or 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 individual 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 recognized impairment charges of $0.6 million in fiscal 2023 related to certain underperforming stores, and did not recognize any impairment charges in fiscal 2022.

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, IT 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 Company’s consolidated balance sheets. Finance leases are included in property and equipment and finance lease liabilities, current and noncurrent, on the Company’s 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 Company’s consolidated statement 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 Company’s consolidated balance sheets. 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 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.

See Note 7 to the Notes to Consolidated Financial Statements for a further discussion on leases.

Self-Insurance Liabilities

The Company is self-insured for certain of its various insurance risks including its estimated workers’ compensation liability risk in some states. The Company also has a self-funded insurance program for a portion of its employee medical benefits. Under these programs, the Company maintains insurance coverage for losses in excess of specified per-occurrence amounts. Estimated expenses incurred under the self-insured workers’ compensation and medical benefits programs, including incurred but not reported claims, are recorded as expense based upon historical experience, trends of paid and incurred claims, and other actuarial assumptions. If actual claims trends under these programs, including the severity or frequency of claims, differ from the Company’s estimates, its financial results may be significantly impacted. The Company’s actuarially-estimated self-insurance liabilities, which are reported gross of expected workers’ compensation insurance reimbursements, are classified on the Company’s consolidated balance sheets as accrued expenses or other long-term liabilities based upon whether they are expected to be paid during or beyond the normal operating cycle of 12 months from the date of the Company’s consolidated financial statements. Self-insurance liabilities totaled $11.0 million and $11.1 million as of December 31, 2023 and January 1, 2023, respectively, of which $4.6 million were recorded as a component of accrued expenses as of December 31, 2023 and January 1, 2023, and $6.4 million and $6.5 million were recorded as a component of other long-term liabilities as of December 31, 2023 and January 1, 2023, respectively, in the Company’s consolidated balance sheets.

Income Taxes

Under the asset and liability method prescribed within 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. Certain prior period deferred tax disclosures were reclassified to conform with current period presentation.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

The Company’s practice is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in selling and administrative expense in the Company’s consolidated statements of operations. As of December 31, 2023 and January 1, 2023, the Company had no accrued interest or penalties. See Note 9 to the Notes to Consolidated Financial Statements for a further discussion on income taxes.

Treasury Stock Purchases

The Company repurchases its common stock in the open market pursuant to programs approved by its Board of Directors. In the first quarter of fiscal 2022, the Board of Directors authorized a new share repurchase program of up to $25.0 million of common stock, which replaced the previous share repurchase program. Under this program, the Company may purchase shares from time to time in the open market or in privately negotiated transactions in compliance with the applicable rules and regulations of the Securities and Exchange Commission. The Company may repurchase its common stock for a variety of reasons, including, among other things, its alternative cash requirements, existing business conditions and the current market price of its stock. However, the timing and amount of such purchases, if any, would be at the discretion of management and the Board of Directors. The Company did not repurchase any shares of common stock in fiscal 2023 and repurchased 295,719 shares of common stock in fiscal 2022.

Long-Term Debt - Additional Information (Detail) - USD ($)		12 Months Ended
	Feb. 24, 2021	Dec. 31, 2023	Jan. 01, 2023
Debt Instrument [Line Items]
Credit Agreement description		The Company, Big 5 Corp. and Big 5 Services Corp. are parties to a Loan, Guaranty and Security Agreement with Bank of America, N.A. (“BofA”), as agent and lender, which was amended on November 22, 2021, October 19, 2022 and May 16, 2023 (as so amended, the “Loan Agreement”).
Long-term revolving credit borrowings outstanding		$ 0	$ 0
Letter of credit commitments		$ 2,000,000	1,400,000
Loan, Guaranty and Security Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 150,000,000
Maximum limit of credit facility	200,000,000
Sublimit for issuances of letters of credit	$ 50,000,000
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 one-month SOFR 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
Line of Credit Facility default debt minimum amount	$ 5,000,000
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] \| SOFR Adjustment [Member]
Debt Instrument [Line Items]
Applicable margin in addition to variable rate	0.10%
Loan, Guaranty and Security Agreement [Member] \| One-month SOFR 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		$ 148,000,000	$ 148,600,000

Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Income Tax Disclosure [Abstract]
Current, Federal	$ (28)	$ 2,958
Current, State	(34)	1,745
Current, Total	(62)	4,703
Deferred, Federal	(2,770)	1,905
Deferred, State	(666)	201
Deferred, Total	(3,436)	2,106
Total, Federal	(2,798)	4,863
Total, State	(700)	1,946
Total income tax expense (benefit)	$ (3,498)	$ 6,809

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

BIG 5 SPORTING GOODS CORPORATION

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(In thousands)


	Balance at Beginning of Period		Charged to Costs and Expenses				Deductions			Balance at End of Period
December 31, 2023
Allowance for doubtful receivables	$	44	$	48			$	(44	)	$	48
Allowance for sales returns	$	2,324	$	(602	)	(1)	$	—		$	1,722
Inventory reserves	$	5,464	$	4,034			$	(4,738	)	$	4,760
January 1, 2023
Allowance for doubtful receivables	$	62	$	61			$	(79	)	$	44
Allowance for sales returns	$	2,528	$	(204	)	(1)	$	—		$	2,324
Inventory reserves	$	5,547	$	3,836			$	(3,919	)	$	5,464

(1)

Represents an increase (decrease) in the required reserve based upon the Company’s evaluation of anticipated merchandise returns.

Share-Based Compensation Plans - Summary of Nonvested Share Awards Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
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	587,675
Granted, shares/share units	327,112	284,630
Vested, shares/share units	(250,055)
Forfeited, shares/share units	(30,505)
Nonvested shares/share units, ending balance	634,227	587,675
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	$ 11.64
Weighted-Average Grant-Date Fair Value, Granted	7.91	$ 15.03
Weighted-Average Grant-Date Fair Value, Vested	9.65
Weighted-Average Grant-Date Fair Value, Forfeited	10.48
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 10.56	$ 11.64
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]
Granted, shares/share units	0	0

Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Earnings Per Share Basic [Line Items]
Net Income (Loss)	$ (7,083)	$ 26,134
Weighted-average shares of common stock outstanding:
Basic	21,749	21,634
Dilutive effect of common stock equivalents arising from share option and nonvested share awards	0	455
Diluted	21,749	22,089
Basic (loss) earnings per share	$ (0.33)	$ 1.21
Diluted (loss) earnings per share	$ (0.33)	$ 1.18
Employee Stock Option
Weighted-average shares of common stock outstanding:
Antidilutive shares/unit awards excluded from diluted calculation	165	16
Nonvested Share Awards [Member]
Weighted-average shares of common stock outstanding:
Antidilutive shares/unit awards excluded from diluted calculation	410	185

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Current assets:
Cash and cash equivalents	$ 9,201	$ 25,565
Accounts receivable, net of allowances of $48 and $44, respectively	9,163	12,270
Merchandise inventories, net	275,759	303,493
Prepaid expenses	16,052	16,632
Total current assets	310,175	357,960
Operating lease right-of-use assets, net	253,615	276,016
Property and equipment, net	58,595	58,311
Deferred income taxes	13,427	9,991
Other assets, net of accumulated amortization of $1,954 and $1,359, respectively	8,871	6,515
Total assets	644,683	708,793
Current liabilities:
Accounts payable	55,201	67,417
Accrued expenses	61,283	70,261
Current portion of operating lease liabilities	70,372	70,584
Current portion of finance lease liabilities	3,843	3,217
Total current liabilities	190,699	211,479
Operating lease liabilities, less current portion	191,178	214,584
Finance lease liabilities, less current portion	11,856	7,089
Long-term debt	0	0
Other long-term liabilities	6,536	6,857
Total liabilities	400,269	440,009
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, authorized 50,000,000 shares; issued 26,747,617 and 26,491,750 shares, respectively; outstanding 22,440,362 and 22,184,495 shares, respectively	267	264
Additional paid-in capital	128,737	126,512
Retained earnings	169,667	196,265
Less: Treasury stock, at cost; 4,307,255 shares	(54,257)	(54,257)
Total stockholders' equity	244,414	268,784
Total liabilities and stockholders' equity	$ 644,683	$ 708,793

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Allowance for doubtful receivables [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 44	$ 62
Charged to Costs and Expenses	48	61
Deductions	(44)	(79)
Balance at End of Period	48	44
Allowance for sales returns [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	2,324	2,528
Charged to Costs and Expenses	602	(204)
Balance at End of Period	1,722	2,324
Inventory reserves [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	5,464	5,547
Charged to Costs and Expenses	4,034	3,836
Deductions	(4,738)	(3,919)
Balance at End of Period	$ 4,760	$ 5,464

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 8.3	$ 8.0
Amortization expense	8.5	8.0
Finance leases, gross	22.6	19.1
Accumulated depreciation of finance leases	5.8	8.2
Internal-use software [Member]
Property, Plant and Equipment [Line Items]
Amortization expense	$ 1.5	$ 2.0

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Oct. 01, 2023 USD ($)	Jan. 01, 2023 USD ($) Store	Dec. 31, 2023 USD ($)	Sep. 27, 2023 USD ($)
Commitments And Contingencies [Line Items]
Number of stores destroyed in roof collapse \| Store		1
Loss contingency, total loss		$ 400,000
Deduction on settlement	$ 500,000
Proceeds from insurance recovery	600,000		$ 619,000
Proceeds from insurance recovery - property and equipment	100,000		60,000
Gain on recovery of insurance proceeds - lost profit margin and business interruption	300,000		299,000
Proceeds from cash insurance recovery total, net of insurance deductible	700,000
Gain on recovery of insurance proceeds - property and equipment	$ 25,000		$ 25,000
Cumulative indemnity reserve on tentative settlement				$ 1,500,000

Summary of Significant Accounting Policies - Summary of Disaggregates Net Sales into Major Merchandise Categories to Depict Nature and Amount of Revenue and Related Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Accounting Policies [Line Items]
Net sales	$ 884,745	$ 995,538
Hardgoods [Member]
Accounting Policies [Line Items]
Net sales	475,350	536,294
Athletic and sport footwear [Member]
Accounting Policies [Line Items]
Net sales	219,184	246,302
Athletic and sport apparel [Member]
Accounting Policies [Line Items]
Net sales	185,064	209,672
Other sales [Member]
Accounting Policies [Line Items]
Net sales	$ 5,147	$ 3,270

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

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

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Jan. 01, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (7,083,000)	$ 26,134,000
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	18,315,000	18,020,000
Impairment of long-lived assets	631,000	0
Share-based compensation	2,738,000	2,470,000
Amortization of other assets	595,000	453,000
Loss on disposal of equipment		288,000
Noncash lease expense	70,060,000	68,929,000
Proceeds from insurance recovery - lost profit margin and expenses	619,000
Gain on recovery of insurance proceeds - lost profit margin and expenses	(299,000)
Gain on recovery of insurance proceeds - property and equipment	(25,000)
Deferred income taxes	(3,436,000)	2,106,000
Changes in operating assets and liabilities:
Accounts receivable, net	2,752,000	1,641,000
Merchandise inventories, net	27,734,000	(23,512,000)
Prepaid expenses and other assets	(2,371,000)	(3,292,000)
Accounts payable	(11,846,000)	(37,251,000)
Operating lease liabilities	(71,435,000)	(70,940,000)
Accrued expenses and other long-term liabilities	(8,411,000)	(13,486,000)
Net cash provided by (used in) operating activities	18,538,000	(28,440,000)
Cash flows from investing activities:
Purchases of property and equipment	(11,022,000)	(13,193,000)
Proceeds from insurance recovery - property and equipment	60,000
Proceeds from disposal of property and equipment		13,000
Net cash used in investing activities	(10,962,000)	(13,180,000)
Cash flows from financing activities:
Changes in book overdraft	(130,000)	619,000
Debt issuance costs paid		(18,000)
Principal payments under finance lease obligations	(3,538,000)	(3,504,000)
Proceeds from exercise of share option awards	117,000	349,000
Cash purchases of treasury stock		(4,136,000)
Tax withholding payments for share-based compensation	(627,000)	(1,212,000)
Dividends paid	(19,762,000)	(22,333,000)
Net cash used in financing activities	(23,940,000)	(30,235,000)
Net decrease in cash and cash equivalents	(16,364,000)	(71,855,000)
Cash and cash equivalents at beginning of year	25,565,000	97,420,000
Cash at end of year	9,201,000	25,565,000
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment acquired under finance leases	8,931,000	3,828,000
Property and equipment additions unpaid	711,000	1,592,000
Supplemental disclosures of cash flow information:
Interest paid	707,000	586,000
Income taxes paid	$ 24,000	$ 5,471,000

Lease Commitments - Schedule of Other Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 86,207	$ 86,170
Financing cash flows from finance leases	3,538	3,504
Operating cash flows from finance leases	437	289
Cash paid for amounts included in the measurement of lease liabilities	90,182	89,963
Right-of-use assets obtained in exchange for new finance lease liabilities	9,118	3,859
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 47,948	$ 74,829
Weighted-average remaining lease term—finance leases	4 years 3 months 18 days	3 years 9 months 18 days
Weighted-average remaining lease term—operating leases	4 years 8 months 12 days	5 years
Weighted-average discount rate-finance leases	6.10%	3.80%
Weighted-average discount rate-operating leases	5.40%	4.90%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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

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:


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
	(In thousands)
Hardgoods	$	475,350	$	536,294
Athletic and sport footwear		219,184		246,302
Athletic and sport apparel		185,064		209,672
Other sales		5,147		3,270
Net sales	$	884,745	$	995,538

Schedule of Estimated Useful Life of Property and Equipment

Property and equipment are stated at cost and are being depreciated or amortized utilizing the straight-line method over the following estimated useful lives:


Land		Indefinite
Buildings		20 years
Leasehold improvements		Shorter of estimated useful life or term of lease
Furniture and equipment		3 – 10 years
Internal-use software		3 – 7 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,083)	$ 26,134

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Income Statement [Abstract]
Net sales	$ 884,745	$ 995,538
Cost of sales	598,901	654,323
Gross profit	285,844	341,215
Selling and administrative expense	296,578	307,700
Operating (loss) income	(10,734)	33,515
Interest (income) expense	(153)	572
(Loss) income before income taxes	(10,581)	32,943
Income tax (benefit) expense	(3,498)	6,809
Net (loss) income	$ (7,083)	$ 26,134
(Loss) earnings per share:
Basic	$ (0.33)	$ 1.21
Diluted	$ (0.33)	$ 1.18
Weighted-average shares of common stock outstanding:
Basic	21,749	21,634
Diluted	21,749	22,089

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses

The major components of accrued expenses are as follows:


	December 31, 2023		January 1, 2023
	(In thousands)
Payroll and related expense	$	22,331	$	26,525
Occupancy expense		8,655		10,126
Sales tax		7,581		9,964
Other		22,716		23,646
Accrued expenses	$	61,283	$	70,261

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

(6)

Accrued Expenses

The major components of accrued expenses are as follows:


	December 31, 2023		January 1, 2023
	(In thousands)
Payroll and related expense	$	22,331	$	26,525
Occupancy expense		8,655		10,126
Sales tax		7,581		9,964
Other		22,716		23,646
Accrued expenses	$	61,283	$	70,261

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Components of Lease Expense

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


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
	(In thousands)
Lease expense:
Operating lease expense	$	84,480	$	83,412
Variable lease expense		18,884		18,803
Operating lease expense		103,364		102,215

Amortization of right-of-use assets		3,822		3,652
Interest on lease liabilities		406		282
Finance lease expense		4,228		3,934
Total lease expense	$	107,592	$	106,149

Schedule of Other Information Related To Leases

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


	Fiscal Year Ended
	December 31, 2023			January 1, 2023
	(In thousands)
Operating cash flows from operating leases	$	86,207		$	86,170
Financing cash flows from finance leases		3,538			3,504
Operating cash flows from finance leases		437			289
Cash paid for amounts included in the measurement of lease liabilities	$	90,182		$	89,963

Right-of-use assets obtained in exchange for new finance lease liabilities	$	9,118		$	3,859
Right-of-use assets obtained in exchange for new operating lease liabilities	$	47,948		$	74,829
Weighted-average remaining lease term—finance leases	4.3 years			3.8 years
Weighted-average remaining lease term—operating leases	4.7 years			5.0 years
Weighted-average discount rate—finance leases		6.1	%		3.8	%
Weighted-average discount rate—operating leases		5.4	%		4.9	%

Schedule of Maturities For Finance And Operating Leases

In accordance with ASC 842, maturities of finance and operating lease liabilities as of December 31, 2023 were as follows:


Fiscal Year Ending:	Finance Leases			Operating Leases
	(In thousands)
2024	$	4,711		$	82,480
2025		4,253			68,846
2026		3,928			51,708
2027		2,706			34,726
2028		1,788			23,497
Thereafter		594			36,288
Undiscounted cash flows	$	17,980		$	297,545
Reconciliation of lease liabilities:
Weighted-average remaining lease term	4.3 years			4.7 years
Weighted-average discount rate		6.1	%		5.4	%
Present values	$	15,699		$	261,550
Lease liabilities - current		3,843			70,372
Lease liabilities - long-term		11,856			191,178
Lease liabilities - total	$	15,699		$	261,550
Difference between undiscounted and discounted cash flows	$	2,281		$	35,995

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) Supplier Segment shares	Jan. 01, 2023 USD ($) shares
Accounting Policies [Line Items]
Reporting period, minimum	364 days
Reporting period, maximum	371 days
Cash deposits insured by the Federal Deposit Insurance Corporation	$ 250,000
Concentration risk, suppliers \| Supplier	600
Concentration risk, largest supplier \| Supplier	20
Suppliers accounted for total purchases	39.30%
Percentage of vendors represented greater than of total purchases	5.00%
Vendor represented greater than of total purchases \| Supplier	1
Number of reportable segment \| Segment	1
Number of performance obligation	one
Percentage of gift card historical breakage rate	5.00%
Stored value card redemption revenue recognized	$ 5,500,000	$ 6,100,000
Outstanding stored value card liabilities	$ 9,200,000	8,800,000
Stored value cards redeemed period	2 years
Advertising expense, net of co-operative advertising allowances	$ 10,200,000	12,100,000
Impairment charges	631,000	0
Self-insurance liabilities	11,000,000	11,100,000
Accrued interest or penalties	$ 0	$ 0
Common Stock [Member]
Accounting Policies [Line Items]
Number of shares repurchased during period \| shares	0	295,719
Common Stock [Member] \| Current Share Repurchase Program [Member]
Accounting Policies [Line Items]
Share repurchase program, additional authorized amount		$ 25,000,000
Accrued expenses [Member]
Accounting Policies [Line Items]
Self-insurance liabilities	$ 4,600,000	4,600,000
Other long-term liabilities [Member]
Accounting Policies [Line Items]
Self-insurance liabilities	6,400,000	6,500,000
Stored Value Card Breakage Revenue [Member]
Accounting Policies [Line Items]
Recognized stored value card breakage revenue	$ 300,000	300,000
One vendor [Member]
Accounting Policies [Line Items]
Suppliers accounted for total purchases	5.10%
Merchandise [Member] \| Accounting Standards Update 2014-09
Accounting Policies [Line Items]
Estimated right of return related to estimated sales returns	$ 900,000	1,200,000
Allowance for sales returns reserve	$ 1,700,000	$ 2,300,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(9)

Income Taxes

Income tax (benefit) expense consists of the following:


	Current			Deferred			Total
	(In thousands)
Fiscal 2023:
Federal	$	(28	)	$	(2,770	)	$	(2,798	)
State		(34	)		(666	)		(700	)
	$	(62	)	$	(3,436	)	$	(3,498	)
Fiscal 2022:
Federal	$	2,958		$	1,905		$	4,863
State		1,745			201			1,946
	$	4,703		$	2,106		$	6,809

The provision for income taxes differs from the amounts computed by applying the federal statutory tax rate of 21% to earnings before income taxes, as follows:


	Fiscal Year Ended
	December 31, 2023			January 1, 2023
	(In thousands)
Tax (benefit) expense at statutory rate	$	(2,222	)	$	6,918
State tax (benefit) expense, net of federal tax effect		(556	)		1,734
Tax credits		(452	)		(826	)
Change in valuation allowance		(221	)		—
Additional deduction related to share-based compensation		(119	)		(1,321	)
Nondeductible expenses		104			259
Other		(32	)		45
	$	(3,498	)	$	6,809

Deferred tax assets and liabilities as of December 31, 2023 and January 1, 2023 are tax-effected based on the federal and state corporate income tax rates.

Deferred tax assets and liabilities consist of the following tax-effected temporary differences:


	December 31, 2023			January 1, 2023
	(In thousands)
Deferred tax assets:
Employee benefit-related liabilities	$	2,864		$	2,781
Insurance liabilities		2,633			2,654
Net operating loss		2,343			—
Property, plant and equipment		1,801			816
Gift card liability		1,768			1,594
Deferred rent		1,307			1,632
Merchandise inventory		1,139			1,103
Disaster relief tax credits		968			63
Share-based compensation		884			810
Accrued legal fees		473			60
Allowance for sales returns		239			324
Other deferred tax assets		72			863
Gross deferred tax assets		16,491			12,700
Less: Valuation allowance		—			(280	)
Deferred tax assets, net of valuation allowance		16,491			12,420
Deferred tax liabilities:
Prepaid expense		(1,361	)		(992	)
Federal liability on state deferred tax assets		(1,094	)		(954	)
Accrual for software as a service		(609	)		(483	)
Deferred tax liabilities		(3,064	)		(2,429	)
Net deferred tax assets	$	13,427		$	9,991

As of the end of fiscal 2023, the Company eliminated a valuation allowance of $0.3 million that was maintained as of the end of fiscal 2022 related to unused California Enterprise Zone Tax Credits which the Company was not able to carry forward beyond the 2023 tax year as a result of California’s termination of this program. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections of future taxable income over the periods during which the deferred tax assets are deductible, except as noted above, management believes it is more likely than not that the Company will realize the benefits of these deductible differences. The amount of the deferred tax asset considered realizable, however, could be reduced if estimates of future taxable income are reduced. Certain prior period amounts were reclassified to conform with current period presentation requirements.

The Company files a consolidated federal income tax return and files tax returns in various state and local jurisdictions. The statutes of limitations for its consolidated federal income tax returns are open for fiscal years 2020 and after, and state and local income tax returns are open for fiscal years 2019 and after.

As of December 31, 2023 and January 1, 2023, the Company had no unrecognized tax benefits 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 December 31, 2023 and January 1, 2023, 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net, consist of the following:


	December 31, 2023			January 1, 2023
	(In thousands)
Leasehold improvements	$	188,216		$	184,326
Furniture and equipment		151,007			146,392
Internal-use software		37,205			37,192
Land		2,750			2,750
Building		1,775			1,775
		380,953			372,435
Accumulated depreciation and amortization (1)		(323,284	)		(315,596	)
		57,669			56,839
Assets not placed into service		926			1,472
Property and equipment, net	$	58,595		$	58,311

(1)

Includes accumulated amortization for internal-use software development costs of $35.7 million and $34.4 million as of December 31, 2023 and January 1, 2023, respectively.

Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

(14) Subsequent Event

In the first quarter of fiscal 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share of outstanding common stock, which will be paid on March 22, 2024 to stockholders of record as of March 8, 2024.

In the first two months of fiscal 2024, the Company closed six stores, including four underperforming stores and one store that was previously damaged by severe rain, lowering the store count to 424 at the end of fiscal February 2024.

Lease Commitments

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Commitments

(7) Lease Commitments

The Company has operating and finance leases for the Company’s retail store facilities, distribution center, corporate offices, IT hardware, and distribution center delivery tractors and equipment, and accounts for these leases in accordance with ASC 842. The Company’s operating leases have remaining reasonably certain lease terms of up to 11 years, which typically include options to extend the leases for up to 5 years. The Company’s finance leases have remaining reasonably certain lease terms of up to 6 years.

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:


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
	(In thousands)
Lease expense:
Operating lease expense	$	84,480	$	83,412
Variable lease expense		18,884		18,803
Operating lease expense		103,364		102,215

Amortization of right-of-use assets		3,822		3,652
Interest on lease liabilities		406		282
Finance lease expense		4,228		3,934
Total lease expense	$	107,592	$	106,149

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


	Fiscal Year Ended
	December 31, 2023			January 1, 2023
	(In thousands)
Operating cash flows from operating leases	$	86,207		$	86,170
Financing cash flows from finance leases		3,538			3,504
Operating cash flows from finance leases		437			289
Cash paid for amounts included in the measurement of lease liabilities	$	90,182		$	89,963

Right-of-use assets obtained in exchange for new finance lease liabilities	$	9,118		$	3,859
Right-of-use assets obtained in exchange for new operating lease liabilities	$	47,948		$	74,829
Weighted-average remaining lease term—finance leases	4.3 years			3.8 years
Weighted-average remaining lease term—operating leases	4.7 years			5.0 years
Weighted-average discount rate—finance leases		6.1	%		3.8	%
Weighted-average discount rate—operating leases		5.4	%		4.9	%

In accordance with ASC 842, maturities of finance and operating lease liabilities as of December 31, 2023 were as follows:


Fiscal Year Ending:	Finance Leases			Operating Leases
	(In thousands)
2024	$	4,711		$	82,480
2025		4,253			68,846
2026		3,928			51,708
2027		2,706			34,726
2028		1,788			23,497
Thereafter		594			36,288
Undiscounted cash flows	$	17,980		$	297,545
Reconciliation of lease liabilities:
Weighted-average remaining lease term	4.3 years			4.7 years
Weighted-average discount rate		6.1	%		5.4	%
Present values	$	15,699		$	261,550
Lease liabilities - current		3,843			70,372
Lease liabilities - long-term		11,856			191,178
Lease liabilities - total	$	15,699		$	261,550
Difference between undiscounted and discounted cash flows	$	2,281		$	35,995

Impairment of Assets -Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
ROU assets	$ 253,615,000	$ 276,016,000
Property and equipment	58,595,000	58,311,000
Long-lived assets subject to impairment evaluation		0
Impairment of assets	631,000	$ 0
Property, Equipment and Leasehold Improvements [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Impairment of assets	500,000
ROU Assets [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Impairment of assets	$ 100,000

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Retained Earnings [Member]
Dividends per share	$ 0.875	$ 1

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 Jan. 02, 2022	$ 267,309		$ 260	$ 124,909	$ 192,261	$ (50,121)
Beginning Balance, Shares at Jan. 02, 2022		22,097,467
Net Income (Loss)	26,134				26,134
Dividends on common stock	(22,130)				(22,130)
Issuance of nonvested share awards			2	(2)
Issuance of nonvested share awards, Shares		284,630
Conversion of vested share unit awards			1	(1)
Conversion of vested share unit awards, Shares		124,012
Exercise of share option awards	349		1	348
Exercise of share option awards, Shares		83,400
Share-based compensation	2,470			2,470
Forfeiture of nonvested share awards, Shares		(31,955)
Retirement of common stock for payment of withholding tax	(1,212)			(1,212)
Retirement of common stock for payment of withholding tax, Shares		(77,340)
Purchases of treasury stock	(4,136)					(4,136)
Purchases of treasury stock, Shares		(295,719)
Ending Balance at Jan. 01, 2023	268,784		264	126,512	196,265	(54,257)
Ending Balance, shares at Jan. 01, 2023		22,184,495
Net Income (Loss)	(7,083)				(7,083)
Dividends on common stock	(19,515)				(19,515)
Issuance of nonvested share awards			3	(3)
Issuance of nonvested share awards, Shares		327,112
Exercise of share option awards	$ 117		1	116
Exercise of share option awards, Shares	39,325	39,325
Share-based compensation	$ 2,738			2,738
Forfeiture of nonvested share awards, Shares		(30,505)
Retirement of common stock for payment of withholding tax	$ (627)		(1)	(626)
Retirement of common stock for payment of withholding tax, Shares	(80,065)	(80,065)
Ending Balance at Dec. 31, 2023	$ 244,414		$ 267	$ 128,737	$ 169,667	$ (54,257)
Ending Balance, shares at Dec. 31, 2023		22,440,362

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Deferred tax assets:
Employee benefit-related liabilities	$ 2,864	$ 2,781
Insurance liabilities	2,633	2,654
Net operating loss	2,343
Property, plant and equipment	1,801	816
Gift card liability	1,768	1,594
Deferred rent	1,307	1,632
Merchandise inventory	1,139	1,103
Disaster Relief Tax Credits	968	63
Share-based compensation	884	810
Accrued legal fees	473	60
Allowance for sales returns	239	324
Other deferred tax assets	72	863
Gross deferred tax assets	16,491	12,700
Less: Valuation allowance		(280)
Deferred tax assets, net of valuation allowance	16,491	12,420
Deferred tax liabilities:
Prepaid expense	(1,361)	(992)
Federal liability on state deferred tax assets	(1,094)	(954)
Accrual for software as a service	(609)	(483)
Deferred tax liabilities	(3,064)	(2,429)
Net deferred tax assets	$ 13,427	$ 9,991

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable, current	$ 48	$ 44
Accumulated amortization on other assets	$ 1,954	$ 1,359
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	26,747,617	26,491,750
Common stock, shares outstanding	22,440,362	22,184,495
Treasury stock, shares	4,307,255	4,307,255

Impairment of Assets	12 Months Ended
Impairment of Assets	Dec. 31, 2023
Other Income and Expenses [Abstract]
Impairment of Assets	(4) Impairment of Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Assets subject to the Company’s evaluation totaled $253.6 million and $58.6 million for ROU assets and property and equipment, respectively, as of December 31, 2023. No long-lived assets were subject to evaluation as of January 1, 2023. In fiscal 2023, the Company recognized non-cash impairment charges of $0.6 million related to certain underperforming stores. These impairment charges represented property, equipment and leasehold improvements of $0.5 million and ROU assets of $0.1 million, and are included in selling and administrative expense in the consolidated statements of operations. The lower-than-expected sales performance, coupled with future unfavorable undiscounted cash flow projections, indicated that the carrying value of these stores’ assets exceeded their estimated fair values as determined by their future discounted cash flow projections. No impairment charges were recognized in fiscal 2022.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(12) Commitments and Contingencies

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 effect on the Company’s results of operations or financial condition.

Recovery of Insurance Proceeds

In the fourth quarter of fiscal 2022, one of the Company’s stores qualified for loss recovery claims due to property damage sustained as a result of a roof collapse, and the Company disposed of assets of approximately $0.4 million related to lost inventory and property and equipment. In the third quarter of fiscal 2023, the Company reached an agreement with its insurance carrier and, after application of a deductible of $0.5 million, the Company received, as part of the insurance recovery, a cash advance of $0.7 million in total, of which $0.6 million related to the reimbursement of lost inventory and profit margin and $0.1 million related to the reimbursement of property and equipment. Accordingly, the Company recognized a gain of $0.3 million related to the recovery of lost inventory and profit margin and a gain of $25,000 related to the recovery of property and equipment. The gain related to the recovery of lost inventory and profit margin 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 2023. Further recovery is expected in fiscal 2024.

Legal Proceedings

On March 13, 2023, a complaint was filed in the Superior Court of the State of California, County of Santa Clara, entitled Zareyah Thompson v. Big 5 Corp., et. al., Case No. 23CV412334 (“Thompson Complaint”). The Thompson Complaint was brought as a purported California Private Attorneys General Act (“PAGA”) action on behalf of “current and former employees who worked for the Company or its operating subsidiary in California as a non-exempt, hourly paid employee and received at least one wage statement.” The Thompson Complaint alleges, among other things, that Big 5 failed to (i) provide minimum wages, (ii) provide compliant meal or rest periods, (iii) maintain and provide accurate itemized wage statements, (iv) properly compensate for all time worked, including overtime, premium, vacation and final wages, (v) properly maintain payroll records, and (vi) provide suitable seating. On March 21, 2023, a second complaint was filed in the Superior Court of the State of California, County of Santa Clara, entitled Christopher Puga v. Big 5 Corp., et. al., Case No. 23CV412953 (“Puga Complaint”). The Puga Complaint was brought as a purported PAGA action on behalf of “all current and former non-exempt employees that worked either directly or via a staffing agency for the Company or its operating subsidiary at any location in California” (“Putative Covered Employees”). The Puga Complaint alleges, among other things, that Big 5 (i) unlawfully required Putative Covered Employees to agree to unlawful criminal background checks, (ii) conducted unlawful financial and criminal background checks, and did not (iii) provide minimum wages, (iv) provide accurate itemized wage statements, (v) maintain accurate records pertaining to the Putative Covered Employees’ employment, (vi) produce or make available Putative Covered Employees’ personnel records and/or payroll records, (vii) provide compliant meal or rest periods, (viii) properly compensate for all time worked, including overtime, premium, vacation, and final wages, (ix) reimburse necessary business expenses; (x) provide suitable seating; (xi) provide sick leave pay to Putative Covered Employees, (xii) accurately calculate sick leave accrual and rate of pay, (xiii) put the Putative Covered Employees on notice of their paid sick leave rights, and (xiv) provide supplemental paid sick leave. The Thompson and Puga complaints have many overlapping causes of action. Accordingly, on or about April 12, 2023, a notice of related cases was filed with the Court regarding the Thompson Complaint and Puga Complaint. The Court subsequently conducted a case management conference on June 29, 2023 for both complaints, and jointly coordinated the complaints. The Company’s counsel held a mediation with opposing counsel on September 27, 2023. The Company has reached a tentative settlement in both cases and established a cumulative indemnity reserve of $1.5 million. Any settlement finalized will be subject to Court approval.

The Company is involved in various other 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 effect on the Company’s results of operations, financial condition or cash flows.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jul. 02, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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	--01-01
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
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 Annual Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		22,438,892
Entity Public Float			$ 182,130,973
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference certain information from the registrant’s 2024 definitive proxy statement (the “Proxy Statement”) to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year.
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Los Angeles, California

Subsequent Event - Additional Information (Detail)	2 Months Ended	3 Months Ended
Subsequent Event - Additional Information (Detail)	Feb. 29, 2024 Store	Mar. 31, 2024 $ / shares	Dec. 31, 2023 Store
Subsequent Event [Line Items]
Number of operating stores			430
Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividend per share \| $ / shares		$ 0.05
Dividend declared per share, payable date		Mar. 22, 2024
Dividend declared per share, record date		Mar. 08, 2024
Number of stores closed	6
Number of operating stores	424
Scenario Forecast [Member] \| Underperforming Stores [Member]
Subsequent Event [Line Items]
Number of stores closed	4
Scenario Forecast [Member] \| Damaged By Severe Rain [Member]
Subsequent Event [Line Items]
Number of stores closed	1

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Payables and Accruals [Abstract]
Payroll and related expense	$ 22,331	$ 26,525
Occupancy expense	8,655	10,126
Sales tax	7,581	9,964
Other	22,716	23,646
Accrued expenses	$ 61,283	$ 70,261

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Loan, Guaranty and Security Agreement [Member]

Average Daily Excess Availability for Preceding Fiscal Quarter


Level	Average Daily Availability	SOFR 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%

- 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.

+ References

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jan. 01, 2023
Internal-use software development [Member]
Property, Plant and Equipment [Line Items]
Accumulated amortization for internal-use software development costs	$ 35.7	$ 34.4

Lease Commitments - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Lease expense:
Operating lease expense	$ 84,480	$ 83,412
Variable lease expense	18,884	18,803
Operating lease expense	103,364	102,215
Amortization of right-of-use assets	3,822	3,652
Interest on lease liabilities	406	282
Finance lease expense	4,228	3,934
Total lease expense	$ 107,592	$ 106,149

Description of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 ft² Store Segment
Description Of Business [Line Items]
Number of operating stores \| Store	430
Area of traditional sporting goods store \| ft²	12,000
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%

Lease Commitments - Schedule of Finance and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Finance Lease Liabilities, Payments, Due [Abstract]
Finance leases, 2024	$ 4,711
Finance leases, 2025	4,253
Finance leases, 2026	3,928
Finance leases, 2027	2,706
Finance leases, 2028	1,788
Finance leases, thereafter	594
Finance leases, total lease payments	$ 17,980
Weighted-average remaining lease term	4 years 3 months 18 days	3 years 9 months 18 days
Weighted-average discount rate	6.10%	3.80%
Present values	$ 15,699
Lease liabilities - current	3,843	$ 3,217
Lease liabilities - long-term	11,856	$ 7,089
Lease liabilities - total	15,699
Difference between undiscounted and discounted cash flows	2,281
Operating Lease Liabilities, Payments Due [Abstract]
Operating leases, 2024	82,480
Operating leases, 2025	68,846
Operating leases, 2026	51,708
Operating leases, 2027	34,726
Operating leases, 2028	23,497
Operating leases, thereafter	36,288
Operating leases, total lease payments	$ 297,545
Weighted-average remaining lease term	4 years 8 months 12 days	5 years
Weighted-average discount rate	5.40%	4.90%
Present values	$ 261,550
Lease liabilities - current	70,372	$ 70,584
Lease liabilities - long-term	191,178	$ 214,584
Lease liabilities - total	261,550
Difference between undiscounted and discounted cash flows	$ 35,995

Share-Based Compensation Plans - Summary of Share Option Awards (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding at January 2, 2022 \| shares	300,035
Shares, Exercised \| shares	(39,325)
Shares, Forfeited \| shares	(7,325)
Shares, Outstanding at January 1, 2023 \| shares	253,385
Shares, Exercisable at January 1, 2023 \| shares	187,789
Shares, Vested and Expected to Vest at January 1, 2023 \| shares	253,301
Weighted-Average Exercise Price, Outstanding at January 2, 2022 \| $ / shares	$ 4.24
Weighted-Average Exercise Price, Exercised \| $ / shares	2.96
Weighted-Average Exercise Price, Forfeited \| $ / shares	3.27
Weighted-Average Exercise Price, Outstanding at January 1, 2023 \| $ / shares	4.47
Weighted-Average Exercise Price, Exercisable at January 1, 2023 \| $ / shares	4.21
Weighted-Average Exercise Price, Vested and Expected to Vest at January 1, 2023 \| $ / shares	$ 4.47
Weighted-Average Remaining Contractual Life (In Years), Outstanding at January 1, 2023	5 years 9 months 10 days
Weighted-Average Remaining Contractual Life (In Years), Exercisable at January 1, 2023	5 years 6 months 3 days
Weighted-Average Remaining Contractual Life (In Years), Vested and Expected to Vest at January 1, 2023	5 years 9 months 10 days
Aggregate Intrinsic Value, Outstanding at January 1, 2023 \| $	$ 728,550
Aggregate Intrinsic Value, Exercisable at January 1, 2023 \| $	510,325
Aggregate Intrinsic Value, Vested and Expected to Vest at January 1, 2023 \| $	$ 728,475

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

(8)

Long-Term Debt

The Company, Big 5 Corp. and Big 5 Services Corp. are parties to a Loan, Guaranty and Security Agreement with Bank of America, N.A. (“BofA”), as agent and lender, which was amended on November 22, 2021, October 19, 2022 and May 16, 2023 (as so amended, the “Loan Agreement”). 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 lender under the Loan Agreement will have the option to increase the commitment to accommodate the requested increase. If such existing lender does 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.

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 Term SOFR 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 Term SOFR rate loans bear interest at a rate equal to the then applicable secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) rate plus a 0.10% “SOFR adjustment” spread, 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 one-month SOFR 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	SOFR 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 of December 31, 2023 and January 1, 2023, the Company had no long-term revolving credit borrowings outstanding. As of December 31, 2023 and January 1, 2023, the Company had outstanding letter of credit commitments of $2.0 million and $1.4 million, respectively. Total remaining borrowing availability, after subtracting letters of credit, was $148.0 million and $148.6 million as of December 31, 2023 and January 1, 2023, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense (Benefit)

Income tax (benefit) expense consists of the following:


	Current			Deferred			Total
	(In thousands)
Fiscal 2023:
Federal	$	(28	)	$	(2,770	)	$	(2,798	)
State		(34	)		(666	)		(700	)
	$	(62	)	$	(3,436	)	$	(3,498	)
Fiscal 2022:
Federal	$	2,958		$	1,905		$	4,863
State		1,745			201			1,946
	$	4,703		$	2,106		$	6,809

Schedule of Federal Statutory Tax Rate Reconciliation

The provision for income taxes differs from the amounts computed by applying the federal statutory tax rate of 21% to earnings before income taxes, as follows:


	Fiscal Year Ended
	December 31, 2023			January 1, 2023
	(In thousands)
Tax (benefit) expense at statutory rate	$	(2,222	)	$	6,918
State tax (benefit) expense, net of federal tax effect		(556	)		1,734
Tax credits		(452	)		(826	)
Change in valuation allowance		(221	)		—
Additional deduction related to share-based compensation		(119	)		(1,321	)
Nondeductible expenses		104			259
Other		(32	)		45
	$	(3,498	)	$	6,809

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following tax-effected temporary differences:


	December 31, 2023			January 1, 2023
	(In thousands)
Deferred tax assets:
Employee benefit-related liabilities	$	2,864		$	2,781
Insurance liabilities		2,633			2,654
Net operating loss		2,343			—
Property, plant and equipment		1,801			816
Gift card liability		1,768			1,594
Deferred rent		1,307			1,632
Merchandise inventory		1,139			1,103
Disaster relief tax credits		968			63
Share-based compensation		884			810
Accrued legal fees		473			60
Allowance for sales returns		239			324
Other deferred tax assets		72			863
Gross deferred tax assets		16,491			12,700
Less: Valuation allowance		—			(280	)
Deferred tax assets, net of valuation allowance		16,491			12,420
Deferred tax liabilities:
Prepaid expense		(1,361	)		(992	)
Federal liability on state deferred tax assets		(1,094	)		(954	)
Accrual for software as a service		(609	)		(483	)
Deferred tax liabilities		(3,064	)		(2,429	)
Net deferred tax assets	$	13,427		$	9,991

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Retirement Benefits [Abstract]
Employer matching and profit-sharing contributions	$ 1.3	$ 2.4

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

(5) Fair Value Measurements

The carrying values of cash, accounts receivable, accounts payable and accrued expenses approximate the fair values of these instruments due to their short-term nature. Book overdrafts for checks outstanding are classified as current liabilities in the Company’s consolidated balance sheets. 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 estimates 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 classifies 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 December 31, 2023, there were $0.6 million of long-lived assets subject to impairment and as of January 1, 2023, there were no long-lived assets subject to impairment.

- 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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Consolidation

Reporting Period

The Company follows the concept of a 52-53 week fiscal year, which ends on the Sunday nearest December 31. Fiscal 2023 and fiscal 2022 each included 52 weeks.

Recently Issued Accounting Updates

Other recently issued accounting updates are not expected to have a material impact on the Company’s consolidated financial statements.

General Concentration of Risk

The Company maintains its cash accounts in financial institutions, and accounts at these institutions are insured by the Federal Deposit Insurance Corporation up to $250,000.

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, in 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.


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
	(In thousands)
Hardgoods	$	475,350	$	536,294
Athletic and sport footwear		219,184		246,302
Athletic and sport apparel		185,064		209,672
Other sales		5,147		3,270
Net sales	$	884,745	$	995,538

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

Cost of Sales

Selling and Administrative Expense

Vendor Allowances

Advertising Expense

Share-Based Compensation

Pre-opening Costs

Cash

Accounts Receivable

Valuation of Merchandise Inventories, Net

Prepaid Expenses And Other Assets

Prepaid Expenses and Other Assets

Property and Equipment, Net

Property and equipment are stated at cost and are being depreciated or amortized utilizing the straight-line method over the following estimated useful lives:


Land		Indefinite
Buildings		20 years
Leasehold improvements		Shorter of estimated useful life or term of lease
Furniture and equipment		3 – 10 years
Internal-use software		3 – 7 years

Maintenance and repairs are expensed as incurred.

Valuation of Long-Lived Assets

The Company recognized impairment charges of $0.6 million in fiscal 2023 related to certain underperforming stores, and did not recognize any impairment charges in fiscal 2022.

Leases

See Note 7 to the Notes to Consolidated Financial Statements for a further discussion on leases.

Self-Insurance Liabilities

Income Taxes

Treasury Stock Purchases

Share-Based Compensation Plans - Additional Information (Detail)		1 Months Ended		12 Months Ended
	Jan. 14, 2022 shares	Nov. 30, 2021 Member	Apr. 30, 2019 shares	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 01, 2023 USD ($) $ / shares shares	Jun. 30, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding \| shares				253,385	300,035
Compensation expense				$ 2,700,000	$ 2,500,000
Recognized tax benefit relating to compensation expense				900,000	500,000
Net income (loss) reflects net of tax charge				$ 1,800,000	$ 2,000,000
Basic income (loss) per share net of tax \| $ / shares				$ (0.33)	$ 1.21
Diluted income (loss) per share net of tax \| $ / shares				$ (0.33)	$ 1.18
Proceeds from exercise of share option awards				$ 117,000	$ 349,000
Shares withheld for tax requirements \| shares				80,065
Tax withholding payments for share-based compensation				$ 627,000	$ 1,212,000
ASC 718
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Basic income (loss) per share net of tax \| $ / shares				$ 0.08	$ 0.09
Diluted income (loss) per share net of tax \| $ / shares				0.08	$ 0.09
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price per share \| $ / shares				$ 6.34
Tax withholding payments for share-based compensation				$ 1,000
Cost of sales [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense				100,000	$ 100,000
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense				$ 2,600,000	$ 2,400,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum expiration period of share based payment awards granted				10 years
Granted, shares \| shares				10,000
Weighted-average grant-date fair value per share \| $ / shares				$ 5.46
Intrinsic value of share option awards exercised				$ 200,000
Proceeds from exercise of share option awards				100,000
Tax benefit realized for the expected tax deduction from share option award exercises				100,000
Unrecognized compensation expense				$ 100,000
Weighted-average period of recognition				6 months
Employee Stock Option \| Share-based Compensation Award, Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights (as percentage)				25.00%
Nonvested Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested shares outstanding \| shares				634,227	587,675
Weighted-average period of recognition				2 years 1 month 6 days
Fair value of nonvested share awards				$ 2,000,000	$ 3,300,000
Issuance of nonvested share awards, Shares \| shares				327,112	284,630
Weighted-average grant-date fair value per share, granted \| $ / shares				$ 7.91	$ 15.03
Dividends accrued but not paid				$ 1,200,000
Unrecognized compensation expenses				4,600,000
Nonvested Share Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of nonvested share awards				$ 0	$ 0
Issuance of nonvested share awards, Shares \| shares				0	0
Cumulative vested share unit awards \| shares				196,418
Cumulative dividend reinvestment awards \| shares				82,265
Unrecognized compensation expenses				$ 0
Nonvested Share Unit Awards [Member] \| Board Members [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vested included in dividend reinvestments \| shares	124,012
Number of persons retired \| Member		1
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%
2019 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate amount of shares authorized for issuance \| shares			7,148,803
Number of additional shares available for future grant \| shares						3,300,000
Shares available for future grant \| shares				3,563,101
Expiration date of plan			Apr. 11, 2029
Shares limited for every one share granted				250.00%
2019 Equity Incentive Plan [Member] \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding \| shares				253,385
2019 Equity Incentive Plan [Member] \| Nonvested Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested shares outstanding \| shares				634,227
2019 Equity Incentive Plan [Member] \| Nonvested Share Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested shares outstanding \| shares				0

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2023
Land [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	Indefinite
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	Shorter of estimated useful life or term of lease
Furniture and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Internal-use software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Internal-use software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Lease Commitments - Additional Information (Detail)	12 Months Ended
Lease Commitments - Additional Information (Detail)	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease, option to extend, description	options to extend the leases for up to 5 years
Operating lease, option to extend	true
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease term	11 years
Operating lease, option to extend	5 years
Finance lease term	6 years

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 380,953	$ 372,435
Accumulated depreciation and amortization	(323,284)	(315,596)
Property and equipment, net excluding assets not placed into service	57,669	56,839
Assets not placed into service	926	1,472
Property and equipment, net	58,595	58,311
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	188,216	184,326
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	151,007	146,392
Internal-use software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,205	37,192
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,750	2,750
Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,775	$ 1,775

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

(3)

Property and Equipment, Net

Property and equipment, net, consist of the following:


	December 31, 2023			January 1, 2023
	(In thousands)
Leasehold improvements	$	188,216		$	184,326
Furniture and equipment		151,007			146,392
Internal-use software		37,205			37,192
Land		2,750			2,750
Building		1,775			1,775
		380,953			372,435
Accumulated depreciation and amortization (1)		(323,284	)		(315,596	)
		57,669			56,839
Assets not placed into service		926			1,472
Property and equipment, net	$	58,595		$	58,311

(1)

Includes accumulated amortization for internal-use software development costs of $35.7 million and $34.4 million as of December 31, 2023 and January 1, 2023, respectively.

Depreciation expense associated with property and equipment, including assets leased under finance leases, was $8.3 million and $8.0 million for fiscal 2023 and 2022, respectively. Amortization expense for leasehold improvements was $8.5 million and $8.0 million for fiscal 2023 and 2022, respectively. Amortization expense for internal-use software was $1.5 million and $2.0 million for fiscal 2023 and 2022, respectively. The gross cost of equipment under finance leases, included above, was $22.6 million and $19.1 million as of December 31, 2023 and January 1, 2023, respectively. The accumulated depreciation related to these finance leases was $5.8 million and $8.2 million as of December 31, 2023 and January 1, 2023, respectively.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Postemployment Benefits [Abstract]
Employee Benefit Plans	(11) Employee Benefit Plans The Company has a 401(k) plan covering eligible employees. Employee contributions are supplemented by Company contributions subject to 401(k) plan terms. The Company recognized employer matching and profit-sharing contributions of $1.3 million and $2.4 million for fiscal 2023 and 2022, respectively.

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Plans

(13) Share-Based Compensation Plans

2019 Equity Incentive Plan

In April 2019, the Company adopted the 2019 Equity Incentive Plan, as amended and restated in June 2022 (“2019 Plan”), which replaced the Company’s Amended and Restated 2007 Equity and Performance Incentive Plan (the “Prior Plan”). The amendment and restatement of the 2019 Plan in June 2022 primarily authorized an additional 3,300,000 shares available for future grant. Awards under the 2019 Plan may consist of share option awards (both incentive share option awards and non-qualified share option awards), stock appreciation rights, nonvested share awards, other stock unit awards or dividend equivalents. Share option awards issued by the Company have typically been non-qualified share option awards, while nonvested share awards and nonvested share unit awards issued by the Company have typically been based on the attainment of service-only conditions. Upon the adoption of the 2019 Plan, the Company stopped issuing awards under the Prior Plan, although the Company will continue to honor any outstanding awards under the Prior Plan.

The 2019 Plan (i) permits the Company to issue a maximum of 7,148,803 shares of the Company’s common stock plus the number of any additional shares that may thereafter become available as a result of the forfeiture, expiration or other cancellation of awards under any prior plans; and (ii) expires on April 11, 2029.

Any share option awards or stock appreciation rights shall be counted against this limit as one share for every one share granted. Any shares that are subject to awards other than share option awards or stock appreciation rights (including shares delivered on the settlement of dividend equivalents) shall be counted against this limit as 2.5 shares for every one share granted. The aggregate number of shares available under the 2019 Plan and the number of outstanding share option awards will be increased or decreased to reflect any changes in the outstanding common stock of the Company by reason of any recapitalization, spin-off, reorganization, reclassification, stock dividend, stock split, reverse stock split, or similar transaction.

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 2019 Plan, and accounts for its share-based compensation in accordance with ASC 718. As of December 31, 2023, 3,563,101 shares remained available for future grant, and 253,385 share option awards, 634,227 nonvested share awards and zero nonvested share unit awards remained outstanding.

The Company accounts for its share-based compensation in accordance with ASC 718 and recognizes compensation expense on a straight-line basis over the requisite service period, net of estimated forfeitures, using the fair-value method for share option awards, nonvested share awards and nonvested share unit awards granted with service-only conditions. The estimated forfeiture rate considers historical employee turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. The Company periodically revises the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. Compensation expense recorded under this method for fiscal 2023 and 2022 was $2.7 million and $2.5 million, respectively, which reduced operating income and income before income taxes by the same amount. Compensation expense recognized in cost of sales was $0.1 million in fiscal 2023 and 2022 and compensation expense recognized in selling and administrative expense was $2.6 million and $2.4 million in fiscal 2023 and 2022, respectively. The recognized tax benefit related to compensation expense for fiscal 2023 and 2022 was $0.9 million and $0.5 million, respectively. Net loss for fiscal 2023 and net income for fiscal 2022 reflects the net-of-tax charge of $1.8 million and $2.0 million, respectively, or $0.08 and $0.09 per basic and diluted share, respectively.

Share Option Awards

Share option awards granted by the Company generally vest and become exercisable in four equal 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 fiscal 2023. The Company granted 10,000 share option awards with a weighted-average grant-date fair value of $5.46 per share option award in fiscal 2022.

The following table details the Company’s share option awards activity for the current fiscal year:


	Shares	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	300,035	$4.24
Exercised	(39,325)	2.96
Forfeited	(7,325)	3.27
Outstanding at December 31, 2023	253,385	$4.47	5.78	$728,550
Exercisable at December 31, 2023	187,789	$4.21	5.51	$510,325
Vested and Expected to Vest at December 31, 2023	253,301	$4.47	5.78	$728,475

The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based upon the Company’s closing stock price of $6.34 per share as of December 31, 2023, 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 total intrinsic value of share option awards exercised, the total cash received from employees as a result of employee share option award exercises and the actual tax benefit realized for the tax deduction from share option award exercises in fiscal 2023 was approximately $0.2 million, $0.1 million and $0.1 million, respectively.

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


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
Risk-free interest rate		—		2.7	%
Expected term		—	6.5 years
Expected volatility		—		80.8	%
Expected dividend yield		—		7.4	%

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 dividend rate at the time fair value is measured and future expectations.

As of December 31, 2023, there was $0.1 million of total unrecognized compensation expense related to nonvested share option awards granted. That expense is expected to be recognized over a weighted-average period of 0.5 years.

Nonvested Share Awards and Nonvested Share Unit Awards

Nonvested share 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, 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. Vested 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. Outstanding nonvested share awards and nonvested share unit awards accrue dividends at the same rate as dividends paid to the Company’s shareholders. Accrued dividends on nonvested share awards are paid upon vesting of the underlying shares and forfeited if a recipient’s service to the Company is terminated prior to vesting. Accrued dividends on nonvested share unit awards are reinvested into additional nonvested share unit awards, vest on the same schedule as the underlying share unit awards, and are settled at the same time as the underlying share unit awards. The total fair value of nonvested share awards which vested during fiscal 2023 and 2022 was $2.0 million and $3.3 million, respectively. No nonvested share unit awards vested during fiscal 2023 and 2022. On January 14, 2022, the Company delivered 124,012 shares from previously vested share unit awards, which included dividend reinvestments, to a Board member who retired in November 2021.

The Company granted 327,112 and 284,630 nonvested share awards in fiscal 2023 and 2022, respectively, with a weighted-average grant-date fair value per share of $7.91 and $15.03 in fiscal 2023 and 2022, respectively.

The following table details the Company’s nonvested share awards activity for the current fiscal year:


	Shares			Weighted- Average Grant- Date Fair Value
Balance at January 1, 2023		587,675		$	11.64
Granted		327,112			7.91
Vested		(250,055	)		9.65
Forfeited		(30,505	)		10.48
Balance at December 31, 2023		634,227		$	10.56

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 fiscal 2023, the Company withheld 80,065 common shares with a total value of $0.6 million. This amount is presented as a cash outflow from financing activities in the Company’s consolidated statement of cash flows.

As of December 31, 2023, dividends accrued but not paid related to nonvested share awards were $1.2 million.

The Company granted no nonvested share unit awards in fiscal 2023 and 2022.

As of December 31, 2023, there were 196,418 cumulative vested share unit awards remaining, of which 82,265 of these awards represented cumulative dividend reinvestments. These cumulative vested share unit awards are deliverable to the holders on the tenth business day of January following the year in which the holder’s service to the Company terminates, at which time the units convert to shares of the Company’s common stock and become outstanding.

As of December 31, 2023, there was $4.6 million of total unrecognized compensation expense related to nonvested share awards, which is expected to be recognized over a weighted-average period of 2.1 years. There was no remaining unrecognized compensation expense related to nonvested share unit awards.

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 631,000	$ 0

Description of Business

12 Months Ended

Dec. 31, 2023

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 430 stores and an e-commerce platform as of December 31, 2023. The Company provides a full-line product offering in a traditional sporting goods store format that averages approximately 12,000 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 under the “Big 5 Sporting Goods” name 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 Company’s consolidated financial statements as of December 31, 2023 and January 1, 2023 and for the years ended December 31, 2023 (“fiscal 2023”) and January 1, 2023 (“fiscal 2022”) represent the financial position, results of operations and cash flows of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Income Tax Contingency [Line Items]
Federal statutory tax rate	21.00%
Deferred tax assets valuation allowance		$ 280,000
Unrecognized tax benefits	$ 0	0
Unrecognized tax benefits, period	over the next 12 months
Accrued interest or penalties	$ 0	0
Earliest Tax Year [Member] \| Federal [Member]
Income Tax Contingency [Line Items]
Income tax returns in period	2020
Earliest Tax Year [Member] \| State and Local [Member]
Income Tax Contingency [Line Items]
Income tax returns in period	2019
California Enterprise Zone Tax Credits [Member]
Income Tax Contingency [Line Items]
Deferred tax assets valuation allowance	$ 300,000	$ 300,000
Tax credits carry forward latest expiration year	2023

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share Option Awards

The following table details the Company’s share option awards activity for the current fiscal year:


	Shares	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	300,035	$4.24
Exercised	(39,325)	2.96
Forfeited	(7,325)	3.27
Outstanding at December 31, 2023	253,385	$4.47	5.78	$728,550
Exercisable at December 31, 2023	187,789	$4.21	5.51	$510,325
Vested and Expected to Vest at December 31, 2023	253,301	$4.47	5.78	$728,475

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 was estimated using the Black-Scholes method based on the following weighted-average assumptions:


	Fiscal Year Ended
	December 31, 2023		January 1, 2023
Risk-free interest rate		—		2.7	%
Expected term		—	6.5 years
Expected volatility		—		80.8	%
Expected dividend yield		—		7.4	%

Summary of Nonvested Share Awards Activity

The following table details the Company’s nonvested share awards activity for the current fiscal year:


	Shares			Weighted- Average Grant- Date Fair Value
Balance at January 1, 2023		587,675		$	11.64
Granted		327,112			7.91
Vested		(250,055	)		9.65
Forfeited		(30,505	)		10.48
Balance at December 31, 2023		634,227		$	10.56

Share-Based Compensation Plans - Fair Value of Share Option Award Based on Weighted-Average Assumptions (Detail)	12 Months Ended
	Jan. 01, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.70%
Expected term	6 years 6 months
Expected volatility	80.80%
Expected dividend yield	7.40%

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

(10)

Earnings Per Share

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


	Fiscal Year Ended
	December 31, 2023			January 1, 2023
	(In thousands, except per share data)
Net (loss) income	$	(7,083	)	$	26,134
Weighted-average shares of common stock outstanding:
Basic		21,749			21,634
Dilutive effect of common stock equivalents arising from share option and nonvested share awards		—			455
Diluted		21,749			22,089
Basic (loss) earnings per share	$	(0.33	)	$	1.21
Diluted (loss) earnings per share	$	(0.33	)	$	1.18
Antidilutive share option awards excluded from diluted calculation		165			16
Antidilutive nonvested share awards excluded from diluted calculation		410			185

The computation of diluted earnings per share for fiscal 2023 excludes all potential share option awards since the Company reported a net loss, and the effect of their inclusion would have been antidilutive (i.e., including such share option awards would result in higher earnings per share). The computation of diluted earnings per share in fiscal 2022 excludes certain 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.

The computation of diluted earnings per share for fiscal 2023 excludes all potential nonvested share awards since the Company reported a net loss, and the effect of their inclusion would have been antidilutive. The computation of diluted earnings per share for fiscal 2022 excludes certain nonvested share awards that were outstanding and antidilutive since the grant date fair values of these nonvested share awards exceeded the average market price of the Company’s common shares.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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:


	Fiscal Year Ended
	December 31, 2023			January 1, 2023
	(In thousands, except per share data)
Net (loss) income	$	(7,083	)	$	26,134
Weighted-average shares of common stock outstanding:
Basic		21,749			21,634
Dilutive effect of common stock equivalents arising from share option and nonvested share awards		—			455
Diluted		21,749			22,089
Basic (loss) earnings per share	$	(0.33	)	$	1.21
Diluted (loss) earnings per share	$	(0.33	)	$	1.18
Antidilutive share option awards excluded from diluted calculation		165			16
Antidilutive nonvested share awards excluded from diluted calculation		410			185