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Sales at Big 5 Sporting inch down in Q1 FY'12
02 May '12
5 min read
Share Repurchases
During the fiscal 2012 first quarter, the Company repurchased 172,471 shares of its common stock for a total expenditure of $1.4 million. As of the end of the first quarter, the Company had approximately $11.8 million available for future stock repurchases under its $20.0 million share repurchase program authorized in the fiscal 2007 fourth quarter.
Guidance
For the fiscal 2012 second quarter, the Company expects same store sales in the positive low single-digit range and earnings per diluted share in the range of $0.05 to $0.11. This guidance assumes that merchandise margin comparisons to the prior year will be negative, but significantly improved relative to the year over-year comparisons experienced in the first quarter.
Guidance also anticipates a small negative impact from the calendar shift of the July 4th holiday further into the third quarter, as well as an estimated pre-tax charge of approximately $1.2 million, or $0.04 per diluted share, to provide for the closing of three stores. For comparative purposes, the Company's earnings per diluted share for the second quarter of fiscal 2011 were $0.14, including a non-cash impairment charge of $0.02 per diluted share.
Store Openings
During the fiscal 2012 first quarter, the Company opened one new store, which is a relocation of an existing store that is expected to close in the second quarter, and ended the quarter with 407 stores in operation.
During the fiscal 2012 second quarter, the Company anticipates opening three new stores, one of which is a relocation of an existing store that is expected to close later in the year, and closing four stores, one of which relates to the relocation that occurred in the first quarter.
For the fiscal 2012 full year, the Company currently anticipates opening approximately ten new stores, relocating approximately six stores and closing three stores. Of the six stores expected to be relocated in fiscal 2012, the Company anticipates closing approximately three stores this year and the remaining three stores in fiscal 2013.
About Big 5 Sporting Goods Corporation
Big 5 is a leading sporting goods retailer in the western United States, operating 407 stores in 12 states under the "Big 5 Sporting Goods" name.
During the fiscal 2012 first quarter, the Company repurchased 172,471 shares of its common stock for a total expenditure of $1.4 million. As of the end of the first quarter, the Company had approximately $11.8 million available for future stock repurchases under its $20.0 million share repurchase program authorized in the fiscal 2007 fourth quarter.
Guidance
For the fiscal 2012 second quarter, the Company expects same store sales in the positive low single-digit range and earnings per diluted share in the range of $0.05 to $0.11. This guidance assumes that merchandise margin comparisons to the prior year will be negative, but significantly improved relative to the year over-year comparisons experienced in the first quarter.
Guidance also anticipates a small negative impact from the calendar shift of the July 4th holiday further into the third quarter, as well as an estimated pre-tax charge of approximately $1.2 million, or $0.04 per diluted share, to provide for the closing of three stores. For comparative purposes, the Company's earnings per diluted share for the second quarter of fiscal 2011 were $0.14, including a non-cash impairment charge of $0.02 per diluted share.
Store Openings
During the fiscal 2012 first quarter, the Company opened one new store, which is a relocation of an existing store that is expected to close in the second quarter, and ended the quarter with 407 stores in operation.
During the fiscal 2012 second quarter, the Company anticipates opening three new stores, one of which is a relocation of an existing store that is expected to close later in the year, and closing four stores, one of which relates to the relocation that occurred in the first quarter.
For the fiscal 2012 full year, the Company currently anticipates opening approximately ten new stores, relocating approximately six stores and closing three stores. Of the six stores expected to be relocated in fiscal 2012, the Company anticipates closing approximately three stores this year and the remaining three stores in fiscal 2013.
About Big 5 Sporting Goods Corporation
Big 5 is a leading sporting goods retailer in the western United States, operating 407 stores in 12 states under the "Big 5 Sporting Goods" name.
Big 5 Sporting Goods Corporation
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