Big 5 posts full year sales results & updates guidance

10 Jan '08

3 min read

Big 5 Sporting Goods Corporation reported sales results and updated earnings guidance for the fiscal 2007 fourth quarter and full year ended December 30, 2007.

For the fiscal 2007 fourth quarter, net sales were $232.1 million versus $234.5 million for the fourth quarter of fiscal 2006. Same store sales declined 4.7% for the fourth quarter compared to the same period last year.

Sales were impacted by a decline in customer traffic year-over-year, as macro-economic issues continued to affect the consumer sales environment. Additionally, sales results were impacted by a significant deterioration in the performance of the roller shoe product category over the prior year, which accounted for approximately 45% of the same store sales decline.

For the fiscal 2007 full year, net sales increased $21.5 million, or 2.5%, to $898.3 million from $876.8 million for the fiscal 2006 full year. Same store sales declined 1.0% for the full year 2007.

For the fiscal 2007 fourth quarter, the Company now expects to realize earnings per diluted share in the range of $0.25 to $0.28. For the fiscal 2007 full year, the Company now expects to realize earnings per diluted share in the range of $1.22 to $1.25. Previously issued guidance for the fiscal 2007 fourth quarter and full year should not be relied upon.

"We are disappointed to report fourth quarter sales below our plan," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "Although we had been able to manage through the difficult business conditions in many of our markets during the first nine months of the year, the consumer environment during the holiday selling season was even more challenging than we had anticipated."

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