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Big 5 President pleased with Q3 performance
04 Nov '08
5 min read
Quarterly Cash Dividend - The Company's Board of Directors has declared a quarterly cash dividend of $0.09 per share of outstanding common stock, which will be paid on December 15, 2008 to stockholders of record as of November 28, 2008.
Share Repurchases - During the fiscal 2008 third quarter, the Company repurchased 85,757 shares of its common stock for a total expenditure of $0.6 million. As of the end of the fiscal 2008 third quarter, the Company had approximately $14.4 million available for future stock repurchases under its $20.0 million share repurchase program authorized in the fiscal 2007 fourth quarter.
Guidance - The Company's guidance for the remainder of fiscal 2008 assumes that sales will continue to be impacted by a challenging consumer environment. Based on that assumption, the Company is providing the following guidance:
-- For the fiscal 2008 fourth quarter, a decline in same store sales in the mid- to high-single digit range and earnings per diluted share in the range of $0.07 to $0.17; and
-- For the fiscal 2008 full year, a decline in same store sales in the mid- to high-single digit range and earnings per diluted share in the range of $0.55 to $0.65.
A material improvement or decline in the overall consumer environment during the remainder of the year could materially impact the Company's performance relative to this guidance.
Store Openings - During the third quarter of fiscal 2008, the Company opened three new stores and closed a store that was relocated during the second quarter. The Company ended the third quarter with 372 stores in operation. The Company anticipates opening 9 new stores during the fiscal 2008 fourth quarter, bringing its total new store openings for the full year to 18, net of relocations and closures.
Share Repurchases - During the fiscal 2008 third quarter, the Company repurchased 85,757 shares of its common stock for a total expenditure of $0.6 million. As of the end of the fiscal 2008 third quarter, the Company had approximately $14.4 million available for future stock repurchases under its $20.0 million share repurchase program authorized in the fiscal 2007 fourth quarter.
Guidance - The Company's guidance for the remainder of fiscal 2008 assumes that sales will continue to be impacted by a challenging consumer environment. Based on that assumption, the Company is providing the following guidance:
-- For the fiscal 2008 fourth quarter, a decline in same store sales in the mid- to high-single digit range and earnings per diluted share in the range of $0.07 to $0.17; and
-- For the fiscal 2008 full year, a decline in same store sales in the mid- to high-single digit range and earnings per diluted share in the range of $0.55 to $0.65.
A material improvement or decline in the overall consumer environment during the remainder of the year could materially impact the Company's performance relative to this guidance.
Store Openings - During the third quarter of fiscal 2008, the Company opened three new stores and closed a store that was relocated during the second quarter. The Company ended the third quarter with 372 stores in operation. The Company anticipates opening 9 new stores during the fiscal 2008 fourth quarter, bringing its total new store openings for the full year to 18, net of relocations and closures.
Big 5 Sporting Goods Corporation
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