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Big 5 Q1 results in line with the expectations

May '08
Big 5 Sporting Goods Corporation, a leading sporting goods retailer, reported financial results for the fiscal 2008 first quarter ended March 30, 2008.

For the fiscal 2008 first quarter, net sales were $212.9 million, compared to net sales of $217.0 million for the first quarter of fiscal 2007. Same store sales declined 5.1% for the first quarter.

Sales results reflect weakness in the consumer environment, which contributed to a decrease in customer traffic, as well as the continued deterioration in the performance of the roller shoe product category over the prior year, partially offset by strong sales of winter-related products due to favorable weather conditions in many of the Company's markets.

The decline in roller shoe performance accounted for approximately 40% of the same store sales decline during the first quarter. Additionally, sales results were negatively impacted by the shift of the Easter holiday, when the Company's stores were closed, from the second quarter of 2007 to the first quarter of 2008.

Gross profit for the fiscal 2008 first quarter was $71.6 million, compared to $75.8 million in the first quarter of the prior year. The Company's gross profit margin was 33.6% in the fiscal 2008 first quarter versus 34.9% in the first quarter of the prior year.

The decrease in gross profit margin was driven primarily by an 83 basis-point decline in product selling margins and higher store occupancy costs. Product selling margins were impacted primarily by higher sales of winter-related products at lower margins versus the prior year, lower sales and margins in roller shoes and slightly more aggressive promotional pricing in an effort to drive sales and reduce merchandise inventory.

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