Big 5 Q1 results in line with the expectations

01 May '08

3 min read

Selling and administrative expense as a percentage of net sales was 29.7% in the fiscal 2008 first quarter versus 28.4% in the first quarter of the prior year, primarily due to lower sales levels and higher store-related expenses reflecting an increased store count.

Net income for the first quarter of fiscal 2008 was $4.1 million, or $0.19 per diluted share, compared to net income of $7.6 million, or $0.33 per diluted share, for the first quarter of fiscal 2007.

"Despite a strong first quarter performance by our winter-related product categories, which benefited in part from favorable weather conditions in many of our markets, we were unable to fully offset the general softness in the overall consumer environment and the substantial impact of very negative sales comparisons in our roller shoe category," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer.

"Given the difficult consumer climate, we have worked very hard to strengthen the aspects of our business that are within our control, including our inventory position. We improved our total inventory comparisons versus the prior year by approximately $24 million from the end of the fourth quarter of fiscal 2007 to the end of the first quarter of fiscal 2008. These efforts resulted in our inventories being down 5.3% on a per-store basis at the end of the first quarter this year compared to the end of the first quarter last year."

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Big 5 Sporting Goods Corporation

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