Big Five announced its fiscal results for the third quarter of 2009, including a net income of $8 million and revenues of $231.6 million, in addition to a 1.6% growth in same-store sales
Big 5 said that third-quarter comparable sales rose 1.6% compared to the same point a year ago. The company said that it now expects third-quarter earnings per share at, or near, the upper end of its previously issued guidance range of 27 cents to 34 cents a share.
Big 5 announced its plans to participate in the Thomas Weisel Conference in New York on October 1, 2009.
Big Five CEO sells 8,000 shares of BGFV on 09/17 at an average price of $15.26 a share.
BGFV's shares were up almost 200% in just three months. The company's growth has been driven by significantly stronger sales during the period than previously anticipated. Furthermore, the company expects its Q2 2009 earnings to be around $.10 to $.18 per share compared to previous estimates of $.02 eps.
BGFV earned $210.3 million in sales during the quarter, down from $212.9 million a year earlier because of a 4.4% slide in comparable store sales. Furthermore, the company's net income dropped 33% during the quarter. However, these results beat estimates and BGFV's price rose almost 35%.
The company earned $219.6 million in revenue in Q4 2008, down from $232.1 million a year earlier. The drop in sales came primarily because of the 8.6% drop in comparable store sales during the quarter because of lower levels of customer traffic amidst the challenging consumer environment. BGFV earned $3.6 million in net income during the quarter, down from $6.2 million a year earlier. Moving forward, the company expects that its sales and comparable store sales will further decline in 2009 because of weakening consumer spending.
BGFV's revenue slipped 5% in Q4 2008 because of weaker holiday spending and an overall decline in consumer spending during the quarter. Furthermore, the company's same store sales dropped by 9% during the quarter because of lower customer traffic.
Big 5's Q3 3008 profit declined 47% as its sales dropped by 3.5% which was caused by a 6.6% decrease in same store sales as fewer consumers spent money amid the nation's econmic slowdown.
Sales decreased about 4% from a year earlier, following a 7.6% decrease in comparable store sales. Furthermore, its net profit decreased by more than 8.5% to $68.4 million as store traffic and amount spent decreased during the quarter because of the economic downturn.
Regional sporting-goods retailer Big 5 Sporting Goods Corp. issued 2008 guidance below Wall Street expectations amid a difficult retail environment that has been impacted by a credit crunch.
The company expects earnings of 17 cents to 23 cents per share in the first quarter and 75 cents to $1 per share during fiscal 2008.
Analysts polled by Thomson Financial expected a profit of 24 cents per share in the first quarter and $1.24 per share for the year.
Big 5 reported a 1% slip in sales and a 4.7% decrease in same-store sales--the company's worst quarterly sales in over a decade. Additionally, diminishing sales in roller shoes, once a popular product among children, and weak consumer spending during the holiday season contributed to Big 5's substandard fourth quarter performance.
