In October 2002, the company said it expected same store sales growth in the mid-single digit range and earnings per diluted share (GAAP) to be $0.42 to $0.44 for the fourth quarter of fiscal 2002, and earnings per diluted share on a pro forma basis to be in the range of $1.12 to $1.14 for the fiscal year ending December 29, 2002. Pro forma results for the full year exclude certain effects related to the company's initial public offering and over- allotment option. These effects were detailed in the company's third quarter financial results news release issued October 30, 2002.
"Our revised guidance primarily reflects softer than anticipated sales in winter-related categories due to unseasonably warm weather impacting many of the markets in which we operate," said Steven G. Miller, chief executive officer. "To a lesser extent, the company's results were affected by a generally lackluster holiday shopping season. We are pleased, however, that margins remained strong, and that we will be able to report meaningful increases in profitability for both the 2002 fourth quarter and full year."
Big 5 expects to report its full financial results for the 2002 fourth quarter and full year on February 12, 2003, after market close.
About Big 5 Sporting Goods Corporation
Big 5 is the leading sporting goods retailer in the western United States, operating 275 stores in 10 states under the "Big 5 Sporting Goods" name. Big 5 provides a full-line product offering of over 25,000 stock keeping units in a traditional sporting goods store format that averages 11,000 square feet. Big 5's product mix includes athletic shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, snowboarding and in-line skating.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Big 5's actual results in future periods to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the sporting goods industry in general and in Big 5's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, changes in costs of goods and economic conditions in general. Those and other risks are more fully described in Big 5's filings with the Securities and Exchange Commission, including the registration statement on Form S-1 originally filed on August 21, 2001 and in its Quarterly Report on Form 10-Q for the quarter ending September 29, 2002. Big 5 disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.