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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 8, 2009
BIG 5 SPORTING GOODS CORPORATION
(Exact name of registrant as specified in charter)
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Delaware
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000-49850
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95-4388794 |
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(State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer |
of Incorporation)
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Identification No.) |
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2525 East El Segundo Boulevard,
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90245 |
El Segundo California |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (310) 536-0611
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2):
o Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
The information in Item 2.02 of this Current Report on Form 8-K,
including Exhibit 99.1, is
furnished pursuant to Item 2.02, Results of Operations and Financial Condition and shall not be
deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act) or otherwise subject to liability under that Section, except as specifically
incorporated by reference into a filing under the Securities Act of 1933, as amended, or the
Exchange Act.
On
January 8, 2009, Big 5 Sporting Goods Corporation (the Company) issued a press release in
which the Company, among other things, reported its sales results and updated its earnings guidance
for its fiscal 2008 fourth quarter and full fiscal year. The
press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
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Exhibit No.
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Description |
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99.1
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Press release, dated
January 8, 2009, issued by Big 5 Sporting Goods Corporation. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BIG 5 SPORTING GOODS CORPORATION |
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(Registrant) |
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Date: January 8, 2009 |
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/s/
Barry D. Emerson
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Barry D. Emerson |
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Senior Vice President, Chief Financial Officer and
Treasurer |
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exv99w1
Exhibit 99.1
Contact:
Big 5 Sporting Goods Corporation
Barry Emerson
Sr. Vice President and Chief Financial Officer
(310) 536-0611
ICR, Inc.
John Mills
Senior Managing Director
(310) 954-1105
BIG 5 SPORTING GOODS CORPORATION ANNOUNCES FISCAL 2008 FOURTH
QUARTER AND FULL YEAR SALES RESULTS AND REVISES EARNINGS
GUIDANCE TOWARD UPPER END OF PREVIOUS RANGE
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Reports Fourth Quarter Same Store Sales Decline of 8.6%, In Line With Previously
Issued Guidance |
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Fourth Quarter Earnings Guidance Narrowed to a Range of $0.13 $0.16 Per Diluted
Share Compared to Previous Range of $0.07 $0.17 Per Diluted Share |
EL SEGUNDO, Calif., January 8, 2009 Big 5 Sporting Goods Corporation (NASDAQ: BGFV), a leading
sporting goods retailer, today reported sales results for the fiscal 2008 fourth quarter and full
year ended December 28, 2008.
For the fiscal 2008 fourth quarter, net sales were $219.6 million, compared to net sales of $232.1
million for the fourth quarter of fiscal 2007. Same store sales declined 8.6% for the fourth
quarter due to a decrease in customer traffic resulting from the continuation of the challenging
consumer environment. As anticipated, the Companys product selling margins were lower than the
prior year, declining 50 basis points during the fourth quarter.
For the fiscal 2008 full year, net sales decreased $33.6 million, or 3.7%, to $864.7 million from
$898.3 million for the fiscal 2007 full year. Same store sales declined 7.0% for the fiscal 2008
full year.
For the fiscal 2008 fourth quarter, the Company expects to realize earnings per diluted share in
the range of $0.13 to $0.16, which is toward the upper end of previously issued earnings guidance.
For the fiscal 2008 full year, the Company expects to realize earnings per diluted share in the
range of $0.61 to $0.64.
Given the unprecedented challenges that we and most retailers faced over the holiday season, we
are pleased to report sales in line with, and anticipated earnings toward the upper end of, our
previously issued guidance, said Steven G. Miller, the Companys Chairman,
President and Chief Executive Officer. Importantly, we produced our fourth quarter sales without
significantly compromising product margins. We believe our ability to deliver these results in
this environment reflects the strength of our business model and reputation for offering values on
quality merchandise, which has been a hallmark of our success for over 50 years. During the
quarter, our three major merchandise categories performed within a relatively tight range of one
another, with hard goods being our strongest category, followed by footwear and apparel.
Mr. Miller continued, As would be expected, we have remained focused on controlling expenses and
managing inventories. We reduced per-store inventories at year-end by approximately 11% from the
prior year. We further strengthened our balance sheet during the quarter, as our positive cash
flow allowed us to reduce borrowings under our credit facility to $96.5 million at year-end from
$103.4 million at the end of last year. We continue to take the steps that we believe are
necessary to position our business for growth when the consumer climate improves.
The Company expects to issue earnings results for the fiscal 2008 fourth quarter and full year, as
well as provide guidance for fiscal 2009, by the last week of February.
About Big 5 Sporting Goods Corporation
Big 5 is a leading sporting goods retailer in the western United States, operating 381 stores in 11
states under the Big 5 Sporting Goods name. Big 5 provides a full-line product offering in a
traditional sporting goods store format that averages 11,000 square feet. Big 5s 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 5s actual results in current or future periods to differ
materially from forecasted results. Those risks and uncertainties include, among other things,
continued or worsening weakness in the consumer spending environment and the U.S. financial and
credit markets, the competitive environment in the sporting goods industry in general and in Big
5s specific market areas, inflation, product availability and growth opportunities, seasonal
fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations,
disruption in product flow or increased costs related to distribution center operations, changes in
interest rates, credit availability and economic conditions in general. Those and other risks and
uncertainties are more fully described in Big 5s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year ended December 30, 2007
and its Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2008. Big 5
conducts its business in a highly competitive and rapidly changing environment. Accordingly, new
risk factors may
arise. It is not possible for management to predict all such risk factors, nor to assess the
impact of all such risk factors on Big 5s business or the extent to which any individual risk
factor, or combination of factors, may cause results to differ materially from those contained in
any forward-looking statement. Big 5 undertakes no obligation to revise or update any
forward-looking statement that may be made from time to time by it or on its behalf.
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