Big 5 Sporting Goods Corporation first quarter net sales increased by $8.1 million, or 4.5%, to $189.9 million from net sales, as preliminarily restated to include adjustments relating to the previously announced establishment of a sales return reserve, of $181.8 million in the first quarter of 2004. Same store sales increased 1.7% during the first fiscal quarter versus the comparable 13-week period last year, representing the Company's 37th consecutive quarterly increase in same store sales over comparable prior periods. Net income increased to $7.2 million, or $0.32 per diluted share, for the fiscal 2005 first quarter, compared with net income, as preliminarily restated, of $6.6 million, or $0.29 per diluted share, in the fiscal 2004 first quarter.

“We are pleased to report a strong start to our fiscal 2005,” said Steven G. Miller, Big 5's Chairman, President and Chief Executive Officer. “We operated with one less business day during the quarter due to the shift in the timing of the Easter holiday and overcame unfavorable weather conditions in a majority of our markets to achieve our 37th consecutive quarterly increase in same store sales. We were up in each of our three major merchandise categories for the quarter, with footwear being our strongest performing category, followed by apparel and hardgoods. We believe that we are well positioned to continue our consistently solid performance in the second quarter and throughout the year.”

The Company previously announced that it would restate its prior reported financial statements for fiscal years 2002 and 2003, and the quarterly periods of fiscal years 2002, 2003 and 2004, in order to correct an accounting error and to make adjustments relating to the previously disclosed establishment of a sales return allowance as well as the Company's accounting treatment for leases. Due to the focused but time-consuming review being conducted by the Company and its independent professional advisors, the Company's financial statements and the associated audit by KPMG LLP, the Company's independent registered public accounting firm, have not been able to be completed in order to permit the filing of the Company's Annual Report on Form 10-K for fiscal 2004. Accordingly, results for the fiscal 2005 first quarter as well as the comparative results from prior periods that are provided herein are provided on a preliminary basis. Management does not believe that the ongoing review of its prior reported financial statements will identify any other material errors or adjustments than those the Company has already reported or result in any material change to the Company's financial information contained herein. The Company is working diligently to complete the review process and file its Annual Report on Form 10-K as quickly as possible.

Big 5 also announced that its Board of Directors has voted to declare a cash dividend, at an annual rate of $0.28 per share of outstanding common stock. The next quarterly dividend, of $0.07 per share, will be paid on June 15, 2005, to stockholders of record as of June 1, 2005.

The Company ended the fiscal 2005 first quarter operating 309 stores, opening one new store during the quarter, which was a relocation. Subsequent to the end of the quarter, the Company opened one new store, in the Denver, Colorado market, and is currently operating 310 stores. The Company anticipates opening between 16 and 20 net new stores in fiscal 2005.

Big 5 expects to realize same store sales growth in the low single-digit range for the second fiscal quarter of 2005, resulting in earnings per diluted share in the range of $0.34 to $0.37. It should be noted that the impact of the restatements on previously reported fiscal 2004 second quarter earnings is preliminarily estimated to be a reduction of $0.02 per diluted share, to $0.31 per diluted share, including a $0.02 debt redemption charge. For the 2005 fiscal year, the Company expects same store sales growth in the low single-digit range, resulting in earnings per diluted share of $1.70 to $1.80, excluding a charge of $0.09 per diluted share associated with anticipated expenses related to the Company's transition to its new distribution center. The Company expects 2005 fiscal year earnings per diluted share of $1.61 to $1.71, including expenses related to the Company's transition to its new distribution center. The second quarter and fiscal year guidance do not include charges that will be incurred after the first fiscal quarter for expenses relating to the restatements because the Company is unable to adequately estimate those expenses at this time.




                       BIG 5 SPORTING GOODS CORPORATION
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                         (Unaudited and Preliminary)
                (in thousands, except earnings per share data)

                                                                    As
                                                               Preliminarily
                                                                Restated(1)
                                         13 Weeks Ended       13 Weeks Ended
                                          April 3, 2005       March 28, 2004

    Net sales                                $189,931             $181,767
    Cost of goods sold, buying and
     occupancy                                121,643              115,679
    Gross profit                               68,288               66,088

    Selling and administrative                 52,134               50,167
    Depreciation and amortization               3,095                2,982

    Operating income                           13,059               12,939
    Interest expense, net                       1,175                1,936

    Income before income taxes                 11,884               11,003
    Income tax                                  4,680                4,401

    Net income available to common
     stockholders                              $7,204               $6,602


    Earnings per share:
      Basic                                     $0.32                $0.29

      Diluted                                   $0.32                $0.29

    Shares used to calculate earnings per
     share:
      Basic                                    22,678               22,664

      Diluted                                  22,811               22,873