Big 5 Sporting Goods Corporation said that it expects earnings per diluted share for the fiscal 2002 fourth quarter, calculated in accordance with generally accepted accounting principles (GAAP), to be $0.38 to $0.40 and earnings per diluted share on a pro-forma basis for the fiscal 2002 year to be $1.08 to $1.10. The company also said that it achieved same store sales growth of 0.4% in the fiscal 2002 fourth quarter, which represents the 28th consecutive quarter of same store sales increases.
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.