Big 5 Sporting Goods Corp. reported that comp store sales for the fiscal second quarter ended July 3 were up 2.7% on top of a 3.9% same-store increase in Q2 last year. The retailer issued the sales news late last week, but also indicated that it would delay the reporting of its second quarter financial statements until it completes the statements for the 2004 fiscal year ended January 2, 2005. BGFV still expects to re-state its financial statements for the 2003 and 2002 fiscal years as its quarterly financial statements for fiscal 2002, fiscal 2003, and fiscal 2004.
While a review of previous statements is not yet complete, Big 5 expects that the cumulative, net impact on the company's net income for fiscal years 2002 through 2004 will be less than 3% of aggregate net income as preliminarily reported on February 9, 2005, which reflected the preliminary adjustments to address the error in an account within accounts payable. The result will be a reduction in net income for prior periods, which will be reflected in an opening balance sheet adjustment for fiscal 2002.
BGFVE shares were up 4.3% for the week to close at $27.53 on Friday.
