Big 5 Sporting Goods Corp. in a regulatory filing said that it is withdrawing its fiscal 2020 first-quarter guidance due to the “anticipated material negative impact of COVID-19 on the company’s financial results and the uncertainty related to its duration.”
The filing noted that beginning on March 20, 2020, the company has closed more than one-half of its retail store locations in response to state and local shelter orders related to the COVID-19 outbreak. The retailer said the closure of additional stores may be required if additional orders are issued. The company’s e-commerce business is continuing.
The company said it is not providing updated guidance for its fiscal 2020 first quarter at this time.
On February 25, Big 5 said it expected same-store sales to decrease in the mid-to-high-single-digit range in the first quarter and expects to realize a loss per basic share in the range of 15 to 25 cents, compared to a same-store sales increase of 4.6 percent and earnings per diluted share of 8 cents in the first quarter of fiscal 2019, including a charge of 2 cents per diluted share for the write-off of deferred tax assets related to share-based compensation.
Photo courtesy Big 5
