Big 5 Sporting Goods Corporation Announces 38th Consecutive Quarterly Same Store Sales Increase; Announces Delay in Release of P
July 29 2005 - 8:00AM
PR Newswire (US)
Big 5 Sporting Goods Corporation Announces 38th Consecutive
Quarterly Same Store Sales Increase; Announces Delay in Release of
Preliminary Results for the Second Quarter of Fiscal 2005 Until
Completion of the Restatement EL SEGUNDO, Calif., July 29
/PRNewswire-FirstCall/ -- Big 5 Sporting Goods Corporation
(NASDAQ:BGFVE), a leading sporting goods retailer, today reported
that it achieved its 38th consecutive quarter of positive same
store sales performance for the fiscal quarter ended July 3, 2005.
The Company expects to report, based upon preliminary sales
results, a same store sales increase of approximately 2.7% for the
second fiscal quarter versus the comparable 13-week period of 2004.
The Company also announced that it will delay reporting its
preliminary results for the fiscal 2005 second quarter until it
completes its financial statements for the fiscal year ended
January 2, 2005 and its previously announced restatement of its
financial statements for the fiscal years ended December 28, 2003
and December 29, 2002, as well as its quarterly financial
statements for fiscal 2002, fiscal 2003 and fiscal 2004. The
previously announced restatement adjustments relate to the
correction of an error in an account within accounts payable, an
adjustment to accounting for certain leases and the spreading over
appropriate periods of the Company's prior implementation of a
sales return reserve in the third quarter of fiscal 2004. In
addition, also as previously announced, the Company and its
independent professional advisors have been conducting a review of
the Company's prior financial statements on behalf and under the
supervision of the Audit Committee. While the review is not yet
complete, the Company currently expects that additional corrections
to its prior financial statements will be required as part of the
restatement. The Company believes that the cumulative, net impact
on the Company's net income of the additional corrections that the
Company is aware of at this time, as well as the adjustments
relating to the previously announced lease accounting changes and
sales return reserve, for fiscal years 2002 through 2004 will be
less than 3% of aggregate net income as preliminarily reported on
February 9, 2005 for such fiscal year periods, which reflected the
preliminary adjustments to address the error in an account within
accounts payable. These matters will also reduce net income for
prior periods, which the Company anticipates will be reflected in
an opening balance sheet adjustment for fiscal 2002. Steven G.
Miller, Big 5's Chairman, President and Chief Executive Officer,
said, "While I recognize that the restatement process has been
frustrating for our shareholders, we are hopeful that this process
is drawing to a close. Although significant time and attention has
been devoted to the restatement process, we have remained focused
on our business and are pleased to have maintained our consistent
same store sales performance and to have achieved our 38th
consecutive quarter of comp store sales increases. We are also
pleased to report that the transition to our new distribution
center in Riverside, California is proceeding smoothly in
accordance with our plans." About Big 5 Sporting Goods Corporation
Big 5 is a leading sporting goods retailer in the United States,
operating 312 stores in 10 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
5's 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 5's actual results in future
periods to differ materially from forecasted results. Those risks
and uncertainties include, among other things, the competitive
environment in the sporting goods industry in general and in Big
5's specific market areas, inflation, product availability and
growth opportunities, seasonal fluctuations, weather conditions,
changes in costs of goods, changes in interest rates and economic
conditions in general. Those and other risks are more fully
described in Big 5's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K/A filed on
October 25, 2004 and its Quarterly Report on Form 10-Q for the
quarter ended September 26, 2004. Big 5 disclaims any obligation to
update any such factors or to publicly announce results of any
revisions to any of the forward-looking statements contained herein
to reflect future events or developments. DATASOURCE: Big 5
Sporting Goods Corporation CONTACT: Charles Kirk, Sr. Vice
President and Chief Financial Officer of Big 5 Sporting Goods
Corporation, +1-310-536-0611; or John Mills of Integrated Corporate
Relations, Inc., +1-310-395-2215, for Big 5 Sporting Goods
Corporation Web site: http://www.big5sportinggoods.com/
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