Big 5 Sporting Goods Corporation Announces Same Store Sales And Updates Guidance For The Fiscal 2010 Second Quarter
EL SEGUNDO, Calif., July 8 /PRNewswire-FirstCall/ -- Big 5 Sporting Goods Corporation (Nasdaq: BGFV), a leading sporting goods retailer, today provided same store sales results and updated earnings guidance for the second quarter ended July 4, 2010.
For the fiscal 2010 second quarter, same store sales declined 0.5% versus the comparable period last year. As a reminder, the Company's same store sales increased 0.3% during the second quarter of fiscal 2009 compared to the second quarter of fiscal 2008.
For the fiscal 2010 second quarter, the Company now expects to realize earnings per diluted share in the range of $0.20 to $0.23, compared to earnings per diluted share of $0.22 for the second quarter last year.
"Our top-line results were slightly softer than we expected, which we attribute largely to the sluggish pace of the economic recovery across much of our geography as well as a lack of warm weather in many of our west coast markets," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "All three of our major merchandise categories -- footwear, hardgoods and apparel -- performed within a relatively tight range of one another. Although we comped positively in April and June and experienced encouraging sales trends over the recent Fourth of July holiday period, those sales were not enough to offset a challenging month of May that was impacted by lackluster sales of summer-related products."Mr. Miller continued, "We continue to perform well on the operational side of our business, as we maintained product margins for the quarter, and remain pleased with our inventory management and expense control efforts. While the economic environment in our markets is not ideal, we remain confident in our overall strategy and believe our focus on providing compelling values to our customers will continue to serve our business well."
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