Big 5 Sporting Goods Corporation Reports Sales Results for the Fourth Quarter and Full Year Ended December 31, 2017; Revises Earnings Guidance for the Fourth Quarter and Full Year Ended December 31, 2017
January 08, 2018 at 04:01 pm EST
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Big 5 Sporting Goods Corporation reported sales results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $243.2 million compared to $266.3 million for the fourth quarter of fiscal 2016. Same store sales decreased 9.4% compared to a 3.1% increase in same store sales for the fourth quarter of fiscal 2016.
For the year, the company's net sales decreased to $1.01 billion from $1.02 billion in fiscal 2016. Same store sales decreased 1.2% for the fiscal 2017 full year.
The company revised earnings guidance for the fourth quarter and full year ended December 31, 2017. For the quarter, the company now expects to realize a loss per share in the range of $0.08 to $0.13, which excludes charges to be determined related to the recent tax legislation and potential asset impairment related to a small number of the company's stores. The company expects to adjust its deferred tax assets based on the recent tax legislation and believes this will result in a one-time non-cash expense of approximately $5.0 million to $6.0 million ($0.25 to $0.30 per share) in the fourth quarter. The company's previous guidance for the fourth quarter of fiscal 2017 was for earnings per diluted share to be in the range of $0.16 to $0.28.
For the fiscal 2017 full year, the company currently expects to realize earnings per diluted share in the range of $0.52 to $0.57, which excludes the charges described above to be determined related to the recent tax legislation and potential store asset impairment, compared to fiscal 2016 earnings of $0.77 per diluted share, including $0.05 per diluted share of charges for store closing costs and the net write-off of deferred tax assets related to share-based compensation.
Big 5 Sporting Goods Corporation is a sporting goods retailer in the western United States. The Company conducts its business through its subsidiary, Big 5 Corp. Its 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, home recreation, tennis, golf, and winter and summer recreation. The Company is operating approximately 430 stores and an e-commerce platform under the Big 5 Sporting Goods name. It provides a full-line product offering in a traditional sporting goods store format that averages approximately 12,000 square feet. Its stores include a range of products from various brand name manufacturers, including adidas, Coleman, Columbia, Everlast, New Balance, Timex, Rawlings, Skechers, Spalding, Under Armour, Hillerich & Bradsby, Mueller Sports Medicine, Igloo, and others. It operates a 953,000 square foot distribution center located in Riverside, California.
Big 5 Sporting Goods Corporation Reports Sales Results for the Fourth Quarter and Full Year Ended December 31, 2017; Revises Earnings Guidance for the Fourth Quarter and Full Year Ended December 31, 2017