Big 5 Sporting Goods (BGFV) Reports Q2 Earnings, Issues Mixed Guidance for Q3 and FY

July 31, 2008 4:52 PM EDT

Big 5 Sporting Goods Corporation (Nasdaq: BGFV) reports Q2 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenues for the quarter were $209.0 million, versus the consensus of $213.41 million.

Results for the second quarter and first 26 weeks of fiscal 2008 include a one-time pre-tax charge of $1.5 million, or $0.04 per diluted share, to correct an error in the Company's previously recognized straight-line rent expense, substantially all of which pertained to prior periods and accumulated over a period of 15 years.

For the fiscal 2008 third quarter, a decline in same store sales in the mid-single digit range and earnings per diluted share in the range of $0.14 to $0.20 vs. consensus of $0.22

For the fiscal 2008 full year, BGFV sees a decline in same store sales in the mid-single digit range. Based on the Company's results for the first half of fiscal 2008 and outlook for the second half of the year, the Company now expects earnings per diluted share for the fiscal 2008 full year in the range of $0.60 to $0.80. (EPS consensus for FY08 is $0.70)

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