Despite income drop, Big 5 pleased with performance

EL SEGUNDO, Calif. Big 5 Sporting Goods reported that for the fiscal 2009 first quarter, net sales were $210.3 million, compared to net sales of $212.9 million for the first quarter of fiscal 2008. Same-store sales declined 4.4% for the first quarter.

Net income for the first quarter of fiscal 2009 was $2.8 million, or 13 cents per diluted share, compared to net income of $4.1 million, or 19 cents per diluted share, for the first quarter of fiscal 2008.

"We are pleased with our first quarter performance in this challenging economic environment," said Steven Miller, the company's chairman, president and CEO. "Our operating results exceeded the upper end of our guidance range issued in late February, driven by significantly stronger than anticipated sales in March. We believe this improvement reflects the increasing attractiveness of our value proposition for consumers as well as the benefit of improved weather conditions later in the quarter." 

For the fiscal 2009 second quarter, the company expects same-store sales in the flat to positive low-single digit range and earnings per diluted share in the range of 10 cents to 18 cents.