Earnings Call Excerpt
Big 5 Sporting Goods (BGFV)
Q4 2007 Update Call
January 10, 2008 7:00 am ET
Executives
John Mills - ICR
Steve Miller - Chairman, President and Chief Executive Officer
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to the Big 5 Sporting Goods fiscal fourth quarter and full year 2007 sales results and guidance update prerecorded conference call. I would now like to turn the conference over to John Mills with ICR. Please go ahead, sir.
John Mills
Thank you. As a reminder, this call is being recorded as of January 10, 2008. And while the call will remain available until 11:59 pm Eastern on January 17, 2008, the call will not be updated after it is recorded.
The following is the Safe Harbor statement in regards to today’s prerecorded call. Except for statements of historical fact, any remarks that we make about our future expectations, plans and prospects constitute forward-looking statements 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 that may cause our actual results in current and future periods to differ materially from forecasted results. These risks and uncertainties include those more fully described in our annual report on Form 10-K for fiscal 2006, our quarterly report on Form 10-Q for the third quarter of fiscal 2007 and other filings with the SEC.
We disclaim any obligation to update these factors or to publicly announce results of any revisions to any of the forward-looking statements made during this call that reflect future results, events or developments.
On the call today representing Big 5 is Mr. Steve Miller, Chairman and CEO. Now, I would like to turn the call over to Mr. Miller.
Steve Miller
Thanks, John. Today I’ll review our sales for the fourth quarter of 2007 as well as update earnings guidance for the fourth quarter and full year of 2007. To begin, we are disappointed to report fourth quarter sales below our plan. Same-store sales were down 4.7% for the fourth quarter, with product margins down approximately 35 basis points. This was by far our weakest quarterly comp store sales performance since 1995. Given the soft results, we felt it was appropriate to provide additional color to our press release by means of this prerecorded call.
As a reminder, beginning in 1996 we achieved 45 consecutive quarters of comp store sales growth until our narrow miss in the second quarter of 2007. We comped slightly positive in Q3 and we certainly were looking for better results than we achieved during Q4.
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