Big 5 Sporting Goods Q3 net income decreases

Big 5 Sporting Goods, a sporting goods retailer, has reported a net income of $4.5 million, or $0.21 per diluted share, for the third quarter ended September 28, 2008, compared to $8.4 million, or $0.37 per diluted share, for the third quarter of fiscal 2007.

For the third quarter of fiscal 2008, net sales were $223.2 million, compared to $231.3 million for the third quarter of fiscal 2007. Same store sales declined 6.6% for the third quarter of fiscal 2008.

For the 39-week period ended September 28, 2008, net sales decreased $21.2 million, or 3.2%, to $645 million, from net sales of $666.2 million for the same period of fiscal 2007. Same store sales decreased 6.5% in the first 39 weeks of fiscal 2008 versus the same period of fiscal 2007.

Net income was $10.3 million, or $0.48 per diluted share, for the first 39 weeks of fiscal 2008, compared to $21.9 million, or $0.97 per diluted share, for the same period of fiscal 2007.

Steven Miller, chairman, president and CEO of Big 5 Sporting Goods, said: "We are pleased with the relative strength of our performance in this challenging consumer environment, as we delivered third quarter earnings that exceeded the high end of our guidance. By focusing on managing our inventory and controlling expenses, we continued to mitigate the impact of the difficult macro-economic environment on our sales. We achieved increased efficiencies in our distribution center and reduced total product inventories by 4.9% from the prior year despite operating 19 more stores."

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