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Big 5 Sporting Goods Corporation (BGFV)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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7.53-0.59 (-7.27%)
As of 3:54PM EDT. Market open.
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Previous Close8.12
Open7.20
Bid7.49 x 1100
Ask7.57 x 1300
Day's Range6.01 - 7.65
52 Week Range0.65 - 9.72
Volume7,179,218
Avg. Volume1,772,818
Market Cap164.916M
Beta (5Y Monthly)2.36
PE Ratio (TTM)12.01
EPS (TTM)0.63
Earnings DateOct. 27, 2020
Forward Dividend & Yield0.40 (4.93%)
Ex-Dividend DateAug. 31, 2020
1y Target EstN/A
  • Big 5 Sporting Goods Corporation Announces Record Fiscal 2020 Third Quarter Results
    GlobeNewswire

    Big 5 Sporting Goods Corporation Announces Record Fiscal 2020 Third Quarter Results

    * GENERATES RECORD THIRD QUARTER NET INCOME OF $28.4 MILLION AND EARNINGS PER DILUTED SHARE OF $1.31   * QUARTER-END REVOLVER BORROWINGS OF ZERO, WITH CASH POSITION OF $55.7 MILLION * FISCAL OCTOBER SAME STORE SALES INCREASE 15.1% * DOUBLES QUARTERLY CASH DIVIDEND FROM $0.05 TO $0.10 PER SHAREEL SEGUNDO, Calif., Oct. 27, 2020 (GLOBE NEWSWIRE) --  Big 5 Sporting Goods Corporation (Nasdaq: BGFV) (the “Company,” “we,” “our,” “us,” “Big 5”), a leading sporting goods retailer, today reported financial results for the fiscal 2020 third quarter ended September 27, 2020.Steven G. Miller, the Company’s Chairman, President and Chief Executive Officer, said, “I am pleased to report an exceptional third quarter, which represents the strongest sales and earnings performance in our 65-year history. During this unprecedented time, our product offerings are resonating with consumers who are looking for ways to stay healthy and active. Clearly, customers are recognizing our stores as a convenient and safe environment to fulfill their fitness and outdoor recreational needs.  Additionally, we continue to benefit from substantial cost reductions that have enabled us to achieve meaningful operating leverage. I am extremely proud of our team’s tremendous dedication and execution during these challenging times.” Mr. Miller continued, “Our success navigating the COVID-19 environment to date has substantially strengthened our balance sheet and enhanced our financial flexibility. At the end of the third quarter, we had zero borrowings on our revolver and nearly $56 million in cash. As a result, our Board of Directors has authorized an increase in our regular cash dividend to double its prior rate. Looking at the fourth quarter, we have continued to see solid momentum with sales increasing 15.1% for our fiscal October period. We believe our inventory is well positioned for the upcoming winter and holiday seasons.  That said, we recognize there is tremendous uncertainty impacting the consumer environment over the coming months and we are prepared to be nimble and make adjustments as necessary.”Third Quarter Fiscal 2020 Same store sales increased 14.8% for the third quarter of fiscal 2020, compared to a 0.3% increase for the third quarter of fiscal 2019. Net sales for the fiscal 2020 third quarter were $305.0 million compared to net sales of $266.2 million for the third quarter of fiscal 2019.Gross profit for the fiscal 2020 third quarter was $110.0 million, compared to $86.0 million in the third quarter of the prior year. The Company’s gross profit margin was 36.1% in the fiscal 2020 third quarter versus 32.3% in the third quarter of the prior year. The increase in gross profit margin largely reflects higher merchandise margins, which increased 277 basis points versus the prior year period, driven by a favorable shift in product mix toward certain higher margin categories and by more limited promotional activity versus the prior year period. Gross profit margin also reflects reduced store occupancy and warehousing costs as a percentage of net sales, partially offset by lower distribution costs capitalized into inventory for the quarter.Selling and administrative expense decreased $5.6 million in the fiscal 2020 third quarter versus the prior year period primarily due to lower advertising expense and employee labor expense reflecting reduced store operating hours during the period. As a percentage of net sales, selling and administrative expense decreased to 23.4%, versus 28.9% in the prior year, as a result of the cost containment measures and higher sales volume in the third quarter.Net income for the third quarter of fiscal 2020 was $28.4 million, or $1.31 per diluted share, which compares to net income of $6.4 million, or $0.30 per diluted share, in the third quarter of fiscal 2019.For the 39-week period ended September 27, 2020, net sales were $750.6 million compared to net sales of $752.4 million in the first 39 weeks of the prior year. Same store sales increased 0.4% in the first 39 weeks of 2020 versus the comparable prior year period. Net income for the first 39 weeks of fiscal 2020 was $34.9 million, or $1.63 per diluted share, including a $0.13 per diluted share net benefit recorded in the second quarter related to rent abatement savings and a recovery in eminent domain litigation, partially offset by special employee recognition bonus awards. This compares to net income for the first 39 weeks of fiscal 2019 of $8.1 million, or $0.38 per diluted share, including a $0.02 per diluted share charge for the write-off of deferred tax assets related to share-based compensation.Balance Sheet The Company’s merchandise inventories at the end of the fiscal 2020 third quarter decreased 18.0% compared to the prior year. The Company completed the fiscal 2020 third quarter with zero borrowings under its revolving credit facility and a cash position of $55.7 million, reflecting a $111.3 million improvement in net cash (cash less revolver borrowings) on a year-over-year basis and a $74.0 million improvement in net cash compared to the end of the fiscal 2020 second quarter.Cash Dividend In light of the current strength of the Company’s business, cash flow generation, and balance sheet, the Company’s Board of Directors has declared an increase in its quarterly cash dividend from $0.05 per share of outstanding common stock to $0.10 per share of outstanding common stock, which will be paid on December 15, 2020 to stockholders of record as of December 1, 2020.Fourth Quarter Outlook Same store sales for the Company’s fiscal October 2020 period increased 15.1% versus the prior year period. Merchandise margins continue to trend positively for the fiscal 2020 fourth quarter-to-date period compared to the prior year period, reflecting less promotional activity and a favorable shift in product mix toward certain higher margin categories.The Company continues to benefit from certain aspects of its expense reduction initiatives that were implemented in response to the uncertainties of COVID-19, including labor expense savings due to reduced store operating hours and advertising expense savings due to significantly reduced print advertising. The Company expects these savings to create the potential for significant operating leverage for the fourth quarter.As discussed in this release and the Company’s other public filings, the Company has experienced dramatic swings in its sales trends due to the widespread closure of its stores, other disruptions related to COVID-19 and surges in consumer demand related to the pandemic.   The dramatic shifts in consumer demand and the uncertainties of these unprecedented circumstances, including any future impact on consumer spending from any stimulus benefits or election impacts, the uncertainty surrounding consumer spending for the upcoming holiday season, and the potential for increased COVID-19 outbreaks and related restrictions over the course of the winter, make it difficult for the Company to accurately forecast the months ahead.  In light of the uncertainty in the current environment, for the fourth quarter of fiscal 2020 the Company is providing wide sales and earnings guidance ranges and expects earnings to reflect expense savings primarily from reductions in advertising and store operating hours. So long as conditions relating to the COVID-19 pandemic, including any regulations issued in response to the pandemic, or other conditions do not materially impact the Company’s ability to continue to operate its stores, the Company believes it is reasonable to expect same store sales over the remainder of the fiscal 2020 fourth quarter in the range of -5% to +5% compared to the comparable period during the prior year. Assuming the Company achieves sales within that range over the remainder of the quarter, the Company would expect same store sales for the full fourth quarter of fiscal 2020 to be in the range of flat to +7% compared to the comparable period during the prior year and for earnings per diluted share for the quarter to be in the range of $0.35 to $0.60, which includes an after-tax insurance settlement benefit of approximately $2.1 million, or $0.10 per diluted share, associated with a fire at the Company’s Pasadena, California store. This compares to a fiscal 2019 fourth quarter same store sales decrease of 0.6% and earnings per diluted share of $0.02, including a $0.02 per diluted share charge for asset impairment.As a result of the fiscal calendar, the fourth quarter of fiscal 2020 will include 14 weeks and the fourth quarter last year included 13 weeks. The Company’s same store sales guidance above reflects comparable 14-week periods.As a reminder, the Company’s fourth quarter typically reflects lower quarterly earnings compared to the third quarter due to the combination of seasonally lower sales volumes in the first half of the quarter until the holiday sales period, the related promotional environment associated with holiday sales and higher expenses during the holidays for store labor and advertising compared to the third quarter.Store Openings The Company did not open any new stores or permanently close any stores during the third quarter, ending with 431 stores in operation, which compares to 433 stores in operation in the prior year period. During the third quarter, all of the Company’s stores were open for in-store shopping, subject to appropriate social distancing restrictions and with reduced operating hours.   For the fiscal 2020 fourth quarter, the Company expects to permanently close approximately one store. Including that expected closure in the fourth quarter, for the fiscal 2020 full year, the Company expects to permanently close approximately four stores.Conference Call Information The Company will host a conference call and audio webcast today, October 27, 2020, at 2:00 p.m. Pacific (5:00 p.m. Eastern), to discuss financial results for the third quarter of fiscal 2020. To access the conference call, participants in North America may dial (877) 407-9039 and international participants may dial (201) 689-8470. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time. The call will also be broadcast live over the Internet and accessible through the Investor Relations section of the Company’s website at www.big5sportinggoods.com. Visitors to the website should select the “Investor Relations” link to access the webcast. The webcast will be archived and accessible on the same website for 30 days following the call. A telephonic replay will be available through November 3, 2020 by calling (844) 512-2921 to access the playback; the passcode is 13711576.About Big 5 Sporting Goods Corporation  Big 5 is a leading sporting goods retailer in the western United States, operating 431 stores under the “Big 5 Sporting Goods” name as of the fiscal quarter ended September 27, 2020. Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet. Big 5’s 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, tennis, golf, winter and summer recreation and roller sports.Except for historical information contained herein, the statements in this release are forward-looking and 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 and other factors that may cause Big 5’s actual results in current or future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, the economic impacts of COVID-19 on Big 5’s business operations, including as a result of regulations that may be issued in response to COVID-19, changes in the consumer spending environment, fluctuations in consumer holiday spending patterns, increased competition from e-commerce retailers, breach of data security or other unauthorized disclosure of sensitive personal or confidential information, the competitive environment in the sporting goods industry in general and in Big 5’s specific market areas, inflation, product availability and growth opportunities, changes in the current market for (or regulation of) firearm-related products, disruption in product flow, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, increases in labor and benefit-related expense, changes in laws or regulations, including those related to tariffs and duties, public health issues (including those caused by COVID-19), impacts from civil unrest or widespread vandalism, lower than expected profitability of Big 5’s e-commerce platform or cannibalization of sales from Big 5’s existing store base which could occur as a result of operating the e-commerce platform, litigation risks, stockholder campaigns and proxy contests, risks related to Big 5’s historically leveraged financial condition, changes in interest rates, credit availability, higher expense associated with sources of credit resulting from uncertainty in financial markets and economic conditions in general. Those and other risks and uncertainties are more fully described in Big 5’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Big 5 conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on Big 5’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Big 5 undertakes no obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.FINANCIAL TABLES FOLLOWBIG 5 SPORTING GOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts)         September 27, 2020 December 29, 2019 ASSETS       Current assets:     Cash$55,695 $8,223  Accounts receivable, net of allowances of $45 and $58, respectively 11,018  13,646  Merchandise inventories, net 254,512  309,315  Prepaid expenses 9,192  9,680  Total current assets 330,417  340,864        Operating lease right-of-use assets, net 290,374  262,588  Property and equipment, net 60,064  68,414  Deferred income taxes 14,494  13,619  Other assets, net of accumulated amortization of $2,310 and $2,043, respectively 3,008  3,315  Total assets$698,357 $688,800        LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities:     Accounts payable$87,048 $83,655  Accrued expenses 74,158  64,935  Current portion of operating lease liabilities 75,316  71,542  Current portion of finance lease liabilities 2,417  2,678  Total current liabilities 238,939  222,810        Operating lease liabilities, less current portion 230,705  206,806  Finance lease liabilities, less current portion 2,967  4,787  Long-term debt —  66,559  Other long-term liabilities 12,513  7,466  Total liabilities 485,124  508,428        Commitments and contingencies           Stockholders' equity:     Common stock, $0.01 par value, authorized 50,000,000 shares; issued 25,555,381 and    25,314,289 shares, respectively; outstanding 21,905,168 and 21,664,076 shares, respectively 255  252  Additional paid-in capital 121,262  120,054  Retained earnings 134,243  102,593  Less: Treasury stock, at cost; 3,650,213 shares (42,527) (42,527) Total stockholders' equity 213,233  180,372  Total liabilities and stockholders' equity$698,357 $688,800        BIG 5 SPORTING GOODS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)             13 Weeks Ended 39 Weeks Ended   September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019                     Net sales$304,959$266,150$750,630 $752,401           Cost of sales 194,924 180,158 503,847  517,416           Gross profit 110,035 85,992 246,783  234,985           Selling and administrative expense 71,337 76,886 201,040  221,676 Other income — — (2,500) —           Operating income 38,698 9,106 48,243  13,309           Interest expense 199 683 1,683  2,197           Income before income taxes 38,499 8,423 46,560  11,112           Income tax expense 10,106 2,026 11,642  3,023           Net income$28,393$6,397$34,918 $8,089           Earnings per share:         Basic$1.33$0.30$1.64 $0.38           Diluted$1.31$0.30$1.63 $0.38           Weighted-average shares of common stock outstanding:         Basic 21,310 21,132 21,237  21,093           Diluted 21,725 21,154 21,464  21,125             Contact: Big 5 Sporting Goods Corporation Barry Emerson Sr. Vice President and Chief Financial Officer (310) 536-0611ICR, Inc. John Mills Managing Partner (646) 277-1254

  • Big 5 Sporting Goods Corporation to Report Fiscal 2020 Third Quarter Results on October 27, 2020
    GlobeNewswire

    Big 5 Sporting Goods Corporation to Report Fiscal 2020 Third Quarter Results on October 27, 2020

    EL SEGUNDO, Calif., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq: BGFV) (the “Company”), a leading sporting goods retailer, will announce third quarter fiscal 2020 financial results on Tuesday, October 27, 2020, after the market close. The Company will host a conference call to discuss these results and provide additional comments and details. The conference call is scheduled to begin at 2:00 p.m. Pacific Time on Tuesday, October 27, 2020. To access the conference call, participants in North America may dial (877) 407-9039 and international participants may dial (201) 689-8470. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time.In addition, the call will be broadcast live over the Internet and accessible through the Company's website at www.big5sportinggoods.com. Visitors to the website should select the “Investor Relations” link to access the webcast. The webcast will be archived and accessible on the same website for 30 days following the call. A telephonic replay will be available through November 3, 2020 by calling (844) 512-2921 to access the playback; the passcode is 13711576.About Big 5 Sporting Goods Corporation Big 5 is a leading sporting goods retailer in the western United States, operating 431 stores under the “Big 5 Sporting Goods” name as of the fiscal quarter ended September 27, 2020. Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet. Big 5’s 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, tennis, golf, winter and summer recreation and roller sports.Contact: Big 5 Sporting Goods Corporation Barry Emerson Sr. Vice President and Chief Financial Officer (310) 536-0611ICR, Inc. John Mills Managing Partner (646) 277-1254

  • GlobeNewswire

    Big 5 Sporting Goods Corporation Announces Fiscal 2020 Second Quarter Results

    * Generates Second Quarter Net Income of $11.1 Million and Earnings per Diluted Share of $0.52 * Reinstates Quarterly Cash Dividend * Fiscal July Same Store Sales Increase 31.9% * Revolver Borrowings of Zero, With Cash Position of Approximately $38 Million As of the End of Fiscal JulyEL SEGUNDO, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq: BGFV) (the “Company,” “we,” “our,” “us,” “Big 5”), a leading sporting goods retailer, today reported financial results for the fiscal 2020 second quarter ended June 28, 2020, and provided an update on fiscal 2020 third quarter results to date.Steven G. Miller, the Company’s Chairman, President and Chief Executive Officer, said, “We produced strong second quarter earnings while managing the business through extreme disruption caused by COVID-19, which included widespread store closures and significant shifts in consumer demand.  Our ability to successfully navigate this fluid environment speaks to the strength of our team and the fundamental principles that have guided Big 5 for decades – convenience, value, service and selection.  Customers are engaging with us in their local neighborhoods in a safe and inviting manner, attracted to our diverse merchandise assortment and compelling values.  Our buying and distribution teams have done an incredible job recognizing and rapidly responding to the shifts in consumer demand, and our store and field operations teams have worked tirelessly to adapt to the changing environment so we could continue to serve our customers safely as an essential business during this critical period.”Mr. Miller continued, “The momentum that we saw in our business over the back half of the second quarter has accelerated in the third quarter, with same store sales increasing 31.9% for our fiscal July period, which ended on July 26.  Strong sales across a broad array of categories and throughout our geographic markets, combined with the continuation of certain cost reductions that we implemented in response to the pandemic, have positioned us to drive significant operating leverage and earnings per share for the third quarter.  The improved financial performance has carried over to our balance sheet, reflecting our very healthy capital structure, with no debt and a cash position of approximately $38 million as of the end of our fiscal July period.  We are pleased that our strong recent performance and solid financial condition have positioned us to reinstate our quarterly dividend.  While the circumstances created by COVID-19 are unprecedented, we are confident in our ability to respond to future challenges by applying lessons learned from our recent experience and success.”Second Quarter Fiscal 2020 As previously reported, same store sales decreased 4.2% for the second quarter of fiscal 2020, compared to a 0.7% increase for the second quarter of fiscal 2019.  Over the first half of the second quarter, same store sales decreased by 28.2%, primarily due to the impacts of the COVID-19 pandemic, which forced the Company to operate with a highly reduced store count.  Over the second half of the second quarter, as the Company reopened its stores, same store sales increased by 15.5% compared to the prior year period.  Net sales for the fiscal 2020 second quarter were $227.9 million compared to net sales of $241.0 million for the second quarter of fiscal 2019. Gross profit for the fiscal 2020 second quarter was $72.2 million, compared to $73.1 million in the second quarter of the prior year.  The Company’s gross profit margin was 31.7% in the fiscal 2020 second quarter versus 30.3% in the second quarter of the prior year.  The increase in gross profit margin largely reflects higher merchandise margins, which increased 173 basis points versus the prior year period, with strong margin performance in May and June as the Company’s product mix favored higher margin categories and promotional activity was more limited.  Gross profit margin also reflects reduced warehousing and store occupancy costs attributable to the Company’s cost containment efforts, partially offset by lower distribution costs capitalized into inventory for the quarter.Selling and administrative expense decreased $13.8 million in the fiscal 2020 second quarter versus the prior year period primarily due to a combination of lower employee labor expense reflecting reduced store operating hours and lower advertising expense during the period.  As a percentage of net sales, selling and administrative expense decreased to 25.6%, versus 30.0% in the prior year, as a result of the cost containment measures and despite lower sales volume in the second quarter. Net income for the second quarter of fiscal 2020 was $11.1 million, or $0.52 per diluted share, including a net benefit of approximately $0.13 per diluted share related to rent abatement savings and a recovery in eminent domain litigation, partially offset by the expense associated with the special employee recognition bonus awards previously announced.  This compares to break-even net income for the second quarter of fiscal 2019 of $0.00 per diluted share, including a $0.03 per diluted share benefit for the termination of a software contract.For the 26-week period ended June 28, 2020, net sales were $445.7 million compared to net sales of $486.3 million in the first 26 weeks of last year.  Same store sales decreased 7.5% in the first half of fiscal 2020 versus the comparable period last year.  Net income for the first 26 weeks of fiscal 2020 was $6.5 million, or $0.31 per diluted share, including the net benefit in the second quarter as noted above.  This compares to net income for the first 26 weeks of fiscal 2019 of $1.7 million, or $0.08 per diluted share, including a net benefit of $0.01 per diluted share for the software contract termination, partially offset by the write-off of deferred tax assets.As previously announced, the Company’s merchandise inventories at the end of the fiscal 2020 second quarter decreased 15.0% compared to the prior year. The Company completed the fiscal 2020 second quarter with borrowings under its revolving credit facility, net of cash, of approximately $18 million, reflecting a $38 million improvement on a year-over-year basis and a $62 million improvement compared to the end of the fiscal 2020 first quarter.Third Quarter Update Same store sales for the Company’s fiscal July 2020 period increased 31.9% versus the prior year period.  Merchandise margins continue to trend positively for the fiscal 2020 third quarter-to-date period compared to the prior year period, reflecting less promotional activity and shifts in the product mix.The Company is benefiting in the third quarter from certain aspects of its expense reduction initiatives that were implemented in response to the uncertainties of COVID-19, including continued labor expense savings due to reduced store operating hours and advertising expense savings due to significantly reduced advertising activity.  The Company expects these savings to contribute to significant operating leverage potential for the third quarter.As of the end of its July 2020 fiscal period, the Company had zero revolving credit borrowings, while holding a cash position of approximately $38 million, reflecting a $57.7 million reduction in borrowings on a year-over-year basis and a $35.0 million reduction compared to the end of the fiscal 2020 second quarter.  Inventory levels have decreased approximately 20% as of the end of its July 2020 fiscal period compared to the prior year. Cash Dividend In light of the current strength of the Company’s business, cash flow generation, and balance sheet, the Company’s Board of Directors is reinstating its quarterly cash dividend at the previous rate of $0.05 per share of outstanding common stock.  The Company has declared a cash dividend of $0.10 per share of outstanding common stock, which will be paid on September 15, 2020 to stockholders of record as of September 1, 2020.  This $0.10 cash dividend reflects the Company’s reinstated quarterly cash dividend of $0.05 per share for the third quarter, and also includes an additional $0.05 per share in recognition that the Company did not pay a dividend in the second fiscal quarter as it engaged in various efforts to conserve cash in response to the uncertainties of COVID-19.Third Quarter Outlook As discussed in this release and the Company’s other public filings, the Company has experienced dramatic swings in its sales trends due to the widespread closure of its stores and other disruptions related to COVID-19.  While sales trends have been decidedly positive since the Company’s stores reopened, with same store sales up 31.9% for its July 2020 fiscal period, the dramatic shifts in customer demand and the uncertainties of these unprecedented circumstances, including any future impact on consumer spending from the potential expiration of stimulus benefits, make it difficult for the Company to accurately forecast the months ahead.  In light of the uncertainty in the current environment, for the third quarter of fiscal 2020 the Company is providing wide sales and earnings guidance ranges and expects earnings to reflect expense savings primarily from reductions in advertising and store operating hours.  So long as conditions relating to the COVID-19 pandemic, including any regulations issued in response to the pandemic, do not materially impact the Company’s ability to continue to operate its stores, the Company believes it is reasonable to expect same store sales over the remainder of the fiscal 2020 third quarter to increase in the range of 5% to 15% compared to the comparable period during fiscal 2019.  Assuming the Company achieves sales within that range over the remainder of the quarter, the Company would expect same store sales for the full third quarter of fiscal 2020 to increase in the range of 14% to 20% compared to the comparable period during fiscal 2019 and for earnings per diluted share for the quarter to be in the range of $1.00 to $1.30, compared to a same store sales increase of 0.3% and earnings per diluted share of $0.30 in the third quarter of fiscal 2019. Store Openings As previously announced, the Company did not open any new stores or permanently close any stores during the second quarter, ending with 431 stores in operation.  However, beginning on March 20, 2020, the Company temporarily closed approximately one-half of its stores in response to state and local shelter orders related to the COVID-19 outbreak.  At the end of April, approximately one-quarter of the Company’s stores remained temporarily closed.  As of the end of May, all of the Company’s stores that were temporarily closed due to COVID-19 had reopened in some capacity, with less than 10% of the open stores operating for curbside business only in compliance with local regulations.  As of the end of the second quarter all of the Company’s stores that were temporarily closed due to COVID-19 had reopened for in-store shopping, subject to appropriate social distancing restrictions and with reduced operating hours.  Additionally, during the second quarter, four of the Company’s stores were temporarily closed due to damage incurred in connection with civil unrest, three of which reopened prior to the end of the second quarter and one of which reopened in the third quarter.  During the second quarter, the Company also reopened its Pasadena, California store, which had been closed for an extended period due to a fire.  During the third quarter, the Company has temporarily closed one store due to indoor mall closures required in California in response to COVID-19.  Including that temporarily closed store, the Company currently has 431 stores in operation, which compares to 434 stores in operation at the same time in the prior year.  For the fiscal 2020 full year, the Company does not currently anticipate opening any new stores and expects to permanently close approximately four stores, including three stores that were permanently closed during the first quarter, all of which were previously selected for closure prior to the COVID-19 pandemic.Conference Call Information The Company will host a conference call and audio webcast today, July 28, 2020, at 2:00 p.m. Pacific (5:00 p.m. Eastern), to discuss financial results for the second quarter fiscal 2020.  To access the conference call, participants in North America may dial (877) 407-9039 and international participants may dial (201) 689-8470.  Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time.  The call will also be broadcast live over the Internet and accessible through the Investor Relations section of the Company’s website at www.big5sportinggoods.com.  Visitors to the website should select the “Investor Relations” link to access the webcast.  The webcast will be archived and accessible on the same website for 30 days following the call.  A telephonic replay will be available through August 4, 2020 by calling (844) 512-2921 to access the playback; the passcode is 13705945.About Big 5 Sporting Goods Corporation Big 5 is a leading sporting goods retailer in the western United States, operating 431 stores under the “Big 5 Sporting Goods” name as of the fiscal quarter ended June 28, 2020.  Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet.  Big 5’s 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, tennis, golf, winter and summer recreation and roller sports.Except for historical information contained herein, the statements in this release are forward-looking and 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 and other factors that may cause Big 5’s actual results in current or future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, the economic impacts of COVID-19 on Big 5’s business operations, including as a result of regulations that may be issued in response to COVID-19, changes in the consumer spending environment, fluctuations in consumer holiday spending patterns, increased competition from e-commerce retailers, breach of data security or other unauthorized disclosure of sensitive personal or confidential information, the competitive environment in the sporting goods industry in general and in Big 5’s specific market areas, inflation, product availability and growth opportunities, changes in the current market for (or regulation of) firearm-related products, disruption in product flow, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, increases in labor and benefit-related expense, changes in laws or regulations, including those related to tariffs and duties, public health issues (including those caused by COVID-19), impacts from civil unrest or widespread vandalism, lower than expected profitability of Big 5’s e-commerce platform or cannibalization of sales from Big 5’s existing store base which could occur as a result of operating the e-commerce platform, litigation risks, stockholder campaigns and proxy contests, risks related to Big 5’s leveraged financial condition, changes in interest rates, credit availability, higher expense associated with sources of credit resulting from uncertainty in financial markets and economic conditions in general. Those and other risks and uncertainties are more fully described in Big 5’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Big 5 conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on Big 5’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Big 5 undertakes no obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.FINANCIAL TABLES FOLLOW      BIG 5 SPORTING GOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts)         June 28,  December 29,   2020 2019 ASSETS       Current assets:     Cash$16,735 $8,223  Accounts receivable, net of allowances of $61 and $58, respectively 14,900  13,646  Merchandise inventories, net 270,924  309,315  Prepaid expenses 8,513  9,680  Total current assets 311,072  340,864        Operating lease right-of-use assets, net 270,999  262,588  Property and equipment, net 62,483  68,414  Deferred income taxes 12,782  13,619  Other assets, net of accumulated amortization of $2,216 and $2,043, respectively 3,123  3,315  Total assets$660,459 $688,800        LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities:     Accounts payable$74,218 $83,655  Accrued expenses 61,986  64,935  Current portion of operating lease liabilities 70,998  71,542  Current portion of finance lease liabilities 2,602  2,678  Total current liabilities 209,804  222,810        Operating lease liabilities, less current portion 215,668  206,806  Finance lease liabilities, less current portion 3,440  4,787  Long-term debt 35,000  66,559  Other long-term liabilities 9,943  7,466  Total liabilities 473,855  508,428        Commitments and contingencies           Stockholders' equity:     Common stock, $0.01 par value, authorized 50,000,000 shares; issued 25,551,421 and 25,314,289 shares, respectively; outstanding 21,901,208 and 21,664,076 shares, respectively 255  252  Additional paid-in capital 120,835  120,054  Retained earnings 108,041  102,593  Less: Treasury stock, at cost; 3,650,213 shares (42,527) (42,527) Total stockholders' equity 186,604  180,372  Total liabilities and stockholders' equity$660,459 $688,800        BIG 5 SPORTING GOODS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)               13 Weeks Ended 26 Weeks Ended   June 28, June 30, June 28, June 30,   2020 2019  2020 2019                         Net sales$227,935 $240,965 $445,671 $486,251              Cost of sales 155,742  167,848  308,923  337,258              Gross profit 72,193  73,117  136,748  148,993              Selling and administrative expense 58,333  72,179  129,703  144,790  Other income (2,500) -  (2,500) -              Operating income 16,360  938  9,545  4,203              Interest expense 749  738  1,484  1,514              Income before income taxes 15,611  200  8,061  2,689              Income tax expense 4,475  172  1,536  997              Net income$11,136 $28 $6,525 $1,692              Earnings per share:           Basic$0.52 $0.00 $0.31 $0.08  Diluted$0.52 $0.00 $0.31 $0.08              Weighted-average shares of common stock outstanding:           Basic 21,252  21,118  21,200  21,074  Diluted 21,358  21,143  21,356  21,100              Contact:Big 5 Sporting Goods Corporation  Barry Emerson Sr. Vice President and Chief Financial Officer (310) 536-0611ICR, Inc. John Mills Managing Partner (646) 277-1254