Big Dog Holdings, Inc. Reports Sales for Fourth Quarter and 2002.Business Editors SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 30, 2003 Big Dog Holdings, Inc. (Nasdaq:BDOG) today reported sales results for its fourth quarter and year ended December 31, 2002. Financial Results Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter were $35.3 million, an 11.6% decrease as compared to $40.0 million in 2001. Comparable retail store sales decreased 13.8% for the period. Net sales for the year ended December 31, 2002 were $108.3 million, a 3.2% decrease as compared to $112.4 million in 2001. Comparable retail store sales decreased 6.3% for the year. Gross margins and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. appear to be in line with the Company's expectations. Final audited results, including net income, for 2002 will not be available until March 27, 2003. Commenting on the preliminary results, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Andrew Feshbach stated, "Although we started 2002 well, the latter part of the year saw consistently lower traffic at our malls resulting in lower sales. We are disappointed in our 4th quarter sales results. However, every step was taken to maximize income and strengthen our balance sheet. We expect similar sales trends in 2003." Big Dogs Big Dogs, based in Santa Barbara, California, is a chain of stores in the United States which features clothing and apparel holding the "Big Dogs" brand name. The Company develops, markets and retails a branded, lifestyle collection of unique, high-quality, popular-priced consumer products, including activewear, casual sportswear, accessories and gifts. Focusing on quality, value and fun, the BIG DOGS(R) brand is designed to appeal to people of all ages and demographics, particularly baby boomers and their kids, big and tall customers, and pet owners, when they are engaged in leisure or recreational activities. In addition to its 201 retail stores, Big Dogs markets its products through other channels, including its catalog, better wholesale accounts, internet sales and licensing. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act 1995 -- With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. |
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