Big Dog Holdings, Inc. Reports Sales for Fourth Quarter and 2003.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. 21, 2004 Big Dog Holdings, Inc. (Nasdaq:BDOG) today reported sales results for its fourth quarter and year ended Dec. 31, 2003. 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 $34.7 million, a 1.7% decrease as compared to $35.3 million in the same quarter of 2002. Comparable retail store sales decreased 1% for the quarter. Net sales for the year ended Dec. 31, 2003, were $103.8 million, a 4.6% decrease as compared to $108.8 million in 2002. Comparable retail store sales decreased 3.6% 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 2003 will not be available until late March 2004. 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 the retail environment and traffic in our malls continue to be difficult, we are pleased that our sales have stabilized from a comparative store perspective over the last six months. In fact, without the extreme weather in the East or fires in the West, our comparative store sales would have been flat to slightly up for the fourth quarter." Other Business 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 further announced today that it has acquired the assets of Lifeforms, a small manufacturer and wholesaler of graphic apparel featuring t-shirts and related items. In addition, Big Dogs has hired the owner of Lifeforms as General Manager to spearhead the division. Andrew Feshbach, CEO of Big Dogs, commented, "We are excited about the opportunity to leverage our expertise in graphic T's and related items through Lifeforms in wholesale channels." Jeff Stoeger, General Manager of Lifeforms, added, "I am pleased that I now have the financial backing of a major organization whose infrastructure easily supports our sales and brand." Big Dog Holdings, Inc. develops, markets and retails a branded, lifestyle collection of unique, high-quality, popular-priced consumer products, including activewear, casual sportswear, accessories and gifts. The BIG DOGS brand image is one of quality, fun and a sense of humor Noun 1. sense of humor - the trait of appreciating (and being able to express) the humorous; "she didn't appreciate my humor"; "you can't survive in the army without a sense of humor" sense of humour, humor, humour . The BIG DOGS brand is designed to appeal to people of all ages and demographics, particularly baby boomers See generation X. and their kids, big and tall customers, and pet owners. In addition to its 194 retail stores, Big Dogs markets its products through its catalog, better wholesale accounts and Internet sales. 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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