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Press Releases
Big Dog Holdings, Inc. Announces Second Quarter 2005 Financial Results
SANTA BARBARA, CA, July 29, 2005 - Big Dog Holdings, Inc. (NASDAQ: BDOG; www.bigdogs.com; www.thewalkingcompany.com), a developer
and retailer of branded, lifestyle consumer products, today reported the financial results for the second quarter ended June 30, 2005.
For the quarter ended June 30, 2005, consolidated net sales were $43,441,000 as compared with $41,044,000 in the second quarter 2004. Our
consolidated retail sales increased 6%, primarily due to comparative store sales increase of 7%. Comparative store sales declined 2.5% for
the Big Dogs chain and increased 18.3% for the TWC chain. Consolidated gross profit increased to $24,680,000 in the second quarter 2005 as
compared with $23,031,000 in the second quarter 2004. The overall increase in consolidated gross profit is the result of increased sales as
well as an increase in margin contribution from Big Dog and TWC. Big Dogs' margin contribution for the period increased to 61.7% as compared
to last year's margin contribution of 60.5% and the gross margin for the TWC chain increased to 51.8% as compared to 50.5% for 2004.
Consolidated operating expenses in the second quarter 2005 were $21,613,000 or 49.8% of sales compared to $20,813,000 or 50.7% in the second
quarter 2004. The decrease in such expenses as a percentage of sales is attributable to leveraging these expenses over a larger revenue base.
The consolidated fully diluted net income per share for the second quarter 2005 increased to $.18 per share, as compared with a consolidated
fully diluted net income per share of $.14 for the second quarter 2004.
Andrew Feshbach, Chief Executive Officer, stated, "We are very pleased with the results of our 2nd quarter
and improvements over last year and continue to see this trend going into our 3rd quarter for both chains."
Other Business:
As previously announced, the Company signed a definitive agreement to purchase the assets of Footworks, a division of the privately held shoe
retailer, Bianca of Nevada, Inc. for approximately $10 million. Footworks operates a chain of 8 retail stores selling comfort shoes and accessories.
This transaction is working toward completion and is expected to close in August.
Big Dog Holdings, Inc. consists of Big Dogs and The Walking Company. Big Dogs 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, value and fun. The BIG DOGS® 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. In addition to its 188 retail stores, Big Dogs markets its products through its catalog, internet and corporate sales
accounts. The Walking Company is a leading independent specialty retailer of high quality, technically designed comfort shoes and accessories that features
premium brands such as ECCO, Mephisto, Dansko, Birkenstock and Merrell among many others. These products have particular appeal to one of the largest
and most rapidly growing demographics in the nation. The Walking Company operates 74 stores in premium malls across the nation.
Statements contained herein that relate to the Company's future performance, including the satisfaction of contingencies and closing of the
acquisition, are forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such
statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those
anticipated, estimated or projected. Other factors affecting the Company's operations, markets, products, services and prices as are set
forth in its 2004 Annual Report on Form 10-K, including those described under "Forward-Looking Statements and Risk Factors." The Company
undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
View Financials
For Further Information
Big Dog Holdings, Inc.
121 Gray Avenue
Santa Barbara, California 93101
www.bigdogs.com
Contact
Laura Russell
Investor Information
(805) 963-8727, ext. 1360
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