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Press Releases
Big Dog Holdings, Inc. Announces Third Quarter 2005 Financial Results
SANTA BARBARA, CA, November 02, 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 third quarter ended September 30, 2005.
For the quarter ended September 30, 2005, consolidated net sales were $44,909,000 as compared with $42,695,000 in the third quarter 2004. Our
consolidated net sales increased 5.2%, primarily due to comparative stores sales increase of 4.1% (comparative store sales decline of 1.6% for Big
Dogs and comparative store sales increase of 13.1% for TWC), and the net increase in the number of stores opened for the quarter. The Company had
a total of 263 stores opened (176 Big Dog stores and 87 TWC stores) at the end of the period, as compared 261 stores last year (188 Big Dogs
stores and 73 TWC stores as of September 30, 2004.) Consolidated gross profit increased to $25,286,000 in the third quarter 2005 as compared
with $23,433,000 in the third quarter 2004. The overall increase in consolidated gross profit is the result of increased sales for TWC, as well
as increased margin contributions from both Big Dogs and TWC. Big Dogs' gross margin for the period increased to 60.4%, as compared to last
year's margin of 58.0%, and the gross margin for the TWC chain increased to 50.9% compared to 49.7% last year.
Consolidated operating expenses in the third quarter 2005 were $22,262,000, or 49.6% of consolidated net sales, compared to $21,174,000 or 49.6%
in 2004. Consolidated net income increased to $1,770,000 in 2005 as compared to $1,284,000 for the third quarter 2004. Fully diluted net income
per share increased to $.18 per share as compared with $.13 per share last year.
Included in the third quarter, effective August 31, 2005, is the purchase by The Walking Company of Footworks, a seven-store comfort shoe chain
that primarily operates in the Las Vegas market. The Company purchased its assets for approximately $10.1 million.
Andrew Feshbach, Chief Executive Officer, stated, "Given the unusual number of hurricanes this quarter, we are very pleased with the results of our
3rd quarter business for both chains. Currently, we are focused on our 4th quarter business and integrating our Footworks acquisition into the Walking
Company. Sales in the 4th quarter are trending as experienced earlier this year and we look forward to a good holiday selling season."
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 176 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 88 stores in premium malls across the nation.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 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 sales and other 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.
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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