Net loss for the fourth quarter of fiscal 2017 was $13.0 million, or $0.62 per share, reflecting after-tax charges totaling $10.9 million, or $0.52 per share, comprised of $0.26 per share to revalue existing net deferred tax assets as a result of the enactment of the Tax Cuts and Jobs Act in December 2017, $0.21 per share for goodwill impairment, $0.02 per share for asset impairment related to three stores and $0.03 per share to establish a deferred tax asset valuation allowance.  For the fourth quarter of fiscal 2016, net income was $7.7 million, or $0.35 per diluted share, including $0.02 per diluted share for a tax benefit related to share-based compensation. 

For the fiscal 2017 full year, net sales were $1.01 billion, compared to net sales of $1.02 billion for the fiscal 2016 full year.  Same store sales decreased 1.2% in fiscal 2017 versus the comparable period in the prior year.  Net income for fiscal 2017 was $1.1 million, or $0.05 per diluted share, reflecting after-tax charges in the fourth quarter totaling $10.9 million, or $0.52 per diluted share, as described above. Net income for fiscal 2016 was $16.9 million, or $0.77 per diluted share, including $0.05 per diluted share of charges for store closing costs and the net write-off of deferred tax assets related to share-based compensation.

Steven G. Miller, the Company's Chairman, President and Chief Executive Officer, said, "Our fourth quarter operating results were in line with the guidance we provided in January.  As we previously reported, our performance was impacted by an extraordinarily challenging December period as a result of extremely unfavorable winter weather conditions in most of our markets.  The significantly warmer than normal temperatures and one of the driest periods on record in our Western U.S. markets led to a nearly 50% decline in sales for our core winter product categories in December.  Sales throughout the quarter also continued to be impacted by reduced demand for firearm-related products."

Mr. Miller continued, "Record warm and dry weather conditions in our markets have continued to dramatically impact winter product sales comparisons during the first quarter, especially in January as we faced extremely favorable winter weather conditions last year.  While same store sales decreased in the high teens in January, sales trends improved each week throughout February as other non-winter products became more significant to our overall sales mix.  Despite the impact of the unfavorable winter conditions on sales and customer traffic, we are encouraged by the strength of a number of our non-winter product categories.  We look forward to moving beyond this challenging winter and into the spring selling season."

Share Repurchases
During the fiscal 2017 fourth quarter, pursuant to its share repurchase program, the Company repurchased 118,609 shares of its common stock for a total expenditure of $0.8 million.  In fiscal 2017, the Company repurchased 795,718 shares of its common stock for a total expenditure of $7.7 million.  As of December 31, 2017, the Company had $15.7 million available for future repurchases under its $25.0 million share repurchase program. 

Guidance
For the fiscal 2018 first quarter, the Company expects same store sales to be in the negative high single-digit range and loss per share to be in the range of $0.06 to $0.14, compared to a same store sales increase of 7.9% and earnings per diluted share of $0.24 in the first quarter of fiscal 2017.  Fiscal 2018 first quarter guidance reflects an anticipated small negative impact as a result of the calendar shift of the Easter holiday, during which the Company's stores are closed, out of the second quarter of fiscal 2017 and into the first quarter of fiscal 2018.

Conference Call Information
The Company will host a conference call and audio webcast today, February 27, 2018, at 2:00 p.m. Pacific (5:00 p.m. ET), to discuss financial results for the fourth quarter and full year of fiscal 2017.  To access the conference call, participants in North America should dial (800) 289-0438, and international participants should dial (323) 794-2423.  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 telephone replay will be available through March 6, 2018 by calling (844) 512-2921 to access the playback; passcode is 8232943.

About Big 5 Sporting Goods Corporation 
Big 5 is a leading sporting goods retailer in the western United States, operating 435 stores under the "Big 5 Sporting Goods" name as of the fiscal quarter ended December 31, 2017.  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, 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, 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, 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, disruption in product flow, 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.

(4) In the fourth quarter of fiscal 2017, the Company recorded a charge of $5.5 million to revalue existing net deferred tax assets resulting from the enactment of the Tax Cuts and Jobs Act in December 2017. This charge reduced net income by the same amount, or $0.26 per share. Additionally, in the fourth quarter of fiscal 2017, the Company recorded a charge of $0.6 million, net of the federal income tax benefit, to establish a valuation allowance related to unused California Enterprise Zone Tax Credits, which reduced net income in fiscal 2017 by the same amount, or $0.03 per share.