<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the quarterly period ended April 2, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934.
For the transition period from __________________ to _________________________
Commission File Number: 333-43129
BIG 5 CORP.
SUCCESSOR TO: UNITED MERCHANDISING CORP.
DBA: BIG 5 SPORTING GOODS
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
95-1854273
(I.R.S. employer identification number)
2525 EAST EL SEGUNDO BOULEVARD
EL SEGUNDO, CALIFORNIA 90245
(310) 536-0611
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
Indicate by check mark whether the registrant has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports). Yes [X] No [ ]
Indicate by check mark whether the registrant has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding for each of the registrant's classes
of common stock, as of the latest practicable date. 1,000 shares of common
stock, $.01 par value, at May 11, 2000.
<PAGE> 2
BIG 5 CORP.
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
Title Page 1
Index 2
PART I -FINANCIAL INFORMATION
Item 1. Condensed Financial Statements (Unaudited)
Condensed Balance Sheets - April 2, 2000 and
January 2, 2000 3
Condensed Statements of Operations -
Three months ended April 2, 2000 and
April 4, 1999 4
Condensed Statements of Cash Flows -
Three months ended April 2, 2000 and
April 4, 1999 5
Notes to Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-11
Item 3. Market Risk Disclosure 12
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Defaults Upon Senior Securities 13
Item 4. Submission of Matters to a Vote of
Security-Holders 13
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 14
</TABLE>
2
<PAGE> 3
BIG 5 CORP.
Condensed Balance Sheets
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
April 2, January 2,
2000 2000
--------- ---------
<S> <C> <C>
Assets
Current assets:
Cash $ 298 $ -.-
Trade and other receivables, net of allowance for
doubtful accounts of $289 and $93, respectively 4,022 6,405
Merchandise inventories 167,464 155,283
Prepaid expenses 1,108 1,435
--------- ---------
Total current assets 172,892 163,123
--------- ---------
Property and equipment:
Land 186 186
Buildings and improvements 23,358 22,885
Furniture and equipment 44,865 45,396
Less accumulated depreciation and amortization (33,281) (32,910)
--------- ---------
Net property and equipment 35,128 35,557
--------- ---------
Deferred income taxes, net 7,824 7,824
Leasehold interest, net of accumulated amortization of
$18,049 and $17,452, respectively 10,686 11,131
Other assets, at cost, less accumulated
amortization of $1,020 and $1,015, respectively 9,049 8,903
Goodwill, less accumulated amortization of $1,682
and $1,618, respectively 4,865 4,927
--------- ---------
$ 240,444 $ 231,465
========= =========
</TABLE>
<TABLE>
<CAPTION>
April 2, January 2,
2000 2000
--------- ---------
<S> <C> <C>
Liabilities and Stockholder's Equity
Current liabilities:
Accounts payable $ 62,483 $ 51,087
Accrued expenses 31,784 39,955
--------- ---------
Total current liabilities 94,267 91,042
Deferred rent 7,277 7,159
Long-term debt 156,094 151,309
--------- ---------
Total liabilities 257,638 249,510
--------- ---------
Commitments and contingencies
Stockholder's deficit:
Common stock, $.01 par value. Authorized 3,000
shares; issued and outstanding 1,000 shares -.- -.-
Additional paid-in capital 40,639 40,639
Accumulated deficit (57,833) (58,684)
--------- ---------
Total stockholder's deficit (17,194) (18,045)
--------- ---------
$ 240,444 $ 231,465
========= =========
</TABLE>
See accompanying notes to condensed financial statements
3
<PAGE> 4
BIG 5 CORP.
Condensed Statements of Operations
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
--------------------------------
April 2, 2000 April 4, 1999
------------- -------------
<S> <C> <C>
Net sales $ 129,712 $ 117,097
Cost of goods sold, buying and occupancy 86,824 78,828
--------- ---------
Gross profit 42,888 38,269
--------- ---------
Operating expenses:
Selling and administrative 34,875 31,706
Depreciation and amortization 2,329 2,380
--------- ---------
Total operating expenses 37,204 34,086
--------- ---------
Operating income 5,684 4,183
Interest expense, net 4,328 4,542
--------- ---------
Income (loss) before income taxes 1,356 (359)
Income tax (benefit) 541 (147)
--------- ---------
Income (loss) before extraordinary gain 815 (212)
Extraordinary gain from early extinguishment of debt,
net of income tax expense 36 -.-
--------- ---------
Net income (loss) $ 851 $ (212)
========= =========
</TABLE>
See accompanying notes to condensed financial statements.
4
<PAGE> 5
BIG 5 CORP.
Condensed Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
----------------------------------
April 2, 2000 April 4, 1999
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income/(loss) $ 851 $ (212)
Adjustments to reconcile net income (loss) to net cash
provided/(used) by operating activities:
Depreciation and amortization 2,329 2,380
Amortization of deferred finance charge and discounts (5) 85
Extraordinary gain from early extinguishment of debt (60) -.-
Change in assets and liabilities:
Merchandise inventories (12,181) (11,045)
Trade accounts receivable, net 2,383 3,117
Prepaid expenses and other assets 123 119
Accounts payable 11,860 7,977
Accrued expenses (8,171) (3,084)
-------- --------
Net cash used in operating activities (2,871) (663)
-------- --------
Cash flows from investing activities:
Purchases of property and equipment (1,388) (2,434)
Purchase of long-term investments -.- (1,363)
-------- --------
Net cash used in investing activities (1,388) (3,797)
-------- --------
Cash flows from financing activities:
Net borrowings under revolving credit facilities,
and other 10,048 5,278
Repurchase of Senior Notes (5,491) -.-
-------- --------
Net cash provided by financing activities 4,557 5,278
-------- --------
Net increase in cash 298 818
Cash at beginning of period -.- -.-
-------- --------
Cash at end of period $ 298 $ 818
======== ========
</TABLE>
See accompanying notes to condensed financial statements.
5
<PAGE> 6
BIG 5 CORP.
Notes to Unaudited Condensed Financial Statements
(Dollars in Thousands)
FINANCIAL INFORMATION
1. Big 5 Corp. ("the Company") operates in one business segment, as a
sporting goods retailer under the Big 5 Sporting Goods name carrying a
broad range of hardlines, softlines and footwear, operating 235 stores
at April 2, 2000 in California, Washington, Arizona, Oregon, Texas, New
Mexico, Nevada, Utah and Idaho.
2. In the opinion of management of the Company, the accompanying unaudited
condensed financial statements contain all adjustments, consisting only
of normal recurring adjustments, which in the opinion of management are
necessary to present fairly and in accordance with generally accepted
accounting principles the financial position as of April 2, 2000 and
January 2, 2000 and the results of operations and cash flows for the
periods ended April 2, 2000 and April 4, 1999. It should be understood
that accounting measurements at interim dates inherently involve greater
reliance on estimates than at fiscal year-end. Certain information and
footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission; however, management believes that
the disclosures are adequate to make the information presented not
misleading.
3. These unaudited condensed financial statements should be read in
conjunction with the Company's 1999 audited financial statements
included in the Company's Annual Report on Form 10-K for the fiscal year
ended January 2, 2000.
4. Summary of Significant Accounting Policies
Certain prior year balances in the accompanying condensed financial
statements have been reclassified to conform to current year
presentation.
5. During the first quarter of 2000, the Company repurchased and retired
$5.75 million face value of the Series B 10 7/8% Senior Notes due 2007
(the "Senior Notes"). The gain on retirement, net of deferred costs
related to the Senior Notes was $0.04 million, net of related income
taxes of $0.02 million. Subsequent to April 2, 2000, the Company
repurchased and retired an additional $2.0 million face value of the
Company's Senior Notes.
6
<PAGE> 7
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
(Dollars in thousands)
RESULTS OF OPERATIONS
The results of the interim periods are not necessarily indicative of results for
the entire fiscal year.
THREE MONTHS ENDED APRIL 2, 2000 VERSUS THREE MONTHS ENDED APRIL 4, 1999
The following table sets forth for the periods indicated operating results in
thousands of dollars and expressed as a percentage of sales.
<TABLE>
<CAPTION>
Three Months Ended
---------------------------------------------------------------
April 2, 2000 April 4, 1999
------------------------- --------------------------
(dollar amounts in thousands)
<S> <C> <C> <C> <C>
Net sales $ 129,712 100.0% $ 117,097 100.0%
Cost of goods sold, buying and
occupancy 86,824 66.9 78,828 67.3
--------- --------- --------- --------
Gross profit 42,888 33.1 38,269 32.7
--------- --------- --------- --------
Operating expenses:
Selling and administrative 34,875 26.9 31,706 27.1
Depreciation and amortization 2,329 1.8 2,380 2.0
--------- --------- --------- --------
Total operating expense 37,204 28.7 34,086 29.1
--------- --------- --------- --------
Operating income 5,684 4.4 4,183 3.6
Interest expense, net 4,328 3.3 4,542 3.9
--------- --------- --------- --------
Income (loss) before
income taxes 1,356 1.0 (359) (0.3)
Income taxes (benefit) 541 0.4 (147) (0.1)
--------- --------- --------- --------
Income before
extraordinary gain 815 0.6 (212) (0.2)
Extraordinary gain from early
extinguishment of debt, net
of income tax benefit 36 0.0 -.- 0.0
--------- --------- --------- --------
Net income (loss) $ 851 0.7% $ (212) (0.2)%
========= ========= ========= ========
EBITDA (a) $ 8,013 6.2% $ 6,563 5.6%
========= ========= ========= ========
</TABLE>
(a) EBITDA represents net earnings (loss) before taking into consideration
net interest expense, income tax expense, depreciation expense,
amortization expense, non-cash rent expense (see Footnote 5 in "Notes to
Financial Statements" of the Company's Annual Report on Form 10-K for
the fiscal year ended January 2, 2000), and where relevant to the period
referenced, extraordinary gain or loss from early extinguishment of
debt. While EBITDA is not intended to represent cash flow from
7
<PAGE> 8
operations as defined by generally accepted accounting principles
("GAAP") and should not be considered as an indicator of operating
performance or an alternative to cash flow (as measured by GAAP) as a
measure of liquidity, it is included herein because some investors
believe it provides additional information with respect to the ability
of the Company to meet its future debt service, capital expenditure and
working capital requirements.
1. Net Sales
Net sales increased 10.8% (or $12.6 million) from $117.1 million
reported for the three months ended April 4, 1999 to $129.7 million for
the three months ended April 2, 2000. Same store sales increased 6.2%,
representing the seventeenth consecutive quarter of positive same store
sales results. The Company's stores are closed on Easter, which falls in
the second quarter this year versus the first quarter of last year
resulting in one more business day for the three months ended April 2,
2000 versus the three months ended April 4, 1999. On a like day
comparison to last year, same store sales were up 4.7% for the three
months ended April 2, 2000 versus the three months ended April 4, 1999.
2. Gross Profit
Gross profit increased 12.1% (or $4.6 million) from $38.3 million for
the three months ended April 4, 1999 to $42.9 million for the three
months ended April 2, 2000, reflecting increased sales discussed above
and improved gross profit margin. Gross profit margin increased from
32.7% of sales for the three-month period in 1999 to 33.1% for the
comparable three-month period this year. The improvement is a result of
positive comparisons in many of the Company's product categories.
3. Operating Expenses
Selling and administrative expenses increased 10.0% (or $3.2 million)
from $31.7 million for the three months ended April 4, 1999 to $34.9
million for the three months ended April 2, 2000, reflecting the
increase in the Company's store count between periods. As a percentage
of sales, selling and administrative expenses decreased from 27.1% for
the 1999 period to 26.9% of sales in the 2000 period primarily
reflecting the impact of the Easter holiday which resulted in one more
day of sales during the quarter ended April 2, 2000.
Depreciation and amortization decreased 2.1% (or $0.1 million) from $2.4
million for the prior year period to $2.3 million for the three months
ended April 2, 2000.
4. Interest Expense
Interest expense, net decreased 4.7% (or $0.2 million) from $4.5 million
for the prior year period to $4.3 million for the three months ended
April 2, 2000. This decrease reflected lower average borrowing rates
during the first quarter of 2000 versus the same period last year as the
Company bought back Senior Notes using excess liquidity from its lower
cost CIT Credit Facility. The Company's debt balances consist of
borrowings under the CIT Credit Facility and the Senior Notes (see
"Liquidity and Capital Resources").
5. Income Taxes
The Company's income tax benefit decreased from $0.1 million for the
prior year period to income tax expense of $0.5 million for the three
months ended April 2, 2000, reflecting a change from a pre-
8
<PAGE> 9
tax loss to pre-tax income between years. Income taxes are
provided based upon the estimated effective tax rate for the entire
fiscal year applied to the pre-tax income (loss) for the period. The
effective tax rate is subject to ongoing evaluation by management.
6. Extraordinary Gain From Early Extinguishment of Debt
There was an extraordinary gain of $0.04 million, net of taxes, for the
three months ended April 2, 2000, in connection with the repurchase of
$5.75 million face value of the Company's previously outstanding Senior
Notes. The gain on retirement, net of deferred costs related to the
Senior Notes was $0.04 million, net of related income taxes of $0.02
million. There was no such extraordinary gain for the same period last
year.
7. Net Income
Net income for the three months ended April 2, 2000 increased $1.1
million from a net loss of $0.2 million for the three months ended April
4, 1999 to net income of $0.9 million for the three months ended April
2, 2000. This increase reflects the positive sales and margin results
achieved during the three months ended April 2, 2000.
8. Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA")
EBITDA increased 22.1% (or $1.4 million) from $6.6 million for the three
months ended April 4, 1999 to $8.0 million for the three months ended
April 2, 2000. This improvement reflects the positive sales and margin
results achieved during the three months ended April 2, 2000 compared to
the three months ended April 4, 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of liquidity are cash flow from operations
and borrowings under the Company's five year, non-amortizing, $125.0 million
revolving credit facility (the "CIT Credit Facility"). The CIT Credit Facility
is secured by the Company's trade accounts receivable, merchandise inventories
and general intangible assets. Subject to certain terms and conditions, the CIT
Credit Facility permits the Company to obtain revolving loans up to a maximum
aggregate principal amount that, together with the aggregate undrawn amount of
all outstanding letters of credit and of all unreimbursed amounts drawn under
letters of credit, does not exceed the lesser of $125.0 million and the
Borrowing Base (as defined therein), which is generally equal to 70% of the
aggregate value of Eligible Inventory (as defined therein) during November
through February and 65% of the aggregate value of Eligible Inventory during the
remaining months of the year. The value of the Company's Eligible Inventory as
of April 2, 2000 was approximately $163.2 million. The Company intends to use
net cash provided by operating activities and borrowings under the CIT Credit
Facility to fund its anticipated capital expenditures and working capital
requirements. However, if additional cash is required, it may be difficult for
the Company to obtain because the Company is highly leveraged and is limited
from incurring additional indebtedness, among other things, by restrictions
contained in the CIT Credit Facility and the indenture governing the Senior
Notes.
In October 1997, Big 5 Holdings Corp. (the "Parent"), Robert W. Miller,
Steven G. Miller and Green Equity Investors, L.P. ("GEI") agreed to a
recapitalization agreement (the "Recapitalization Agreement") which resulted in
existing management and employees of the Company (and members of
9
<PAGE> 10
their families) beneficially gaining majority ownership of the Company when the
recapitalization was completed on November 13, 1997 (the "Recapitalization").
In connection with the Recapitalization, the Company issued $131.0
million in aggregate principal amount of Series A 10 7/8% Senior Notes due 2007,
requiring semi-annual interest payments. These notes were subsequently exchanged
for a like aggregate principal amount of Series B 10 7/8% Senior Notes due 2007
(the "Senior Notes"), having substantially identical terms. The Company has no
mandatory payments of principal on the Senior Notes prior to their final
maturity in 2007. The Company repurchased and retired $19.1 million face value
of the Senior Notes during the 1999 fiscal period and $5.75 million face value
of the Senior Notes during the first quarter of 2000. Subsequent to April 2,
2000, the Company repurchased and retired an additional $2.0 million face value
of Senior Notes.
The Company believes that cash flow from operations will be sufficient
to cover the interest expense arising from the CIT Credit Facility and the
Senior Notes. However, the Company's ability to meet its debt service
obligations depends upon its future performance, which, in turn, is subject to,
among other things, general economic conditions and regional risks, and to
financial, business and other factors affecting the operations of the Company,
including factors beyond its control. Accordingly, there can be no assurance
that cash flow from operations will be sufficient to meet the Company's debt
service obligations.
Net cash used in operating activities changed from net cash used of $0.7
million for the 13 weeks ended April 4, 1999 to net cash used of $2.9 million
for the 13 weeks ended April 2, 2000, primarily reflecting the $3.0 million
payment of estimated state and federal income taxes in the 13 weeks ended April
2, 2000 versus no payment during the 13 week period last year.
Net cash provided by financing activities changed from net cash provided
of $5.3 million last year to net cash provided of $4.6 million for the three
months ended April 2, 2000. As of April 2, 2000, the Company had borrowings of
$50.4 million and letter of credit commitments of $3.7 million outstanding under
the CIT Credit Facility, and $105.7 million of Senior Notes outstanding. These
balances compared to borrowings of $28.6 million and letter of credit
commitments of $4.0 million outstanding under the CIT Credit Facility, and
$130.4 million of Senior Notes outstanding as of April 4, 1999. Cash totaled
$0.3 million at April 2, 2000 compared to $0.8 million at April 4, 1999.
Capital expenditures decreased from $2.4 million for the three months
ended April 4, 1999 to $1.4 million for the three months ended April 2, 2000.
Management expects capital expenditures for the current fiscal year will range
from $10 to $11 million to be used primarily to fund the opening of 15 to 20 new
stores (of which 1 has already been opened), as well as approximately $1.5
million in remaining additional expenses for the installation of new
point-of-sale registers and software in the Company's stores. The Company
incurred approximately $2.5 million in expenditures related to this project in
Fiscal 1999.
The CIT Credit Facility and the Senior Notes indenture contain various
covenants which impose certain restrictions on the Company, including the
incurrence of additional indebtedness, the payment of dividends, and the ability
to make acquisitions. In addition, the CIT Credit Facility requires compliance
with certain financial ratios and other financial covenants. The Company is
currently in compliance with all the covenants under the CIT Credit Agreement
and the Senior Notes indenture.
The Company is not aware of any material environmental liabilities
relating to either past or current properties owned, operated or leased by it.
There can be no assurance that such liabilities do not currently exist or will
not exist in the future.
10
<PAGE> 11
IMPACT OF ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board issued Statement No. 133,
(Accounting for Derivative Instruments and Hedging Activities) effective for all
fiscal quarters of fiscal years beginning after June 15, 2000, as amended by
SFAS No. 137. Management believes that the adoption of SFAS No. 133 will not
impact the financial statements of the Company.
SEASONALITY
The Company's business is seasonal in nature. As a result, the Company's
results of operations are likely to vary during its fiscal year. Historically,
the Company's revenues and income are highest during its fourth quarter, due to
industry wide holiday retail sales trends. The fourth quarter contributed 27.3%
in 1999 and 27.8% in 1998 of fiscal year net sales and 35.1% in 1999 and 32.9%
in 1998 of fiscal year EBITDA. Any decrease in sales for such period could have
a material adverse effect on the Company's business, financial condition and
operating results for the entire fiscal year.
IMPACT OF INFLATION
The Company does not believe that inflation has a material impact on the
Company's earnings from operations. The Company believes that it is generally
able to pass any inflationary increases in costs to its customers.
FORWARD-LOOKING STATEMENTS
Certain information contained herein includes "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and is subject to the safe harbor created by that Act. Forward-looking
statements can be identified by the use of forward-looking terminology, such as
"may," "will," "should," "expect," "anticipate," "estimate," "continue," "plan,"
"intend" or other similar terminology. Such forward-looking statements, which
relate to, among other things, the financial condition, results of operations
and business of the Company, are subject to significant risks and uncertainties
that could cause actual results to differ materially and adversely from those
set forth in such statements. These include, without limitation, the Company's
ability to open new stores on a timely and profitable basis, the impact of
competition on revenues and margins, the effect of weather conditions and
general economic conditions in the Western United States (which is the Company's
area of operation), the seasonal nature of the Company's business, and other
risks and uncertainties including the risk factors listed in the Company's
Registration Statement on Form S-4 as filed with the Securities and Exchange
Commission on January 16, 1998 and as may be detailed from time to time in the
Company's public announcements and filings with the Securities and Exchange
Commission. The Company assumes no obligation to publicly release the results of
any revisions to the forward-looking statements contained herein which may be
made to reflect events or circumstances occurring subsequent to the filing of
this Form 10-Q with the Securities and Exchange Commission or otherwise to
revise or update any oral or written forward-looking statements that may be made
from time to time by or on behalf of the Company.
11
<PAGE> 12
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
In the ordinary course of its business, the Company is exposed to
certain market risks, primarily changes in interest rates. After an assessment
of these risks to the Company's operations, the Company believes that its
primary market risk exposures (within the meaning of Regulation S-K Item 305)
are not material and are not expected to have any material adverse effect on the
Company's financial condition, results of operations or cash flows for the next
fiscal year.
12
<PAGE> 13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved in various legal actions arising in the ordinary
course of business. In the opinion of management, the ultimate
disposition of matters currently pending against the Company will not
have a material adverse effect on the Company's financial position.
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security-Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
(b) Reports on Form 8-K
None.
-----------------------
13
<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BIG 5 CORP.
A DELAWARE CORPORATION
Date: 5/11/00 By: /s/ STEVEN G. MILLER
---------------------------------
Steven G. Miller
President and
Chief Operating Officer
Date: 5/11/00 By: /s/ CHARLES P. KIRK
---------------------------------
Charles P. Kirk
Senior Vice President and
Chief Financial Officer
(Principal Financial and Accounting
Officer)
14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S STATEMENTS OF EARNINGS AND BALANCE SHEETS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-03-2000
<PERIOD-END> APR-02-2000
<CASH> 298
<SECURITIES> 0
<RECEIVABLES> 4,022
<ALLOWANCES> 289
<INVENTORY> 167,464
<CURRENT-ASSETS> 172,892
<PP&E> 35,128
<DEPRECIATION> 33,281
<TOTAL-ASSETS> 240,444
<CURRENT-LIABILITIES> 94,267
<BONDS> 156,094
0
0
<COMMON> 0
<OTHER-SE> (17,194)
<TOTAL-LIABILITY-AND-EQUITY> 240,444
<SALES> 129,712
<TOTAL-REVENUES> 129,712
<CGS> 86,824
<TOTAL-COSTS> 86,824
<OTHER-EXPENSES> 37,204
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,328
<INCOME-PRETAX> 1,356
<INCOME-TAX> 541
<INCOME-CONTINUING> 815
<DISCONTINUED> 0
<EXTRAORDINARY> 36
<CHANGES> 0
<NET-INCOME> 851
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
