Big 5 Sporting Goods Corporation reported net sales increased to $251.8
million from net sales of $234.7 million for the third quarter of fiscal
2011. Same store sales increased 5.2 percent for the third quarter of
2012 versus the comparable period in the prior year.
As ant
icipated, third quarter sales reflect a modest benefit over the prior
year from the calendar shift of the Fourth of July holiday, which
resulted in certain holiday-related sales moving from the second quarter
to the third quarter for 2012.
Gross profit for the fiscal 2012
third quarter increased to $83.9 million from $77.0 million in the
third quarter of the prior year. The Company's gross profit margin was
33.3 percent in the fiscal 2012 third quarter, up 50 basis points from
the third quarter of the prior year. The increase in gross profit margin
reflects an increase in merchandise margins of 25 basis points and the
leveraging of store occupancy and distribution costs.
Selling
and administrative expense as a percentage of net sales improved to 27.9
percent in the fiscal 2012 third quarter, down 110 basis points from
the third quarter of the prior year. Overall selling and administrative
expense increased $2.9 million during the quarter from the prior year
due primarily to higher store-related expenses reflecting an increased
store count, increased employee benefit-related costs and a pre-tax
charge of $400,000 related to the closing of one store.
Net
income for the third quarter of fiscal 2012 was $8.2 million, or 38
cents per diluted share, including a store closing charge of a penny per
diluted share, versus net income of $5.8 million, or 27 cents per
diluted share, for the third quarter of fiscal 2011.
For the
39-week period ended Sept. 30, 2012, net sales increased to $696.9
million from net sales of $675.4 million in the 39 weeks ended Oct. 2,
2011. Same store sales increased 1.2 percent in the first 39 weeks of
fiscal 2012 versus the comparable period last year. Net income was $10.9
million, or 50 cents per diluted share, including $0.04 of store
closing and non-cash impairment charges, for the first 39 weeks of
fiscal 2012, compared to net income of $11.7 million, or 53 cents per
diluted share, including a 2 cent non-cash impairment charge, for the
comparable period last year.
"We are extremely pleased with our
third quarter results, which built on the positive momentum in the
second quarter and exceeded our earnings guidance," said Steven G.
Miller, chairman, president and CEO. "We experienced improvement in both
customer traffic and average sale, as well as expanded merchandise and
operating margins. The strength of our performance was broad-based, as
same store sales increased in each of our geographic regions and across
all of our major product categories of apparel, footwear and hardgoods.
We believe our business has continued to benefit from the merchandise
and marketing initiatives that we have implemented over the last year.
Additionally, our summer product sales benefited from relatively
favorable weather compared to the prior year."
"We believe our
third quarter results illustrate our ability to meaningfully leverage
expenses and drive earnings growth as our sales improve," continued
Miller. "Along with our strong sales and margin results, we reduced
inventory levels per-store at quarter end by 3.7 percent versus the
prior year. Our year-to-date operating cash flow at the end of the third
quarter improved over $40 million compared to the prior year, and our
debt levels declined by $16.5 million or 23.9 percent year over year."
Miller
concluded, "We are encouraged that the positive sales trends have
continued into the fourth quarter and are excited about our holiday
product assortment and marketing plans. We remain focused on continuing
to drive the business by broadening our appeal to include consumers with
more discretionary income while maintaining our strong value
proposition, and further leveraging our merchandise and operating
improvements."
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