Sales increased to $246.3 million from net sales of $218.5 million for the first quarter of fiscal 2012. As anticipated, first quarter sales were negatively affected by the calendar shift of the Easter holiday, during which the company's stores are closed, out of the second quarter and into the first quarter this year.
Gross profit for the fiscal 2013 first quarter increased to $80.5 million from $67.4 million in the first quarter of the prior year. The company's gross profit margin was 32.7 percent in the fiscal 2013 first quarter 160 basis points from the first quarter of the prior year. The improvement in gross profit margin reflects an increase in merchandise margins of 113 basis points and lower store occupancy and distribution costs as a percentage of net sales.
Selling and administrative expense as a percentage of net sales improved to 27.6 percent in the fiscal 2013 first quarter from 30.5 percent in the first quarter of the prior year. Overall selling and administrative expense increased $1.3 million for the quarter over the prior year due primarily to higher employee labor and benefit-related costs, higher credit card fees and higher operating costs to support an increase in store count, partially offset by lower advertising expense.
"We are pleased to deliver a quarter of very strong earnings growth, driven by a double-digit increase in same store sales, improvements in customer traffic and average sale and expansion of merchandise and operating margins," said Steven G. Miller, the company's chairman, president and chief executive officer. "Our operating results significantly exceeded the upper end of our guidance range issued in late February as a result of a stronger than anticipated performance during our March period. We believe these results for the quarter reflect the ongoing enhancements to our merchandise and marketing programs, the continued benefit from the national increase in demand for firearms and ammunition products and more favorable weather conditions in a majority of our markets versus the prior year. Our positive sales trends have continued into the second quarter and we feel well positioned to deliver strong results as we move through the spring and into the summer season."
Guidance
For the fiscal 2013 second quarter, the company expects same store sales in the positive mid-single-digit range and earnings per diluted share in the range of 20 to 26 cents. This guidance reflects the benefit from the calendar shift of the Easter holiday, during which the company's stores are closed, out of the second quarter and into the first quarter of fiscal 2013, as well as increased expenses associated with the development of our e-commerce platform. For comparative purposes, the Company's earnings per diluted share for the second quarter of fiscal 2012 were 12 cents, including 3 cents per diluted share of store closing and non-cash impairment charges.
Store Openings
During the first quarter of fiscal 2013, the Company opened one new store and closed one store as part of a relocation that began in fiscal 2012, ending the quarter with 414 stores in operation. During the fiscal 2013 second quarter, the Company anticipates opening two new stores. For the fiscal 2013 full year, the Company currently anticipates opening approximately 15 to 20 net new stores.
| BIG 5 SPORTING GOODS CORPORATION | ||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
| (In thousands, except per share data) | ||
| 13 Weeks Ended | ||
| March 31, 2013 |
April 1, 2012 | |
| Net sales | $ 246,266 | $ 218,496 |
| Cost of sales | 165,791 | 151,068 |
| Gross profit | 80,475 | 67,428 |
| Selling and administrative expense | 67,928 | 66,585 |
| Operating income | 12,547 | 843 |
| Interest expense | 453 | 600 |
| Income before income taxes | 12,094 | 243 |
| Income taxes | 4,580 | 87 |
| Net income | $ 7,514 | $ 156 |
| Earnings per share: | ||
| Basic | $ 0.35 | $ 0.01 |
| Diluted | $ 0.34 | $ 0.01 |
| Dividends per share | $ 0.10 | $ 0.075 |
| Weighted-average shares of common stock outstanding: | ||
| Basic | 21,453 | 21,489 |
| Diluted | 21,822 | 21,654 |
Source Big 5 Sporting goods through SportsOnesource
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