As anticipated, second quarter sales benefited 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 this year. This benefit was partially offset by the impact of the calendar shift of the Fourth of July holiday further into the third quarter this year, which resulted in certain holiday-related sales moving from the second quarter to the third quarter.
Gross profit for the fiscal 2013 second quarter increased to $79.7 million from $73.1 million in the second quarter of the prior year. The company's gross profit margin was 33.2 percent in the fiscal 2013 second quarter versus 32.2 percent in the second quarter of the prior year. The improvement in gross profit margin reflects an increase in merchandise margins of 34 basis points, along with lower distribution and store occupancy costs as a percentage of net sales.
Selling and administrative expense increased $0.6 million for the fiscal 2013 second quarter over the prior year, but improved as a percentage of net sales to 28.8 percent from 30.3 percent in the prior year.
Net income for the second quarter of fiscal 2013 improved to $6.1 million, or 28 cents per diluted share, from net income of $2.6 million, or 12 cents per diluted share, including $0.03 per diluted share of store closing and non-cash impairment charges, for the second quarter of fiscal 2012.
For the 26-week period ended June 30, 2013, net sales increased to $486.2 million from net sales of $445.1 million in the comparable period last year. Same store sales increased 7.4 percent in the first 26 weeks of fiscal 2013 versus the comparable period last year. Net income improved to $13.6 million, or $0.62 per diluted share, for the first 26 weeks of fiscal 2013, from net income of $2.7 million, or $0.13 per diluted share, including $0.03 of store closing and impairment charges, for the first half of last year.
"We are pleased with our second quarter financial results as we continued to see the underlying performance of our business strengthen," said Steven G. Miller, the company's Chairman, President and Chief Executive Officer. "We experienced a slight improvement in customer traffic and a mid-single-digit increase in average sale, and our same store sales improved for each of our major product categories of apparel, footwear and hardgoods. We improved merchandise margins for the quarter and also maintained our cost discipline, which allowed us to continue to leverage expenses, expand operating margins and drive a strong earnings performance. We also reduced per-store inventory levels and used our strong cash flow to invest in our store base, pay our dividend and meaningfully lower our debt versus the prior year."
Mr. Miller continued, "We are off to a solid start in the third quarter and remain excited about our ongoing efforts to evolve both our product assortment and marketing strategies to broaden our appeal to today's consumer."
Quarterly Cash Dividend
The company's Board of Directors has declared a quarterly cash dividend of $0.10 per share, which will be paid on September 13, 2013 to stockholders of record as of August 30, 2013.
Guidance
For the fiscal 2013 third quarter, the company expects same store sales in the positive low single-digit range and earnings per diluted share in the range of $0.40 to $0.45. This guidance reflects anticipated expenses associated with the development of the company's e-commerce platform of approximately $0.02 per diluted share. For purposes of comparison to the prior year, the company's same store sales increased 5.2 percent and earnings per diluted share were $0.38, including a store closing charge of $0.01 per diluted share, for the third quarter of fiscal 2012.
Store Openings
During the second quarter of fiscal 2013, the company opened two new stores, one of which is a relocation of an existing store, ending the quarter with 416 stores in operation. During the fiscal 2013 third quarter, the company anticipates opening four new stores and closing one store as part of a relocation. For the fiscal 2013 full year, the company currently anticipates opening approximately 15 net new stores.
By press release through sportsOnesource
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