- Reports Same Store Sales Increase of 10.5%
-
Achieves First Quarter Earnings per Diluted Share of
$0.34 -
Declares Quarterly Cash Dividend of
$0.10 per Diluted Share
For the fiscal 2013 first quarter, net sales increased to
Gross profit for the fiscal 2013 first quarter increased to
Selling and administrative expense as a percentage of net sales improved to 27.6% in the fiscal 2013 first quarter from 30.5% in the first quarter of the prior year. Overall selling and administrative expense increased
Net income for the first quarter of fiscal 2013 was
"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
Quarterly Cash Dividend
The Company's Board of Directors has declared a quarterly cash dividend of
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
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.
Conference Call Information
The Company will host a conference call and audio webcast today,
About
Big 5 is a leading sporting goods retailer in the western
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. Those risks and uncertainties include, among other things, continued or worsening weakness in the consumer spending environment and the U.S. financial and credit markets, fluctuations in consumer holiday spending patterns, 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) firearms, ammunition and certain related accessories, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, litigation risks, disruption in product flow, changes in interest rates, credit availability, higher costs 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
| BIG 5 SPORTING GOODS CORPORATION | ||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (Unaudited) | ||||
| (In thousands, except share amounts) | ||||
|
March 31, 2013 |
December 30, 2012 |
|||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 5,357 | $ 7,635 | ||
| Accounts receivable, net of allowances of $113 and $99, respectively | 10,554 | 15,297 | ||
| Merchandise inventories, net | 271,871 | 270,350 | ||
| Prepaid expenses | 8,736 | 8,784 | ||
| Deferred income taxes | 10,114 | 9,905 | ||
| Total current assets | 306,632 | 311,971 | ||
| Property and equipment, net | 70,048 | 72,089 | ||
| Deferred income taxes | 13,948 | 14,795 | ||
| Other assets, net of accumulated amortization of $700 and $637, respectively | 3,321 | 3,372 | ||
| Goodwill | 4,433 | 4,433 | ||
| Total assets | $ 398,382 | $ 406,660 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable | $ 104,634 | $ 92,688 | ||
| Accrued expenses | 57,665 | 67,553 | ||
| Current portion of capital lease obligations | 1,831 | 1,720 | ||
| Total current liabilities | 164,130 | 161,961 | ||
| Deferred rent, less current portion | 20,736 | 21,386 | ||
| Capital lease obligations, less current portion | 2,556 | 2,855 | ||
| Long-term debt | 31,947 | 47,461 | ||
| Other long-term liabilities | 8,609 | 8,577 | ||
| Total liabilities | 227,978 | 242,240 | ||
| Commitments and contingencies | ||||
| Stockholders' equity: | ||||
| Common stock, $0.01 par value, authorized 50,000,000 shares; issued 23,934,367 and 23,783,084 shares, respectively; outstanding 21,892,531 and 21,741,248 shares, respectively | 240 | 238 | ||
| Additional paid-in capital | 103,305 | 102,658 | ||
| Retained earnings | 92,799 | 87,464 | ||
| Less: Treasury stock, at cost; 2,041,836 shares | (25,940) | (25,940) | ||
| Total stockholders' equity | 170,404 | 164,420 | ||
| Total liabilities and stockholders' equity | $ 398,382 | $ 406,660 | ||
| 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 | ||
CONTACT:Big 5 Sporting Goods Corporation Barry Emerson Sr. Vice President and Chief Financial Officer (310) 536-0611ICR, Inc. John Mills Senior Managing Director (310) 954-1105