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Reports Third Quarter Same Store Sales Increase of 2.0%
Achieves Third Quarter Earnings per Diluted Share of $0.31, in Line With EPS Guidance
Declares Quarterly Cash Dividend of $0.05 per Share
EL SEGUNDO, Calif., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported financial results for the fiscal 2010 third quarter ended October 3, 2010.
For the fiscal 2010 third quarter, net sales increased to $231.8 million from net sales of $231.6 million for the third quarter of fiscal 2009. Same store sales increased 2.0% for the third quarter versus the comparable period last year. The net sales comparison to the prior year was negatively impacted by a calendar shift as the Company transitioned to a 52-week fiscal year in 2010 from a 53-week fiscal year in 2009. As a result, a high volume sales week, which included the Fourth of July holiday, shifted out of the third fiscal quarter into the second quarter and a lower volume sales week at the beginning of October shifted into the third fiscal quarter of 2010. The effect of the calendar shift is not reflected in the Company's third quarter same store sales comparison to the prior year because the Company reports same store sales on a comparable calendar day basis as opposed to a fiscal period basis.
Gross profit for the fiscal 2010 third quarter was $77.4 million, compared to $78.5 million in the third quarter of the prior year. The Company's gross profit margin was 33.4% in the fiscal 2010 third quarter versus 33.9% in the third quarter of the prior year. The decrease in gross profit margin was driven primarily by a decrease in merchandise margins of approximately 50 basis points reflecting a shift in the Company's product sales mix, as well as higher store occupancy costs reflecting the expense for new store openings.