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Big 5 Sporting Goods Corporation Announces Fiscal 2010 Fourth Quarter And Full-Year Results; Increases Quarterly Cash Dividend By 50%

Stocks in this article: BGFV

Reports Fourth Quarter Earnings Per Diluted Share of $0.18 (Including a Net Charge of $0.07 Per Diluted Share)

Reports Fiscal 2010 Earnings Per Diluted Share of $0.94 (Including a Net Charge of $0.07 Per Diluted Share)

EL SEGUNDO, Calif., March 1, 2011 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported financial results for the fourth quarter and full year ended January 2, 2011.

As the Company previously reported, net sales for the 13-week fiscal 2010 fourth quarter were $226.7 million, compared to net sales of $237.6 million for the 14-week fourth quarter of fiscal 2009. Same store sales decreased 0.7% for the fourth quarter of 2010 versus the comparable period in the prior year.

As a result of the fiscal year calendar, the fiscal 2010 fourth quarter included 13 weeks and the fiscal 2010 full year included 52 weeks, compared to 14 weeks and 53 weeks for the respective reporting periods in fiscal 2009. For purposes of reporting same store sales comparisons to the prior year, the Company uses comparable 13-week and 52-week periods.

Gross profit for the 13-week fiscal 2010 fourth quarter was $75.8 million, compared to $80.8 million in the 14-week fourth quarter of the prior year. The Company's gross profit margin was 33.4% in the fiscal 2010 fourth quarter versus 34.0% in the fourth quarter of the prior year. The decrease in gross profit margin was driven primarily by lower merchandise margins of 20 basis points and higher store occupancy costs as a percentage of net sales due largely to new store openings.

Selling and administrative expense as a percentage of net sales was 30.5% in the fiscal 2010 fourth quarter versus 29.4% in the fourth quarter of the prior year, primarily due to higher store-related expenses reflecting an increased store count.

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