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Reports Fourth Quarter Same Store Sales Increase of 6.5%
Reports Fiscal 2012 Same Store Sales Increase of 2.5%
Narrows Fourth Quarter Earnings Guidance to a Range of $0.17 - $0.19 per Diluted Share Compared to Prior Year Earnings per Diluted Share of $0.00 (Including a $0.05 Impairment Charge)
EL SEGUNDO, Calif., Jan. 14, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported sales results for the fiscal 2012 fourth quarter and full year ended December 30, 2012.
For the fiscal 2012 fourth quarter, net sales were $243.6 million, compared to net sales of $226.7 million for the fourth quarter of fiscal 2011. Same store sales increased 6.5% for the fourth quarter of fiscal 2012. The Company's merchandise margins increased approximately 20 basis points from the fourth quarter of fiscal 2011.
For the fiscal 2012 full year, net sales increased to $940.5 million from $902.1 million for the fiscal 2011 full year. Same store sales increased 2.5% for the fiscal 2012 full year.
For the fiscal 2012 fourth quarter, the Company now expects to realize earnings per diluted share in the range of $0.17 to $0.19. During the fiscal 2011 fourth quarter, the Company's earnings per diluted share were $0.00, including a non-cash impairment charge of $0.05 per diluted share. For the fiscal 2012 full year, the Company now expects to realize earnings per diluted share in the range of $0.67 to $0.69, including store closing and non-cash impairment charges of $0.04 per diluted share, compared to earnings per diluted share for fiscal 2011 of $0.53, including non-cash impairment charges of $0.07 per diluted share.
"We are pleased to report strong sales results for our 2012 fourth quarter," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "The same store sales increase of 6.5% represented our largest quarterly same store sales increase in over ten years. Our sales comped positively in the mid-single-digit range for our October and November periods and comped positively in the high single-digit range for our December period. All three of our major merchandise categories comped positively for the quarter, with hardgoods being our strongest category followed by apparel and footwear. Our balance sheet was further strengthened during the quarter, as our positive cash flow allowed us to reduce borrowings under our revolving credit facility to $47.5 million at year-end from $63.5 million at the end of last year."