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Achieves Fourth Quarter Earnings per Diluted Share of $0.19
Reports Fiscal 2012 Full-Year Earnings per Diluted Share of $0.69, Including Charges of $0.04
Raises Quarterly Cash Dividend by 33% to $0.10 per Share
EL SEGUNDO, Calif., Feb. 26, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported financial results for the fiscal 2012 fourth quarter and full year ended December 30, 2012.
As the Company previously reported, net sales for the fiscal 2012 fourth quarter increased to $243.6 million from 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.
Gross profit for the fiscal 2012 fourth quarter increased to $78.4 million from $70.7 million in the fourth quarter of the prior year. The Company's gross profit margin was 32.2% in the fiscal 2012 fourth quarter versus 31.2% in the fourth quarter of the prior year. The improvement in gross profit margin reflects an increase in merchandise margins of approximately 20 basis points and lower store occupancy and distribution costs as a percentage of net sales.
Selling and administrative expense as a percentage of net sales improved to 29.2% in the fiscal 2012 fourth quarter from 31.3% in the fourth quarter of the prior year. Overall selling and administrative expense increased $0.4 million for the quarter over the prior year due primarily to higher store-related expense reflecting an increased store count and increased employee benefit-related costs, partially offset by lower advertising expense. Selling and administrative expense in the fourth quarter of the prior year included a non-cash pre-tax impairment charge of $1.5 million.
Net income for the fourth quarter of fiscal 2012 was $4.0 million, or $0.19 per diluted share, compared to a net loss for the fourth quarter of fiscal 2011 of $9,000, or $0.00 per diluted share, including a non-cash impairment charge of $0.05 per diluted share.