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Achieves First Quarter Earnings per Diluted Share of $0.34
Declares Quarterly Cash Dividend of $0.10 per Diluted Share
EL SEGUNDO, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported financial results for the fiscal 2013 first quarter ended March 31, 2013.
For the fiscal 2013 first quarter, net sales increased to $246.3 million from net sales of $218.5 million for the first quarter of fiscal 2012. Same store sales increased 10.5% for the first quarter of fiscal 2013. As anticipated, first quarter sales were negatively affected by the calendar shift of the Easter holiday, during which the Company's stores are closed, out of the second quarter and into the first quarter this year.
Gross profit for the fiscal 2013 first quarter increased to $80.5 million from $67.4 million in the first quarter of the prior year. The Company's gross profit margin was 32.7% in the fiscal 2013 first quarter versus 30.9% in the first quarter of the prior year. The improvement in gross profit margin reflects an increase in merchandise margins of 113 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 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 $1.3 million for the quarter over the prior year due primarily to higher employee labor and benefit-related costs, higher credit card fees and higher operating costs to support an increase in store count, partially offset by lower advertising expense.
Net income for the first quarter of fiscal 2013 was $7.5 million, or $0.34 per diluted share, compared to net income of $156,000, or $0.01 per diluted share, for the first quarter of fiscal 2012.