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Achieves Second Quarter Earnings Per Diluted Share of $0.28
Declares Quarterly Cash Dividend of $0.10 Per Share
EL SEGUNDO, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported financial results for the fiscal 2013 second quarter ended June 30, 2013.
For the fiscal 2013 second quarter, net sales increased to $239.9 million from net sales of $226.6 million for the second quarter of fiscal 2012. Same store sales increased 4.4% for the second quarter of fiscal 2013 from the comparable period in the prior year. As anticipated, second quarter sales benefited from 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. This benefit was partially offset by the impact of the calendar shift of the Fourth of July holiday further into the third quarter this year, which resulted in certain holiday-related sales moving from the second quarter to the third quarter.
Gross profit for the fiscal 2013 second quarter increased to $79.7 million from $73.1 million in the second quarter of the prior year. The Company's gross profit margin was 33.2% in the fiscal 2013 second quarter versus 32.2% in the second quarter of the prior year. The improvement in gross profit margin reflects an increase in merchandise margins of 34 basis points, along with lower distribution and store occupancy costs as a percentage of net sales.
Selling and administrative expense increased $0.6 million for the fiscal 2013 second quarter over the prior year, but improved as a percentage of net sales to 28.8% from 30.3% in the prior year.
Net income for the second quarter of fiscal 2013 improved to $6.1 million, or $0.28 per diluted share, from net income of $2.6 million, or $0.12 per diluted share, including $0.03 per diluted share of store closing and non-cash impairment charges, for the second quarter of fiscal 2012.