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Achieves Third Quarter Earnings per Diluted Share of $0.41 (Including a Net Charge of $0.04 per Diluted Share for Legal Matters)
Declares Quarterly Cash Dividend of $0.10 per Share
EL SEGUNDO, Calif., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported financial results for the fiscal 2013 third quarter ended September 29, 2013.
For the fiscal 2013 third quarter, net sales increased to $259.1 million from net sales of $251.8 million for the third quarter of fiscal 2012. Same store sales increased 1.4% for the third quarter of fiscal 2013 from the comparable period in the prior year. As anticipated, third quarter sales comparisons to the prior year reflect a small benefit from 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 third quarter increased to $87.8 million from $83.9 million in the third quarter of the prior year. The Company's gross profit margin improved to 33.9% in the fiscal 2013 third quarter from 33.3% in the third quarter of the prior year. The improvement in gross profit margin primarily reflects lower distribution costs as a percentage of net sales along with an increase in merchandise margins of 12 basis points.
Selling and administrative expense increased $2.0 million for the fiscal 2013 third quarter over the prior year, but was unchanged as a percentage of net sales at 27.9%. The increase in overall selling and administrative expense was primarily due to a pre-tax charge for legal settlements of $1.3 million, of which $1.0 million was classified as expense and $0.3 million was classified as a reduction in net sales, and expenses of approximately $0.6 million associated with the development of the Company's new e-commerce platform.