Big 5 Sporting Goods Corporation Announces Fiscal 2016 Third Quarter Results

  • Reports Same Store Sales Increase of 6.8% 
  • Reports Third Quarter Earnings per Diluted Share of $0.38, Including Charges of $0.03 per Diluted Share  
  • Increases Quarterly Cash Dividend by 20% to $0.15 per Share

EL SEGUNDO, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods Corporation (NASDAQ:BGFV) (the "Company"), a leading sporting goods retailer, today reported financial results for the fiscal 2016 third quarter ended October 2, 2016.

For the fiscal 2016 third quarter, net sales were $279.0 million, compared to net sales of $270.1 million for the third quarter of fiscal 2015.  Same store sales increased 6.8% for the third quarter of fiscal 2016 versus the comparable 13-week period in the prior year.  As anticipated, net sales comparisons to the prior year were negatively impacted by the calendar shift from a 53-week fiscal year in 2015, which caused fiscal 2016 to begin one week later than fiscal 2015 and resulted in pre-Fourth of July holiday sales moving from the third quarter in fiscal 2015 to the second quarter in fiscal 2016.  The calendar shift unfavorably impacted net sales comparisons to the third quarter of fiscal 2015 by approximately $8.9 million.  Same store sales comparisons were not materially impacted by the calendar shift because same store sales comparisons are made on a comparable week basis.   

Gross profit for the fiscal 2016 third quarter was $89.9 million, compared to $85.2 million in the third quarter of the prior year.  The Company's gross profit margin was 32.2% in the fiscal 2016 third quarter versus 31.5% in the third quarter of the prior year, reflecting an increase in merchandise margins of 39 basis points and a decrease in store occupancy expense as a percentage of net sales.

Selling and administrative expense as a percentage of net sales was 27.3% in the fiscal 2016 third quarter versus 27.7% in the third quarter of the prior year. Overall selling and administrative expense for the quarter increased $1.4 million from the prior year primarily due to a pre-tax charge for store closing costs of $1.1 million and higher employee labor expense.

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