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Big 5 Sporting achieves EPS of $0.27 in Q3
05 Nov '11
5 min read
Quarterly Cash Dividend
The Company's Board of Directors has declared a quarterly cash dividend of $0.075 per share of outstanding common stock, which will be paid on December 15, 2011 to stockholders of record as of December 1, 2011.
Guidance
For the fiscal 2011 fourth quarter, the Company expects same store sales in the positive low to low-mid single-digit range and earnings per diluted share in the range of $0.12 to $0.24. The Company's sales guidance is subject to the impact of consumer demand during the important holiday selling period, for which there is a large degree of uncertainty.
A material improvement or decline in the overall consumer environment could materially impact the Company's performance relative to this guidance. The Company's earnings guidance assumes continued merchandise margin pressure resulting from product cost inflation. For comparative purposes, the Company's earnings per diluted share for the fourth quarter of fiscal 2010 were $0.18, including a charge of $0.07 per diluted share related to legal matters.
Store Openings
The Company opened three new stores during the third quarter of fiscal 2011, bringing its store count at the end of the quarter to 398 stores. The Company has opened two new stores during the fourth quarter to date, and anticipates opening an additional six new stores over the remainder of the fourth quarter. Excluding stores closed as part of relocations that began last year, the Company now expects to open 11 net new stores during fiscal 2011.
Amended Credit Facility
On October 31, 2011, the Company amended the terms of its existing $140 million revolving credit facility to, among other things, extend the term of the facility to October 2016, reduce the interest rates charged on borrowings, reduce the fee charged for the unused portion of the facility and modify provisions for restricting certain payments and investments.
Following the amendment, LIBO rate loans under the credit facility will bear interest based on LIBO rates plus a variable margin rate of 1.50% to 2.00% based on the remaining availability under the credit line.
Big 5 is a leading sporting goods retailer in the western United States, operating 400 stores in 12 states under the "Big 5 Sporting Goods" name. Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet.
The Company's Board of Directors has declared a quarterly cash dividend of $0.075 per share of outstanding common stock, which will be paid on December 15, 2011 to stockholders of record as of December 1, 2011.
Guidance
For the fiscal 2011 fourth quarter, the Company expects same store sales in the positive low to low-mid single-digit range and earnings per diluted share in the range of $0.12 to $0.24. The Company's sales guidance is subject to the impact of consumer demand during the important holiday selling period, for which there is a large degree of uncertainty.
A material improvement or decline in the overall consumer environment could materially impact the Company's performance relative to this guidance. The Company's earnings guidance assumes continued merchandise margin pressure resulting from product cost inflation. For comparative purposes, the Company's earnings per diluted share for the fourth quarter of fiscal 2010 were $0.18, including a charge of $0.07 per diluted share related to legal matters.
Store Openings
The Company opened three new stores during the third quarter of fiscal 2011, bringing its store count at the end of the quarter to 398 stores. The Company has opened two new stores during the fourth quarter to date, and anticipates opening an additional six new stores over the remainder of the fourth quarter. Excluding stores closed as part of relocations that began last year, the Company now expects to open 11 net new stores during fiscal 2011.
Amended Credit Facility
On October 31, 2011, the Company amended the terms of its existing $140 million revolving credit facility to, among other things, extend the term of the facility to October 2016, reduce the interest rates charged on borrowings, reduce the fee charged for the unused portion of the facility and modify provisions for restricting certain payments and investments.
Following the amendment, LIBO rate loans under the credit facility will bear interest based on LIBO rates plus a variable margin rate of 1.50% to 2.00% based on the remaining availability under the credit line.
Big 5 is a leading sporting goods retailer in the western United States, operating 400 stores in 12 states under the "Big 5 Sporting Goods" name. Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet.
Big 5 Sporting Goods Corporation
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