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Big 5 Sporting Q4 diluted EPS mounts 21%
26
Feb '14
Big 5 Sporting Goods Corporation, a leading sporting goods retailer, reported financial results for the fiscal 2013 fourth quarter and full year ended December 29, 2013.
 
Highlights: 
-Achieves Fourth Quarter Earnings per Diluted Share Increase of 21% to $0.23
-Reports Fiscal 2013 Full-Year Earnings per Diluted Share Increase of 84% to $1.27, Including Charges of $0.04
-Declares Quarterly Cash Dividend of $0.10 per Share
 
As the Company previously reported, net sales for the fiscal 2013 fourth quarter increased to $248.0 million from net sales of $243.6 million for the fourth quarter of fiscal 2012. Same store sales decreased 0.5% for the fourth quarter of fiscal 2013. For comparison purposes, the Company's same store sales increased 6.5% for the fourth quarter of fiscal 2012 over the fourth quarter of the prior year.
 
Gross profit for the fiscal 2013 fourth quarter increased to $80.8 million from $78.4 million in the fourth quarter of the prior year. The Company's gross profit margin was 32.6% in the fiscal 2013 fourth quarter versus 32.2% in the fourth quarter of the prior year. The improvement in gross profit margin reflects an increase in merchandise margins of 47 basis points.
 
Selling and administrative expense as a percentage of net sales improved to 28.9% in the fiscal 2013 fourth quarter from 29.2% in the fourth quarter of the prior year.
 
Net income for the fourth quarter of fiscal 2013 was $5.2 million, or $0.23 per diluted share, including expenses associated with the development of the Company's new e-commerce platform of $0.01 per diluted share, compared to net income for the fourth quarter of fiscal 2012 of $4.0 million, or $0.19 per diluted share.
 
For the fiscal 2013 full year, net sales increased to $993.3 million from net sales of $940.5 million for fiscal 2012. Same store sales increased 3.9% in fiscal 2013 from the prior year. Net income in fiscal 2013 was $27.9 million, or $1.27 per diluted share, including $0.04 per diluted share for legal settlement charges and $0.02 per diluted share for e-commerce development expenses, compared to net income in fiscal 2012 of $14.9 million, or $0.69 per diluted share, including $0.04 per diluted share of store closing and non-cash impairment charges.
 
"We are pleased to have delivered another quarter of earnings growth in a very challenging retail environment," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "As we previously reported, our fourth quarter sales comparisons were impacted by cycling against the surge of firearm and ammunition sales during the prior year, as well as the lack of favorable winter weather across our western markets. 


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