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Big 5 Sporting Goods posts marginal growth in Q2 sales
06
Aug '10
Big 5 Sporting Goods Corporation, a leading sporting goods retailer, reported financial results for the second quarter ended July 4, 2010.

For the fiscal 2010 second quarter, net sales increased to $219.8 million from net sales of $216.0 million for the second quarter of fiscal 2009. As the Company previously reported, same store sales for the quarter decreased 0.5% versus the comparable period last year. As a reminder, the Company's same store sales increased 0.3% during the second quarter of fiscal 2009 compared to the second quarter of fiscal 2008.

Gross profit for the fiscal 2010 second quarter increased to $73.0 million from $71.3 million in the second quarter of the prior year. The Company's gross profit margin was 33.2% in the fiscal 2010 second quarter versus 33.0% in the second quarter of the prior year. The improvement in gross profit margin reflected an increase in merchandise margins of approximately 10 basis points and the leveraging of distribution costs, partially offset by increased store occupancy costs.

Selling and administrative expense as a percentage of net sales was 29.6% in the fiscal 2010 second quarter versus 29.2% in the second quarter of the prior year. Overall selling and administrative expense increased $2.0 million during the quarter from the same period last year due mainly to higher labor and operating costs to support an increase in store count.

Net income for the second quarter of fiscal 2010 was $4.8 million, or $0.22 per diluted share, compared to net income of $4.7 million, or $0.22 per diluted share, for the second quarter of fiscal 2009.

For the 26-week period ended July 4, 2010, net sales increased $12.0 million, or 2.8%, to $438.3 million from net sales of $426.3 million in the 26 weeks ended June 28, 2009. Same store sales increased 0.9% in the first 26 weeks of fiscal 2010 versus the comparable period last year. Net income was $9.8 million, or $0.45 per diluted share, for the first 26 weeks of fiscal 2010, compared to net income of $7.4 million, or $0.35 per diluted share, for the first half of last year.

"Our second quarter earnings are in line with the revised guidance we issued in early July," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "As previously reported, the slight same store sales decline for the quarter reflected the sluggish pace of the economic recovery and unseasonably cool weather in many of our markets, particularly during the month of May.

“We are encouraged by the positive sales trends that we experienced during June and into the third quarter to date. While the economic environment in our markets remains challenging, we are pleased with our solid execution and believe that our focus on providing customers with compelling values on an exciting product assortment will continue to serve our business well."

Guidance
For the fiscal 2010 third quarter, the Company expects same store sales in the flat to positive low-single digit range and earnings per diluted share in the range of $0.27 to $0.34. As a reminder, the Company is transitioning from a 53-week fiscal year in 2009 back to a 52-week fiscal year in 2010.


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