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Big 5 Sporting Q2 earnings jump on higher sales

Aug '06
Big 5 Sporting Goods Corporation, a leading sporting goods retailer, reported financial results for the fiscal 2006 second quarter that ended on July 2, 2006.

For the fiscal 2006 second quarter, net sales increased $13.7 million, or 6.9%, to $211.8 million from net sales of $198.1 million for the second quarter of fiscal 2005. Same store sales increased 2.9% for the second quarter, representing the company's 42nd consecutive quarter of positive same store sales comparisons.

Gross profit increased 5.9% to $76.7 million from $72.4 million in the second quarter of the prior year. The Company's gross profit margin was 36.2% in the second quarter of fiscal 2006 versus 36.6% in the second quarter of the prior year.

Net income for the second quarter of fiscal 2006 increased to $7.4 million, or $0.33 per diluted share, from net income of $6.1 million, or $0.27 per diluted share, for the second quarter of fiscal 2005. Results for the second quarter of fiscal 2006 include a pre-tax charge of $0.7 million, or $0.02 per diluted share, for the expensing of stock options.

During the second quarter, the company used borrowings under its revolving line of credit to prepay $5.0 million of higher interest term loan debt. During the quarter, it also amended its existing financing agreement to, among other things, increase its line of credit to $175.0 million and extend the initial termination date to March 20, 2011.

For the twenty-six week period ended July 2, 2006, net sales increased by $30.8 million, or 7.9%, to $419.0 million from net sales of $388.2 million in the same period last year. Same store sales increased 4.1% in the first 26 weeks of fiscal 2006 versus the same period last year.

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