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Big 5 Sporting Goods Corp. Reports Operating Results (10-Q)

November 02, 2012 | About:
10qk

10qk

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Big 5 Sporting Goods Corp. (BGFV) filed Quarterly Report for the period ended 2012-09-30.

Big 5 Sporting Goods Corporation has a market cap of $193.8 million; its shares were traded at around $12.05 with a P/E ratio of 18.6 and P/S ratio of 0.2. The dividend yield of Big 5 Sporting Goods Corporation stocks is 3.4%.
This is the annual revenues and earnings per share of BGFV over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BGFV.


Highlight of Business Operations:

Net sales for the third quarter of fiscal 2012 increased 7.3% to $251.8 million compared to $234.7 million for the third quarter of fiscal 2011. The increase in net sales was primarily attributable to an increase in same store sales of 5.2% as well as added sales from new stores, partially offset by lower closed store sales. The increase in net sales also reflected a favorable shift of certain Fourth of July holiday-related sales into the third quarter of fiscal 2012. Same store sales for a period reflect net sales from stores that operated throughout the period as well as the full corresponding prior year period.

Selling and administrative expense for the third quarter of fiscal 2012 increased 4.3% to $70.4 million compared to $67.5 million for the third quarter of fiscal 2011, but decreased as a percentage of net sales to 27.9% for the third quarter of fiscal 2012 compared to 28.8% for the same period last year. The increase in selling and administrative expense was primarily attributable to added expense for the increased store count, higher employee benefit-related costs and a store closing-related charge.

Operating income for the third quarter of fiscal 2012 increased to $13.5 million, or 5.4% of net sales, compared to $9.5 million, or 4.0% of net sales, for the third quarter of fiscal 2011. The higher operating income primarily reflected the effect of higher gross profit resulting from the increase in net sales and higher merchandise margins, partially offset by higher selling and administrative expense.

Selling and Administrative Expense. Selling and administrative expense increased by $2.9 million to $70.4 million in the 13 weeks ended September 30, 2012 from $67.5 million in the same period last year. Selling and administrative expense as a percentage of net sales decreased 90 basis points to 27.9% in the 13 weeks ended September 30, 2012 from 28.8% in the same period last year. The increase in selling and administrative expense compared to the prior year was primarily attributable to added expense for new stores, higher employee benefit-related costs and a pre-tax charge of $0.4 million related to a store closing, as discussed in Note 4 to the Interim Financial Statements included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q. Partially offsetting these expense increases were lower debit card fees compared to the third quarter last year.

Selling and Administrative Expense. Selling and administrative expense increased by $4.0 million to $205.6 million in the 39 weeks ended September 30, 2012 from $201.6 million in the same period last year. Selling and administrative expense as a percentage of net sales decreased 30 basis points to 29.5% in the 39 weeks ended September 30, 2012 from 29.8% in the same period last year. The increase in selling and administrative expense compared to the prior year was primarily attributable to added expense for new stores, higher employee benefit-related costs, higher than normal store public liability claims-related costs and a pre-tax charge of $1.1 million related to store closing costs, as discussed in Note 4 to the Interim Financial Statements included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q. Offsetting these expense increases were lower debit card fees and advertising expense, along with reduced impairment charges related to certain underperforming stores, compared to the prior year.

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