Big 5 Sporting Goods Corp. (BGFV, Financial) filed Quarterly Report for the period ended 2009-06-28.
Big 5 Sporting Goods is a leading sporting goods retailer in the western United States operating stores under the name ?Big 5 Sporting Goods.? Big 5 Sporting Goods Corp. has a market cap of $302.2 million; its shares were traded at around $14.05 with a P/E ratio of 22.2 and P/S ratio of 0.3. The dividend yield of Big 5 Sporting Goods Corp. stocks is 1.5%.
Interest Expense. Interest expense decreased by $0.6 million, or 47.4%, to $0.6 million in the 13 weeks ended June 28, 2009 from $1.2 million in the same period last year. This decrease was due to a reduction in average debt levels by approximately $24.5 million to $74.4 million in the second quarter of fiscal 2009 from $98.9 million in the same period
Selling and Administrative Expense. Selling and administrative expense decreased by $2.7 million to $124.9 million, or 29.3% of net sales, in the 26 weeks ended June 28, 2009 from $127.6 million, or 30.3% of net sales, in the same period last year. The decrease in selling and administrative expense compared to the same period last year was largely attributable to a decline in advertising expense of $3.6 million due primarily to a reduction in the frequency and distribution of advertising circulars, as well as a decline in administrative expense in various categories of $0.9 million. These decreases were partially offset by an increase in store-related expense, excluding occupancy, of $1.7 million, or 21 basis points as a percentage of net sales, due mainly to higher labor and operating costs to support the increase in store count.
Interest Expense. Interest expense decreased by $1.4 million, or 51.9%, to $1.3 million in the 26 weeks ended June 28, 2009 from $2.7 million in the same period last year. This decrease was due to a reduction in average debt levels by approximately $19.1 million to $84.9 million in the first half of fiscal 2009 from $104.0 million in the same period last year, combined with a reduction in average interest rates by approximately 280 basis points to 2.3% in the first half of fiscal 2009 from 5.1% in the same period last year.
As of June 28, 2009, we had revolving credit borrowings of $72.6 million and letter of credit commitments of $3.2 million outstanding under our financing agreement. These balances compare to revolving credit borrowings of $96.5 million and letter of credit commitments of $3.0 million outstanding as of December 28, 2008 and revolving credit borrowings of $103.3 million and letter of credit commitments of $0.8 million outstanding as of June 29, 2008.
2009 in comparison to previous years, and anticipate opening approximately five new stores in fiscal 2009. Additionally, for the same reasons, in the first quarter of fiscal 2009 our Board of Directors determined to reduce our quarterly cash dividend to $0.05 per share of outstanding common stock, for an annual rate of $0.20 per share, and this was continued for the second quarter of fiscal 2009. On July 30, 2009, our Board of Directors declared a quarterly cash dividend of $0.05 per share of outstanding common stock, which will be paid on September 15, 2009 to stockholders of record as of September 1, 2009. Also, although a total of $14.2 million remained available for share repurchases under our share repurchase program at June 28, 2009, we do not expect to resume share repurchases in fiscal 2009. These measures are intended to preserve our capital to maintain a healthy financial condition during the current economic downturn.
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Big 5 Sporting Goods is a leading sporting goods retailer in the western United States operating stores under the name ?Big 5 Sporting Goods.? Big 5 Sporting Goods Corp. has a market cap of $302.2 million; its shares were traded at around $14.05 with a P/E ratio of 22.2 and P/S ratio of 0.3. The dividend yield of Big 5 Sporting Goods Corp. stocks is 1.5%.
Highlight of Business Operations:
Selling and Administrative Expense. Selling and administrative expense decreased by $1.4 million to $63.0 million, or 29.2% of net sales, in the 13 weeks ended June 28, 2009 from $64.4 million, or 30.8% of net sales, in the same period last year. The decrease in selling and administrative expense compared to the same period last year was largely attributable to a decline in advertising expense of $2.4 million due primarily to a reduction in the frequency and distribution of advertising circulars. This decrease was partially offset by an increase in store-related expense, excluding occupancy, of $1.0 million due mainly to higher labor and operating costs to support the increase in store count.Interest Expense. Interest expense decreased by $0.6 million, or 47.4%, to $0.6 million in the 13 weeks ended June 28, 2009 from $1.2 million in the same period last year. This decrease was due to a reduction in average debt levels by approximately $24.5 million to $74.4 million in the second quarter of fiscal 2009 from $98.9 million in the same period
Selling and Administrative Expense. Selling and administrative expense decreased by $2.7 million to $124.9 million, or 29.3% of net sales, in the 26 weeks ended June 28, 2009 from $127.6 million, or 30.3% of net sales, in the same period last year. The decrease in selling and administrative expense compared to the same period last year was largely attributable to a decline in advertising expense of $3.6 million due primarily to a reduction in the frequency and distribution of advertising circulars, as well as a decline in administrative expense in various categories of $0.9 million. These decreases were partially offset by an increase in store-related expense, excluding occupancy, of $1.7 million, or 21 basis points as a percentage of net sales, due mainly to higher labor and operating costs to support the increase in store count.
Interest Expense. Interest expense decreased by $1.4 million, or 51.9%, to $1.3 million in the 26 weeks ended June 28, 2009 from $2.7 million in the same period last year. This decrease was due to a reduction in average debt levels by approximately $19.1 million to $84.9 million in the first half of fiscal 2009 from $104.0 million in the same period last year, combined with a reduction in average interest rates by approximately 280 basis points to 2.3% in the first half of fiscal 2009 from 5.1% in the same period last year.
As of June 28, 2009, we had revolving credit borrowings of $72.6 million and letter of credit commitments of $3.2 million outstanding under our financing agreement. These balances compare to revolving credit borrowings of $96.5 million and letter of credit commitments of $3.0 million outstanding as of December 28, 2008 and revolving credit borrowings of $103.3 million and letter of credit commitments of $0.8 million outstanding as of June 29, 2008.
2009 in comparison to previous years, and anticipate opening approximately five new stores in fiscal 2009. Additionally, for the same reasons, in the first quarter of fiscal 2009 our Board of Directors determined to reduce our quarterly cash dividend to $0.05 per share of outstanding common stock, for an annual rate of $0.20 per share, and this was continued for the second quarter of fiscal 2009. On July 30, 2009, our Board of Directors declared a quarterly cash dividend of $0.05 per share of outstanding common stock, which will be paid on September 15, 2009 to stockholders of record as of September 1, 2009. Also, although a total of $14.2 million remained available for share repurchases under our share repurchase program at June 28, 2009, we do not expect to resume share repurchases in fiscal 2009. These measures are intended to preserve our capital to maintain a healthy financial condition during the current economic downturn.
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