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Big 5 profit jumps 77 percent in Q4
Profit for Big 5 Sporting Goods (Nasdaq: BGFV) jumped 77 percent in the fourth quarter on higher sales and lower interest payments.
It earned $6.4 million, or $0.29 per share, in the three months that ended Jan. 3 — up from the $3.6 million, or $0.17 per share, it earned a year earlier.
Adjusted profit was $0.32 per share, which excluded one-time legal expenses of $0.03 per share.
Revenue rose 8 percent to $237.6 million from $219.6 million. Same-store sales rose 0.1 percent in the quarter.
For the full year, Big 5’s profit rose 57 percent to $21.8 million, or $1.01 per share, from $13.9 million, or $0.64 per share, the year before. Yearly revenue rose 4 percent to $895.5 million.
Looking ahead, the company said it expects first-quarter profit between $0.17 and $0.23 per share.
“We have enjoyed positive sales trends during the first quarter of fiscal 2010 to date, as we have benefited from favorable weather conditions in many of our markets,” said Steven Miller, Big 5’s CEO and chairman, in a statement. “While we are encouraged by the start of our current quarter, we recognize that the economy remains challenging and the uncertainty experienced in the consumer environment over the last few years has continued into 2010.”
Also, the company’s board of directors has declared a quarterly cash dividend of $0.05 per share of outstanding common stock, which will be paid on March 22 to stockholders of record as of March 8.
–Compiled by Wendy Geister
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