Store openings impacted the bottom line at Big 5 Sporting Goods Corp.
For the third quarter ended Oct. 3, the El Segundo, Calif.-based sporting goods retailer earned 31 cents a share, down from 37 cents a year ago.
Net income for the period declined 15 percent to $6.8 million, from $8 million, partially due to an increase in expenses related to newly opened stores. The company debuted three stores during the third quarter, bringing its retail count to 391 locations.
Net sales inched up to $231.8 million, from $231.6 million previously. Same-store sales increased 2 percent, thanks to increased customer traffic in the quarter, according to a company statement.
“We are pleased with the consistency of our business, as sales have continued to trend positively into the fourth quarter,” said Steven Miller, Big 5’s chairman, president and CEO.
“While the important holiday selling season lies ahead and the economy and consumer spending habits remain unpredictable, we believe that our ability to provide exceptional value on quality merchandise will position us well as we conclude the year,” he added.
Big 5 ended the quarter with $4.1 million in cash, down from $5.8 million a year ago. The firm said it expects fourth-quarter same-store sales in the positive, low, single-digit range and EPS to be between 25 cents and 33 cents.