Big 5 Sporting Goods Reports Q1

Big 5 Sporting Goods Reports Q1
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Net Income: Profits for Q1, ended March 29, 2015, were $2.3 million compared to the same year-ago quarter’s $2.1 million.

EPS: The company reported earnings per diluted share of 11 cents, up 2 cents from 2014’s Q1 EPS of 9 cents. (Including charges of 3 cents per diluted share for legal and other matters).

Net Revenue: Net sales for the quarter totaled $243.6 million, up from the prior year’s same quarter sales of $231.3 million.

Adjustments: In the first quarter of fiscal 2015, the company recorded pre-tax charges of $0.4 million and $0.5 million related to a legal settlement and a publicly-disclosed proxy contest, respectively, for a total pre-tax charge of $0.9 million. This combined charge reduced net income by $0.6 million, or $0.03 per diluted share.

Hit, Miss or Beat: The company hit Wall Street’s EPS estimates of 11 cents and beat revenue forecasts. Analysts polled by Yahoo Finance had predicted revenues of $242.8 million.

Executive Insights: “We had a strong start to the quarter with outstanding winter weather conditions in our western U.S. markets and comped very positively in January. Sales turned negative in February due to the unseasonably warm weather and positive again in March as we moved into the spring season. We experienced a low single-digit improvement in both customer traffic and average sale for the quarter, and our same store sales improved for each of our major product categories of apparel, footwear and hardgoods. Our ongoing initiatives to offer more branded products at stepped up price points benefitted our apparel and footwear categories, and strength across a number of product areas benefitted our hardgoods category.” – Steven Miller, Big 5 Sporting Goods’ President and CEO