Big 5 posts lower Q4 sales, profit
A challenging economy and variances in the weather resulted in lower fourth-quarter revenue and profit for Big 5 Sporting Goods (Nasdaq: BGFV).
For the quarter ended Jan. 2, net sales were $226.7 million, compared to $237.6 million for the 14-week fourth quarter of fiscal 2009. Same store sales decreased 0.7 percent.
Net income for the quarter was $4.0 million, or $0.18 per diluted share, compared to net income of $6.4 million, or $0.29 per diluted share, for the fourth quarter of 2009.
Big 5 said results for Q4 2010 included a net pre-tax charge of $2.3 million, or $0.07 per diluted share, for lawsuits previously disclosed in the company's filings with the SEC. 2009 results included a net pre-tax charge of approximately $1.0 million, or $0.03 per diluted share, also related to legal matters.
For full year 2010, net sales increased to $896.8 million from net sales of $895.5 million in 2009. Same-store sales increased 0.8 percent. Net income was $20.6 million, or $0.94 per diluted share, for fiscal 2010, compared to net income of $21.8 million, or $1.01 per diluted share, in fiscal 2009.
For the fiscal 2011 first quarter, the company said it expects same-store sales in the negative low single-digit to positive low single-digit range and earnings per diluted share in the range of $0.15 to $0.22.
Also, the board has approved an increase in the company's quarterly cash dividend to $0.075 per share of outstanding common stock, for an annual rate of $0.30 per share.
--Compiled by Wendy Geister
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