Big 5 Sporting Goods has big first quarter; 15 to 20 new stores planned

El Segundo, Calif. -- Big 5 Sporting Goods Corp. reported upticks in net income, sales and same store sales for first quarter fiscal 2013. Net income grew from $156,000 to $7.5 million.
     
Net sales were $246.5 million, up from $218.3 million a year earlier, while same-store sales rose 10.5%. First quarter sales improved despite the negative impact of the calendar shift of the Easter holiday, when the retailer’s stores are closed.
       
For the second quarter of fiscal 2013, Big 5 is anticipating a same store sales increase in the positive mid-single-digit range, which takes the positive impact of moving Easter from the second to the first quarter into account.
    
"We are pleased to deliver a quarter of very strong earnings growth, driven by a double-digit increase in same store sales, improvements in customer traffic and average sale and expansion of merchandise and operating margins," said Big 5 Sporting Foods chairman, president and CEO Steven G. Miller. "Our operating results significantly exceeded the upper end of our guidance range issued in late February as a result of a stronger than anticipated performance during our March period. Our positive sales trends have continued into the second quarter and we feel well positioned to deliver strong results as we move through the spring and into the summer season."
 
The retailer opened one new store and closed one store during the first quarter as part of a relocation program that began in fiscal 2012. It ended the quarter with 414 stores. Big 5 expects to open two new stores during the second quarter and a net of 15-20 new stores during the entire fiscal year.