Big 5 (BGFV) Posts Q4, FY11 Sales Below Expectations, Cuts EPS Outlook
BGFV Hot Sheet
EPS Growth %: -92.3%Financial Fact:
Income taxes: 87K
Today's EPS Names:
TARO, BRLI, TLB, More
Big 5 Sporting Goods Corporation (Nasdaq: BGFV), a leading sporting goods retailer, today reported sales results for the fiscal 2011 fourth quarter and full year ended January 1, 2012.
For the fiscal 2011 fourth quarter, net sales were $226.7 million, compared to net sales of $226.7 million for fourth quarter of fiscal 2010 and the consensus of $232.23 million. Same store sales decreased 2.1% for the fourth quarter of fiscal 2011. The Company achieved same store sales growth in the low mid-single-digit range through the first half of the quarter. During the second half of the quarter, a lack of winter weather in most of the Company's major markets had a negative effect on sales of winter products, particularly winter apparel, and was a large driver of negative sales trends. Excluding sales of winter-related products, same store sales for the quarter were slightly positive. The Company's merchandise margins decreased 190 basis points from the fourth quarter of 2010, reflecting the largely anticipated impacts of product cost inflation and increased promotional activities, as well as the sales mix shift away from higher margin winter product categories.
For the fiscal 2011 full year, net sales increased to $902.1 million from $896.8 million for the fiscal 2010 full year, versus the consensus of $908.03 million. Same store sales decreased 1.2% for the fiscal 2011 full year.
For the fiscal 2011 fourth quarter, the Company now expects to realize earnings per diluted share in the range of $0.02 to $0.05, versus the consensus of $0.20. During the fiscal 2010 fourth quarter, the Company's earnings per diluted share were $0.18, including a net charge of $0.07 per diluted share related to legal matters. The company had previously guided EPS to 12-24 cents.
For the fiscal 2011 full year, the Company now expects to realize earnings per diluted share in the range of $0.55 to $0.58, compared to earnings per diluted share in the prior year of $0.94, including the net charge of $0.07 per diluted share for legal matters.
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For the fiscal 2011 fourth quarter, net sales were $226.7 million, compared to net sales of $226.7 million for fourth quarter of fiscal 2010 and the consensus of $232.23 million. Same store sales decreased 2.1% for the fourth quarter of fiscal 2011. The Company achieved same store sales growth in the low mid-single-digit range through the first half of the quarter. During the second half of the quarter, a lack of winter weather in most of the Company's major markets had a negative effect on sales of winter products, particularly winter apparel, and was a large driver of negative sales trends. Excluding sales of winter-related products, same store sales for the quarter were slightly positive. The Company's merchandise margins decreased 190 basis points from the fourth quarter of 2010, reflecting the largely anticipated impacts of product cost inflation and increased promotional activities, as well as the sales mix shift away from higher margin winter product categories.
For the fiscal 2011 full year, net sales increased to $902.1 million from $896.8 million for the fiscal 2010 full year, versus the consensus of $908.03 million. Same store sales decreased 1.2% for the fiscal 2011 full year.
For the fiscal 2011 fourth quarter, the Company now expects to realize earnings per diluted share in the range of $0.02 to $0.05, versus the consensus of $0.20. During the fiscal 2010 fourth quarter, the Company's earnings per diluted share were $0.18, including a net charge of $0.07 per diluted share related to legal matters. The company had previously guided EPS to 12-24 cents.
For the fiscal 2011 full year, the Company now expects to realize earnings per diluted share in the range of $0.55 to $0.58, compared to earnings per diluted share in the prior year of $0.94, including the net charge of $0.07 per diluted share for legal matters.
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