US: Big 5 FY profit up 57% after strong Q4
- Q4 net profit up 72% to US$6.4m
- FY net profit up 57% to $21.8m
- ”Positive sales trends” in recent trading
Retailer Big 5 Sporting Goods Corporation recorded a 57% surge in full-year profit to US$21.8m, and said sales were up in early trading during 2010.
The company, which has nearly 400 stores in the western US, confirmed that fourth quarter net sales to 3 January had risen 8.2% to $237.6m, with same store sales up 0.1%.
That boosted net income 72% to $6.4m, and helped full-year sales to increase 3.6% to $895.5m, with same store sales down 0.6%.
Big 5 chairman, president and CEO Steven Miller said he was pleased with the results, which he said “reflect the strength of our unique business model and solid execution by our team”.
Miller continued: “We have enjoyed positive sales trends during the first quarter of 2010 to date, as we have benefited from favourable weather conditions in many of our markets.”
But he added: “While we are encouraged by the start of our current quarter, we recognise that the economy remains challenging and the uncertainty experienced in the consumer environment over the last few years has continued into 2010.”
Big 5 expects same store sales in the first quarter of fiscal 2010 to be up in the low single digits, while diluted earnings per share are predicted to be in the range $0.17-0.23.
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