Big 5 Shares Jump on Earnings ReportWednesday, October 30, 2013
Shares of Big 5 Sporting Goods Corp. rose 16 percent on Wednesday, after the retailer reported higher third quarter profit.
After the markets closed on Tuesday, the El Segundo company reported net income of 9.1 million (41 cents a share), compared with $8.2 million (38 cents) in the same period a year earlier.
Net sales rose 3 percent to more than $259 million, lower than the $265 million that analysts expected. Same-store sales were up 1.4 percent, in line with what the company had forecast. The company opened five stores during the quarter.
In a conference call with analysts, Chief Executive Steven Miller noted that the company had its strongest third quarter earnings per share since it went public in 2001.
“Despite being challenged by unfavorable summer weather during the heart of our summer selling seasons, we grew same-store sales, expanded product margins and, as always, remained very focused on managing expenses,” Miller said.
Shares on Wednesday closed up $2.61, or 16 percent, to $19.40 on the New York Stock Exchange.