Big 5 Sporting Goods Corporation, a leading sporting goods retailer, today reported financial results for the fiscal 2007 second quarter ended July 1, 2007. For the fiscal 2007 second quarter, net sales increased $6.0 million, or 2.9%, to $217.8 million from net sales of $211.8 million for the second quarter of fiscal 2006.
Same store sales declined 0.2% for the second quarter, representing the Company's first quarterly decrease in same store sales in over eleven years.
Gross profit for the fiscal 2007 second quarter increased to $77.1 million from $76.7 million in the second quarter of the prior year. The Company's gross profit margin was 35.4% in the fiscal 2007 second quarter versus 36.2% in the second quarter of the prior year.
The gross margin performance reflected product margins generally in-line with the prior year and a $0.4 million decrease in distribution center costs as a result of operational efficiencies realized in the Company's new distribution center, offset by a $0.9 million reduction in inventory cost capitalization from the second quarter of last year.
Selling and administrative expenses as a percentage of net sales were 28.3% in the fiscal 2007 second quarter compared to 27.7% in the second quarter of last year, primarily reflecting softness in the Company's sales and an increase in administrative expenses to support the Company's overall growth and financial reporting initiatives.
Net income for the second quarter of fiscal 2007 was $5.9 million, or $0.26 per diluted share, versus net income of $7.4 million, or $0.33 per diluted share, for the second quarter of fiscal 2006.
marketing@alchempro.com
