Big 5 tops Street in Q3 profit, revenue; will open 10 stores

El Segundo, Calif. –- Although Big 5 Sporting Goods Corp. saw its net income decline 17% to $7.5 million in the third quarter of fiscal 2014 from $9.1 million in the same period a year earlier, the retailer still beat Wall Street profit expectations. Big 5 also surpassed Wall Street forecasts with net sales of $265.1 million, up 2% from $259.1 million.



Same-store sales rose 0.1%. Non-cash impairment charges, legal settlement charges and e-commerce development costs all impacted net income. Big 5 plans to open 10 new stores in the fourth quarter of fiscal 2014, bringing the total count to 439. The company expects positive same-store sales growth in the fourth quarter.



"We are pleased with our third quarter results, which exceeded our earnings guidance," said Steven G. Miller, chairman, president and CEO. "After comping negatively in the low single-digit range in the first half of the quarter, sales comped positively in the low-mid single-digit range for the back half of the quarter as we benefited from strong sales of summer products and relatively favorable weather compared to the prior year.”