Retailer Big 5 Sporting Goods had the best sales and earning performance in company history for the 13 weeks that ended on Sept. 27, it reported on Oct. 27.
Same store sales increased 14.8%, compared to a 0.3% increase for the third quarter of fiscal 2019. Net sales were $305 million, compared to net sales of $266.2 million for the same quarter last year.
Same store sales had decreased 4.2% year-over-year for the second quarter of fiscal 2020.
Big 5 did not open any new stores or permanently close any stores during the third quarter, it said, ending it with 431 stores in operation as compared to 433 stores in operation during Q3 2019. All stores were open for in-store shopping during Q3 2020, with social distancing restrictions and with reduced operating hours as required.
Net income for the third quarter was $28.4 million, up from $6.4 million in the third quarter of 2019.
Selling and administrative expenses decreased $5.6 million year-over-year in the third quarter primarily due to “lower advertising expense and employee labor expense reflecting reduced store operating hours,” the company said.
“During this unprecedented time, our product offerings are resonating with consumers who are looking for ways to stay healthy and active. Clearly, customers are recognizing our stores as a convenient and safe environment to fulfill their fitness and outdoor recreational needs,” CEO, President and Chairman Steven Miller said in a statement. “Additionally, we continue to benefit from substantial cost reductions that have enabled us to achieve meaningful operating leverage. I am extremely proud of our team’s tremendous dedication and execution during these challenging times.”
For the first 39 weeks of 2020, net sales were $750.6 million compared to net sales of $752.4 million in the first 39 weeks of 2019. Same store sales increased 0.4% year-over-year for that time period.
Big 5’s stock price has risen 168% percent this calendar year as of close on Oct. 27.
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