us earns big 5 110309
On the homepage
Thanksgiving
Out There
Vikings
Pardon Board
Big 5 Sporting Goods 3rd-qtr profit rises 80 percent on higher sales, better inventory control
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
EL SEGUNDO, Calif. - Big 5 Sporting Goods Corp. said Tuesday its profit rose 80 percent in the third quarter as sales climbed and it better managed inventory.
The company's stock jumped 6 percent in after-hours trading on the report.
The sporting goods retailer, based in El Segundo, Calif., earned $8 million, or 37 cents per share, in the quarter that ended Sept. 27. That is up from the $4.5 million, or 21 cents per share, it earned a year earlier.
The latest quarterly profit beats a 33-cent-per-share prediction of analysts polled by Thomson Reuters.
Revenue rose 4 percent to $231.6 million from $223.2 million, in line with analysts' average estimate.
The company said sales at stores open at least a year increased 1.6 percent during the quarter. And CEO Steven G. Miller said sales trends have continued to improve so far in the fourth quarter.
Big 5 said it expects fourth-quarter profit to be in a range of 28 cents to 38 cents per share. Analysts expect 32 cents per share in profit in the current quarter.
The company also declared a 5 cent quarterly dividend to be paid Dec. 15 to shareholders of record as of Dec. 1.
Shares of Big 5 rose 93 cents, or 6 percent, to $16.43 in after-hours trading after closing Tuesday at $15.50, up 13 cents from a day earlier.
Recent Business stories
Oil slips towards $77 as markets await economic data expected to show slowing recovery - November 3, 2009
Oil slips towards $77 as markets await economic data expected to show slowing recovery - Oil slipped towards $77 a barrel Tuesday as markets awaited data expected to show that the pace of U.S. economic recovery is slower than previously estimated. More
- Holiday gift: Amazon-Wal-Mart price war
- Economy's rebound not as strong as first thought
- Record 2.1M dropside cribs recalled
- Verdict? Petters jurors back at it today
- A man with a plan to get jobless working stiffs back to work
- Stores jump the gun to get jump on competition
- Attorney: Gosselin divorce could be finalized soon
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments