Strong start to year for Big 5 as like-for-like store sales leap 20%
One of North America’s leading suppliers of fishing tackle has enjoyed a strong start to its new fiscal year with same store sales up 20% on 2020.
Big 5 Sporting Goods, which was reporting ‘strong’ fourth quarter and ‘exceptional‘ year-end results, says that the momentum of the last 12 months has continued with winter-related product sales very strong.
Steven G. Miller, the company’s Chairman, President and CEO, told investors: “Customers have taken advantage of favourable winter weather to recreate. The exceptional performance of our business over the course of 2020 and into 2021 is reflected in our balance sheet as we currently have no debt and a strong cash position.”
Big 5 reported net sales of $290.6m for the 14-week fourth quarter, compared to $244.1m for the 13 weeks of the last comparable Q4. Same store sales increased 10.5% during the period.
For the year, net sales reached $1.04 billion ($996.5 million). Same store sales increased 3% despite periods of significant closures because of the COVID-19 pandemic.
Miller added: “Our strong fourth quarter results highlight our exceptional performance in fiscal 2020 with record earnings driven by top line sales growth, merchandise margin expansion and an improved cost structure.
“As we faced the many challenges of 2020, we remained focused on providing our customers with a convenient shopping experience to find products to stay active and healthy. Our team did a tremendous job of recognising and capitalising on key product trends.
“Additionally, in 2020 we successfully implemented cost reduction initiatives that are continuing to provide significant operating leverage. Looking back on the year, I want to once again thank our entire team for their dedication and execution during a challenging period.”
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