Big 5 Sporting Goods Corp. Tuesday said tighter cost controls and improved customer traffic contributed to third quarter earnings that topped analysts’ expectations.
After the markets closed, the El Segundo sporting goods retailer reported net income of $8 million (37 cents a share), compared with $4.5 million (21 cents) a year ago. Net sales rose 4 percent to nearly $232 million, with same-store sales up 1.6 percent.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 33 cents on revenue of more than $231 million. Big 5's net income has exceeded Wall Street estimates for the past four quarters.
The company now expects to report per-share profit of between 28 to 38 cents in the fourth quarter. Analysts on average expect 26 cents.
“We are excited about our product assortment and promotional plans and believe that our ability to provide tremendous values on quality merchandise will position us well during the gift-giving season,” Chief Executive Steven G. Miller said in a statement.
Shares closed up 13 cents, or 1 percent, to $15.50 on the Nasdaq, and rose 5 percent in after-market trading.
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