Big 5 Sporting Goods reports 31.9% surge in July sales
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Big 5 Sporting Goods – one of North America’s biggest suppliers of fishing tackle – has reported a 31.9% surge in same-store-sales in July.
Reporting its COVID-19 affected second quarter performance this week, which saw sales decrease by 4.2% compared to the same comparable period in 2019, Steven G. Miller, the company’s Chairman, President and CEO, told investors that sales accelerated in July.
“We produced strong second quarter earnings while maintaining the business through extreme disruption caused by the pandemic, which included widespread store closures and significant shifts in consumer demands. Our ability to successfully navigate this fluid environment speaks to the strength of our team and the fundamental principles that have guided Big 5 for decades – convenience, value, service and selection.
“The momentum that we saw in our business over the back half of the second quarter has accelerated in the third quarter with sales increasing 31.9% for our fiscal July period. Strong sales across an array of categories and throughout our geographic markets, combined with certain cost reductions we implemented in response to the pandemic, have positioned us to drive significant operating leverage and earnings per share for the third quarter.”
Miller also told investors of the group’s healthy financial position which sees no debt and a cash balance of approximately $38m in the bank at the end of this month.
He added that during the second quarter Big 5 closed around half of its 431 stores in response to the COVID-19 crisis. He said: “The company does not anticipate opening any new stores and expects to permanently close around four, including three that were closed during the first quarter, all of which were previously selected for closure prior to the COVID-19 pandemic.”