Big 5 Sporting Goods Corporation (BGFV) experienced a decline of 3.5% in the aftermarket because the company announced Fiscal 2021 Third Quarter Results. However, the last trading session closed at $27.69 with an increase of 8.21%.
Fiscal 2021 Third Quarter Results
BGFV announced Fiscal 2021 Third Quarter Results on 2nd November 2021. The third quarter of fiscal 2021 saw net sales of $289.6 million, down from $305.0 million in the third quarter of fiscal 2020. The negative impact of a calendar shift linked to the Company’s 53-week fiscal year in 2020. Moreover, sales fell 0.7 percent year over year in the third quarter of fiscal 2021 but rose 13.2 percent year over year. The company reported $108.0 million in gross profit, however, the gross profit margin increased significantly. The rise in gross profit margin is mostly due to a 152-basis-point improvement in merchandise margins, which is somewhat offset by increased store occupancy expenditure as a proportion of net sales compared to the previous year.
Furthermore, selling, and administrative expenditure was 25.9% of net sales, compared to 23.4 percent in the third quarter of fiscal 2020. Overall selling and administrative expense increased by $3.8 million years over year. This principally owed to higher store-related costs, such as labor, benefits, and facility costs, compared to the prior-year period. Last but not least, advertising costs grew in the third quarter of 2021 compared to the same period the previous year, although they remained far lower than pre-pandemic levels.
New Appointment to Board of Directors
BGFV reported on 8th October 2021 that Lily W. Chang is the new addition to the Board of Directors. Ms. Chang joined Leonard Green & Partners in 2004 and is presently the Chief Portfolio Services Officer. She works with portfolio firms across a wide range of industries, notably retail and wholesale services, to promote outcomes and creativity.
Moreover, she has also been on the Board of Directors of JOANN Stores, a publicly-traded fabric, and craft retail shop, since 2018. Ms. Chang formerly worked for Nissan North America and Nissan Motor Acceptance Corporation in strategic planning responsibilities, as well as eCompanies Venture Group as a partner, and The Walt Disney Company and Procter & Gamble in financial management. Last but not least, Ms. Chang holds a Bachelor of Arts in Quantitative Economics from Stanford University as well as a Harvard Business School MBA with honors.