As a percentage of net sales, selling and administrative expense increased to 33.4% in the fiscal 2023 first quarter, compared to 31.1% in the fiscal 2022 first quarter due to the lower sales base. Overall selling and administrative expense for the quarter decreased by $0.1 million from the prior year, primarily reflecting lower performance-based incentive accruals and advertising expense, almost fully offset by continued upward pressure on labor costs and other broad-based inflationary impacts. While the Company’s merchandise margins decreased by 23 basis points for the first quarter of fiscal 2023 compared to the first quarter of fiscal 2022, merchandise margins continued to run several hundred basis points ahead of pre-pandemic rates, supported by the evolution of the Company’s pricing and promotional strategy. The decrease in gross profit margin compared with the prior year primarily reflects higher store occupancy and distribution expense, including costs capitalized into inventory, as a percentage of net sales, and a slight decrease in merchandise margins.
The Company’s gross profit margin was 33.4% in the fiscal 2023 first quarter versus 35.5% in the first quarter of the prior year. Gross profit for the fiscal 2023 first quarter was $75.1 million, compared to $85.9 million in the first quarter of the prior year. Same store sales decreased 7.1% for the first quarter of fiscal 2023 compared to the first quarter of fiscal 2022. Net sales for the fiscal 2023 first quarter were $224.9 million compared to net sales of $242.0 million for the first quarter of fiscal 2022.
Despite the tough economy, we are excited about our product assortment for the spring and summer seasons and are hopeful that the wet winter will alleviate drought conditions and lead to favorable summer recreation opportunities.” We remain focused on navigating the challenging conditions by driving healthy merchandise margins and managing our cost structure in an effort to offset inflationary pressures.
Miller continued, “As we begin the second quarter, the macro environment is continuing to pressure our customers’ discretionary spending. Although our business benefitted from favorable winter weather during the first half of the quarter, when the winter weather persisted into the start of spring with unseasonably cold temperatures and record levels of rainfall across much of our geography, it negatively impacted the start of the baseball season and other spring recreational activities.” Miller, the Company’s Chairman, President and Chief Executive Officer, said “We achieved earnings near the midpoint of our guidance range, as we benefitted from favorable expense results relative to plan, which partially offset topline headwinds from deteriorating macroeconomic conditions and unfavorable weather over the last month of the quarter. Declares Quarterly Cash Dividend of $0.25 Per ShareĮL SEGUNDO, Calif., (GLOBE NEWSWIRE) - Big 5 Sporting Goods Corporation ( Nasdaq: BGFV) (the “Company,” “we,” “our,” “us,” “Big 5”), a leading sporting goods retailer, today reported financial results for the fiscal 2023 first quarter ended April 2, 2023.
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