Amongst a struggling U.S. market, Sport Supply Groups ability to adapt and control expenses — and a fairly consistent institutional team sales business — has led the retailer to forecast its highest level of income produced in the companys 37-year history.
Sport Supply Group said preliminary results for its fiscal year ended June 30 — subject to the completion of its year end audit — indicate annual sales of more than $250 million and diluted earnings per share of 84 cents to 87 cents versus diluted EPS of 76 cents in the prior fiscal year.
The company also introduced annualized EPS guidance for fiscal 2010 at 89 cents to 97 cents per diluted outstanding share.
Speaking to fiscal 2010 guidance, company chairman and CEO Adam Blumenfeld provided earnings guidance of 89 cents to 97 cents per diluted share for the new fiscal year that commenced July 1.
“The domestic economy continues to present challenges for companies in our industry, but we believe Sport Supply is best positioned to take advantage of these conditions,” said Blumenfeld. “In addition to organic growth opportunities, we see a growing list of external opportunities for sales and profit expansion. We continue to review multiple partnerships and properties with the intent of using our strong balance sheet and highly scalable operating platform to leverage the most accretive ventures and acquisition candidates.”
