Big 5 fiscal Q2 loss 1 cent vs. expectations earnings of 11 cents/shr

Big 5 fiscal Q2 loss 1 cent vs. expectations earnings of 11 cents/shr

Big 5 shares tank on surprise quarterly loss, sales miss

Shares of Big 5 Sporting Goods Corp. fell nearly 20% late Tuesday after the retailer swung to a surprise loss in the fiscal second quarter and reported sales that missed Wall Street expectations. Big 5 said it lost $200,000, or a penny a share, in the quarter, versus a net income $2.8 million, or 13 cents a share, in the year-ago period. Sales fell to $240 million, compared with $243.7 million a year ago. Same-store sales fell 2.1% in the quarter, versus a 0.9% increase in same-store sales a year ago. Analysts polled by FactSet expected Big 5 to post GAAP and adjusted earnings of 11 cents a share on sales of $247 million in the quarter. “Much of the softness resulted from weak sales of camping and water sports products, which were negatively impacted by unfavorable weather conditions in key markets around the high-volume selling periods of Memorial Day, Father’s Day and the start of summer,” Big 5 said in a statement.

Read on Market Watch


Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About