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.

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