Big 5 Shares Fall on EarningsTuesday, July 30, 2013
Shares of Big 5 Sporting Goods Corp. fell nearly 12 percent in after-hours trading Tuesday after the specialty retailer reported lower-than-expected second quarter revenue.
After the markets closed, the El Segundo company reported net income of $6.1 million, (28 cents a share), 133 percent higher than in the same period a year earlier. Analysts surveyed by Capital IQ on average had expected 26 cents a share.
Revenue rose 6 percent to $240 million, lower than the analyst consensus of $244 million.
Big 5 expects third-quarter profit to come in between 40 and 45 cents a share, compared with the analysts’ average forecast of 45 cents a share.
Chief Executive Steven G. Miller said his stores saw a “slight improvement” in customer traffic and a mid-single-digit increase in average sale. Same-store sales improved in each of its major product categories: apparel, footwear and hard goods.
"We are pleased with our second-quarter financial results as we continued to see the underlying performance of our business strengthen," Miller said in a statement.
Shares earlier closed down 24 cents, or 1 percent, to $24.36 on the Nasdaq, and fell 12 percent in after-market trading.