Big 5 Lowers 1st-Quarter Results in Restatement

Big 5 Sporting Goods Corp., the third-largest U.S. sporting goods retailer, restated fiscal first-quarter results and said profit fell 19% to $6.4 million.

Net income dropped to 28 cents a share from $7.9 million, or 34 cents, a year earlier, the El Segundo-based company said. Big 5, which operates 314 sporting goods stores in the U.S., had previously reported fiscal first-quarter profit of $7.2 million, or 32 cents a share.

Shares of Big 5 rose 40 cents to $23.86.