Big 5 results hit by retail woes
Big 5 Sporting Goods Corp., a sporting-equipment retailer, said first-quarter profit declined 46% amid a difficult retail environment.
Net income fell to $4.1 million, or 19 cents a share, from $7.6 million, or 33 cents, a year earlier. Analysts, on average, had predicted a profit of 18 cents a share, according to a Thomson Financial poll.
Revenue dropped 2% to $212.9 million. Same-store sales, or sales in stores open at least one year, fell 5.1% in the quarter.
Shares of El Segundo-based Big 5 fell 30 cents to $9.19 before the earnings news.