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Big 5 Sporting Goods’ stock dips 8% on lowered earnings guidance

big-5-sporting-goods’-stock-dips-8%-on-lowered-earnings-guidance

Big 5 Sporting Goods Corp.’s. stock BGFV, -0.08% slid 8% in extended trading Tuesday after the retail chain provided fiscal fourth-quarter earnings guidance of between 8 cents and 20 cents a share, while analysts were expecting 29 cents a share. For the third quarter, Big 5 reported net income of $6.4 million, or 29 cents a share, compared with net income of $24.1 million, or $1.07 a share, in the year-ago quarter. Adjusted earnings were 30 cents a share. Net sales were $261.4 million, down from $289.6 million a year ago. Analysts surveyed by FactSet had expected on average net income of 27 cents a share on revenue of $258 million. Shares of Big 5 are down 32% this year, while the broader S&P 500 index SPX, -0.41% has fallen 19%.

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