Big 5 Sporting Goods drops on gloomy Q4 profit outlook

Big 5 Sporting Goods

17/01/2023 22:11

** Shares of Big 5 Sporting Goods  BGFV.O  down ~8% at $9.45
in extended trading
    ** The sports goods retailer cuts Q4 profit forecast, adding
that Q4 sales came in softer than its expectations 
    ** Co now sees fiscal Q4 earnings of 7 cents to 8 cents per
share, compared with prior guidance between 8 cents and 20 cents
per share
    ** BGFV also reports Q4 net sales fell to $238.3 mln from
$273.4 mln a year ago, while same-store sales declined 13.2%
    ** Sales trends decelerated in December, CEO Steven Miller
said, adding that inflation and economic uncertainties "appeared
to impact holiday discretionary spending beyond our
expectations"
    ** Stock fell ~54% in the past year
 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))