Big 5 Sporting Goods tumbles after dividend chop, dour Q4 outlook

Big 5 Sporting Goods

01/11/2023 11:01

** Big 5 Sporting Goods  BGFV.O  shares down 15% premarket
to $6, a 3-yr low, after co halved its dividend and warned of
weaker Q4 sales
    ** Co late Tues declared qtrly cash dividend of $0.125/sh
compared to prior $0.25/sh payout
    ** Big 5 said Q3 results were slightly below its
expectations, and that soft consumer discretionary spending is
likely to persist in the current qtr
    ** Co posted Q3 net income of $1.86 mln, or 8 cents/sh, down
from $6.37 mln, or 29 cents/sh, in yr-ago qtr
    ** In Aug, co had forecast earnings of 10-20 cents/sh 
    ** Same-store sales in Q3 fell 8.2% yr/yr
    ** Through Tues close, BGFV shares down 20% YTD and have
shed 45% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))