Big 5 Sporting Goods Corp. said Wednesday that its first-quarter profit fell 46 percent due to sluggish sales.

First-quarter profit fell to $4.1 million (19 cents per share) from $7.6 million (33 cents per share) in the same period a year earlier. Results still beat analysts’ predictions of 18 cents per share, according to a Thomson Financial poll.

Sales for the El Segundo-based sporting goods retailer fell 2 percent to $213 million. Wall Street was anticipating revenue of $214 million. Same-store sales fell 5.1 percent during the quarter.

The company also lowered its annual guidance saying it expects sales to slow further. Big 5 now expects 2008 profit of 60 cents to 85 cents per share, compared with previous guidance of 75 cents to $1 per share. Analysts expected a profit of 87 cents per share.

The company added that it expects same-store sales to fall in the low- to mid-single digit range.

Shares in Big 5 closed down 3.3 percent to $9.19 Wednesday.