Big 5 Sporting Goods Corp. reported its first year-to-year dip in same store sales in more than a decade, forcing the retailer to lower its second-quarter earnings forecast Thursday.
The El Segundo-based sporting goods retailer said it now expects earnings between 23 cents and 26 cents per share for the quarter ended July 1 down from the range of 25 cents to 33 cents per share projected earlier. A Thomson Financial poll found that analysts expected earnings of 31 cents per share.
Big 5 added that second-quarter same-store sales fell 0.2 percent, the first quarterly sales decline in more than 11 years.
However, total sales in the period climbed 2.9 percent to $218 million. Big 5 will announce its earnings the first week of August.
Retails sales are flat nationally. An International Council of Shopping Centers-UBS sales tally for the month of June found that stores showed a modest increase in sales for the month of 2.4 percent, compared to a 3.0 percent gain in the year-ago period. The tally surveyed 50 stores based on same-store sales.
Shares in Big 5 fell 49 cents, or 2 percent, to $24.78 in afternoon trading Thursday on the Nasdaq.
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