Big 5 Sporting Goods Corp late Thursday cut its second quarter profit outlook, blaming slower-than-expected sales of seasonal summer products.
The El Segundo retailer said it now expects net income of between 20 cents and 23 cents a share, compared with an earlier forecast of 24 to 30 cents. Analysts surveyed by Thomson Reuters have been expecting per-share net income to average 28 cents a share.
Same-store sales were down 0.5 percent.
Chief Executive Steven Miller said cool weather and the slow pace of economic recovery in its major markets had affected sales, but holding costs steady had mitigated the damage.
"We continue to perform well on the operational side of our business, as we maintained product margins for the quarter, and remain pleased with our inventory management and expense control efforts,” Miller said in a statement.
The company, which operates operating 388 stores in California and 11 other states, said it expects to report earnings during the first week of August.
Shares, which earlier closed down 3.5 percent to $12.01 on the Nasdaq, fell another 2.4 percent in after-market trading.
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