Big 5 Sporting Goods Corp. late Tuesday released quarterly results below Wall Street forecasts, blaming a calendar shift and store openings.
After the markets closed, the El Segundo retail chain reported net income of $6.8 million (31 cents per share) for the third quarter ended Oct. 3, compared with $8 million (37 cents) a year earlier.
Net sales rose a fraction of a percent to $232 million, with same-store sales up 2 percent. Analysts surveyed by Thomson Reuters on average were expecting per-share profit of 32 cents on sales of $233 million.
Revenue was affected by a calendar shift that moved July 4 holiday sales out of the third quarter. Selling and administrative expenses were $1 million higher, due to costs in opening three new stores, which brought its store count to 391 stores.
For the fourth quarter, Big 5 expects same-store sales in the positive low single-digits and per-share profit in the range of 25 to 33 cents.
“We are pleased with the consistency of our business as sales have continued to trend positively into the fourth quarter,” said Chief Executive Steven G. Miller said in a statement. “While the important holiday selling season lies ahead and the economy and consumer spending habits remain unpredictable, we believe that our ability to provide exceptional value on quality merchandise will position us well as we conclude the year."
Shares closed up $1.02 cents, or 7.5 percent, to $14.61 on the New York Stock Exchange, and were unchanged in after-market trading.
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