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UPDATE 1-Big 5 Sporting Goods results miss Street
May 1, 2012 / 9:47 PM / 5 years ago

UPDATE 1-Big 5 Sporting Goods results miss Street

* Q1 EPS $0.01 vs est $0.03

* Q1 same-store sales fall 2.9 percent

* Q1 sales down 1 pct at $218.5 mln vs est $221 mln

* Sees Q2 EPS $0.05-$0.11 vs est $0.13

May 1 (Reuters) - Big 5 Sporting Goods Corp’s quarterly results missed market estimates as the lack of winter weather in most of its markets hit demand for cold weather products, prompting the company to forecast a weak second-quarter profit.

The sports goods retailer expects to earn 5 cents to 11 cents a share in the second quarter. Analysts, on average, were expecting 13 cents a share, according to Thomson Reuters I/B/E/S.

For the quarter ended April 1, the company posted net income of $156,000, or 1 cent per share, compared with $2.8 million, or 13 cents per share, a year ago.

Sales fell 1 percent to $218.5 million.

Analysts forecast earnings of 3 cents a share on revenue of $221 million for the quarter.

Shares of the company closed at $7.93 on Tuesday on the Nasdaq.

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