Big 5 shares slip on disappointing results, outlook

Big 5 Sporting Goods

03/08/2022 15:30

** Shares in Big 5 Sporting Goods  BGFV.O  down 10.3% on
Wednesday; on pace for biggest one-day pct drop since Nov 19,
2021
    ** The sports goods retailer posted adj. EPS $0.41 vs
analyst expectation for $0.46 on revenue of $253.80 mln vs
analyst estimate of $265.65 mln, per Refinitiv data, which shows
just one analyst covering the company
    ** BGFV said earnings were within its guidance range,
"higher than any pre-pandemic second quarter" but sales were
softer than it expected due to "macroeconomic headwinds that
accelerated over the course of the quarter"
    ** Co forecast Q3 "continuation of macroeconomic headwinds
to impact consumer discretionary spending" leading to same store
sales decline in high-single-digit range y/y, sees Q3 EPS of 
$0.22 to $0.32 vs $1.07 year-ago, $0.30 in Q3 2019
    ** BGFV shares last traded at $11.53 compared with median PT
of $16, which is down from $23 a month ago, according to
Refinitiv which shows  1 'buy' rating

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com;))