Big 5 Sporting Goods posts loss for second quarter of 2018
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Figures announced last week by Big 5 Sporting Goods show a net loss of $0.2 million for the second quarter of 2018, compared to a net income of $2.8 million for the same period last year.
The company reported sales for the quarter of $240 million ($243.7 million last year), missing analysts’ estimates by $7 million. Gross profit was $75.3 million ($79.3 million).
Fishing tackle is a limited part of the company’s business, but comments from Steven G, Miller, President and CEO, suggests fishing may have been a contributory factor.
“Our sales softened significantly over the back half of the period, which led to results that were below our expectations,” he said.
“Much of the softness resulted from weak sales of camping and water sports products, which were negatively impacted by unfavourable weather in key markets around high-volume selling periods.”
For the 26-weeks ended July 1st, 2018, net sales were $474.1 million compared to $496.3 million last year. Net loss for the first 26 weeks was $1.6 million.
Guidance for the third quarter of 2018 anticipates same-store sales in the flat-to-positive single-digit range.