Big 5 lowers 2008 guidance below analyst expectations

EL SEGUNDO, Calif.—Regional sporting-goods retailer Big 5 Sporting Goods Corp. on Wednesday lowered its fiscal 2008 guidance below analyst expectations amid a difficult retail environment.

The company now expects 2008 profit of 60 cents to 85 cents per share, compared with previous guidance of 75 cents to $1 per share. Analysts polled by Thomson Financial, on average, expect a profit of 87 cents per share.

The company expects same-store sales, or sales in stores open at least one year, will fall in the low- to mid-single digit range. Same-store sales is an important performance indicator because it measures sales at existing stores rather than newly opened ones.

For the fiscal second quarter, El Segundo, Calif.-based Big 5 expects a profit of 6 cents to 12 cents per share on a mid-single digit decline in same-store sales. Analysts expect a profit of 15 cents per share.

Shares of Big 5 fell 30 cents, or 3.1 percent, to close at $9.19.