EL SEGUNDO, Calif.—Big 5 Sporting Goods Corp., a sporting-equipment retailer, said Wednesday its first-quarter profit fell 46 percent amid a difficult retail environment.
First-quarter profit fell to $4.1 million, or 19 cents per share from $7.6 million, or 33 cents per share, in the same quarter last year. Analysts, on average, predicted a profit of 18 cents per share, according to a Thomson Financial poll.
Revenue fell 2 percent to $212.9 million from $217 million. Analysts predicted revenue of $213.9 million.
Consumers are cutting back spending as they face a rising cost of living and fears of a recession.
Same-store sales, or sales in stores open at least one year, fell 5.1 percent during the quarter. Same-store sales is an important performance indicator because it measures sales at existing stores rather than newly opened ones.
Customer traffic fell and demand for roller shoes continued to decline, the company said. That was partly offset by strong sales of winter-related products.
Separately, the company lowered guidance for the year due to the weak retail environment.
Shares of Big 5 fell 30 cents, or 3.1 percent, to close at $9.19.
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