Shares Of Big 5 Increase On Strong Q3 Earnings
PORTLAND, Ore. (AP) ¿ Shares of Big 5 Sporting Goods Corp. rose Wednesday after the specialty retailer said its profit rose 80 percent in the third quarter.
Big 5, which is based in El Segundo, Calif., reported late Tuesday that it had been better managing its inventory and seen stronger sales during the quarter.
The sporting goods retailer earned $8 million, or 37 cents per share for the quarter. That's up from $4.5 million, or 21 cents per share, it earned in the same quarter last year.
The results beat analyst estimates of 33 cents per share for the quarter.Revenue rose 4 percent to $231.6 million, in line with analyst estimates as polled by Thomson Reuters. Stifel Nicolaus & Co. analyst David Shick said in a note to investors that the company is showing the impact of more stable business trends. He maintained a "hold " rating on the company given its opportunity for some sales growth is tempered by some competitive threats in its niche. Shares of Big 5 rose 73 cents, or 4.7 percent, to $16.23 in afternoon trading Wednesday.
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