Big 5 Profit Hurt by Unfavorable Winter
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Big 5 Sporting Goods Corp. said profit tumbled during a fourth quarter hurt by unfavorable winter weather in California and parts of the southwest.
The El Segundo company said profit fell to $7.7 million, or 34 cents a share, compared with $9.5 million, or 42 cents, a year earlier. The quarter included the effect of about $4.5 million of expenses linked to a transition to a new distribution center, which lowered quarterly profit by 12 cents a share. Sales edged higher to $218.9 million from $217.6 million a year earlier, while sales in stores open at least a year rose 1.5%.
Big 5 projected earnings between $1.23 and $1.33 for the year, compared with Wall Street expectations of $1.62 a share.
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