Big 5 cuts Q2 guidance
Big 5 Sporting Goods (Nasdaq: BGFV) cut its earnings guidance for the second quarter, saying the slow economic recovery and cold temperatures on the West Coast kept people from buying summer gear.
Big 5 also said second-quarter revenue in stores open at least a year slipped by 0.5 percent.
The company said it now expects to earn $0.20 to $0.23 per share for the three months that ended July 4. In May, Big 5 had predicted earnings of $0.24 to $0.30 per share.
The company said sales over the Fourth of July weekend were encouraging. It added that it will report earnings during the first week of August.
Costco’s same-store sales rise in June
Costco (Nasdaq: COST) said same-store sales rose 4 percent in June, boosted by international results.
U.S. revenue in stores open at least one year rose 2 percent in the United States and 14 percent internationally.
Total revenue for the five weeks ended July 4 rose 7 percent to $7.33 billion from $6.87 billion last year.
Excluding higher gas prices and the weaker dollar, revenue in stores open at least one year rose 3 percent, including a 1 percent rise in the United States and an 8 percent rise internationally.
–Compiled by Wendy Geister
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