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Big 5 Sporting Goods News: BGFV Stock Soars 37% on Earnings Update

InvestorPlace logo InvestorPlace 7/9/2020 William White
a sign on the side of a building: Big 5 Sporting Goods News: BGFV Stock Soars 37% on Earnings Update © Source: Jonathan Weiss / Shutterstock.com Big 5 Sporting Goods News: BGFV Stock Soars 37% on Earnings Update

Big 5 Sporting Goods (NASDAQ:BGFV) is in the news Thursday after preliminary earnings results boosted BGFV stock higher.

a sign on the side of a building: Big 5 Sporting Goods News: BGFV Stock Soars 37% on Earnings Update © Provided by InvestorPlace Big 5 Sporting Goods News: BGFV Stock Soars 37% on Earnings Update

According to a Big 5 Sporting Goods news release, the retail company is expecting diluted earnings per share to range from 52 cents to 54 cents in the second quarter of 2020. It’s also expecting revenue for the period to be roughly $228 million.

Big 5 Sporting Goods notes that same-store sales during the second quarter of 2020 declined 4.2% compared to the same time last year. It attributes this drop to stores being closed due to the novel coronavirus pandemic.

Steven Miller, chairman, president and CEO of Big 5 Sporting Goods, said this about the news.

“Recognizing significant shifts in consumer demand, we leveraged our long-standing vendor partnerships to quickly evolve our product assortment. Our buying and distribution teams worked tirelessly in an effort to optimize our inventory levels across a rapidly evolving landscape. We implemented meaningful cost reduction initiatives throughout our organization. And our store and field personnel were dedicated to safely serving our communities as we established new operational protocols in our stores.”

While Big 5 Sporting Goods had to close about half of its stores at the start of the pandemic. It’s been able to slowly reopen them. That includes having only a fourth of its stores closed at the end of April. The company notes that it currently has all stores open to some degree, even if its only for curbside pickup.

BGFV stock was up 36.7% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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