Stock Alert: Big 5 Sporting Goods Jumps 35% On Outlook

(RTTNews) - Shares of Big 5 Sporting Goods Corp. (BGFV) surged 35% on Thursday morning trade as the sporting goods retailer now expects better earnings than last year for the second quarter.

BGFV is currently trading at $2.6199, up $0.6999 or 36.4531%, on the Nasdaq.

The company said it expects second-quarter earnings of $0.52 to $0.54 per share, including a benefit of $0.15 per share related to rent abatements and litigation recovery. Last year, the company reported breakeven earnings.

Total sales are expected to be down 5.4% to $228 million and same-stores sales fell 4.2%.

"Over the first half of the second quarter, when the impacts of the COVID-19 pandemic forced us to operate with a highly reduced store count, our same store sales decreased by 28.2% compared to the prior year period. However, as we reopened stores our product assortment and convenience clearly resonated with consumers and for the second half of the second quarter our same store sales increased by 15.5% compared to the prior year period with very strong merchandise margins," said CEO Steven Miller.

The company said all 431 of its stores are currently operating.