Why Are Big 5 Sporting Goods Shares Tumbling Today?

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Big 5 Sporting Goods Corp (NASDAQ: BGFV) shares are trading lower by over 15% after the company reported weak Q3 FY23 results. Net sales declined to $239.9 million from $261.4 million a year ago, missing the consensus of $243.6 million. Same-store sales fell 8.2% in the quarter. The company’s results were impacted by increasing pressure on consumer discretionary spending owing to significant macroeconomic headwinds. Gross profit declined to $79.6 million from $86.6 million the prior year, with the margin expanding to 33.2% from 33.1% a year ago on a 52-basis point increase in merchandise margi…

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