El Segundo, Calif. Big 5 Sporting Goods Corp. said Thursday that its fourth-quarter profit dropped 42%, but beat Wall Street's expectations as the retailer cut expenses to help cushion a sales decline.
For the quarter ended Dec. 28, 2008 earnings fell to $3.6 million, from $6.2 million a year ago. Net sales fell 5% to $219.6 million, from $232.1 million in the fourth quarter of 2007. Same-store sales dropped 8.6%.
For the full fiscal year, Big 5's earnings dropped 51% to $13.9 million, from $28.1 million in the prior year. The company noted that its results for the most recent quarter include a one-time pre-tax charge of 4 cents per share to correct an error in rent expense.
Full-year net sales fell 4% to $864.7 million, from $898.3 million in fiscal 2007, as same-store sales fell 7% in fiscal 2008.