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Sports Authority sees bumps
Meeting 2Q estimates, sports retailer says economy and Sept. 11 could shake up second half of year.
August 21, 2002: 6:38 AM EDT

NEW YORK (CNN/Money) - The Sports Authority Inc., the sporting goods retailer, posted fiscal second-quarter earnings Wednesday in line with forecasts, and predicted a weaker-than-expected current quarter followed by a stronger-than-forecast holiday shopping period.

The Fort Lauderdale, Fla.-based retailer says net income for the quarter ended Aug. 3 rose to $9.3 million, or 27 cents a share, from $7.6 million, or 23 cents a share, a year earlier. The latest quarter matched the consensus estimate of analysts surveyed by the research firm First Call.

The year-earlier quarter includes a $327,000 extraordinary gain.

Sales rose 1.3 percent to $375.8 million. Sales at stores open a year or more gained 0.2 percent.

But Sports Authority said the continued soft economy and the uncertainty about consumer sentiment during the anniversary of the Sept. 11 terrorist attacks would make the final six months of its fiscal year difficult to predict. It now expects a third-quarter loss of between 15 cents and 17 cents a share. The First Call consensus is a 9-cent-a-share loss.

The company projected earnings for its fourth quarter, the yearend holiday shopping season, at 50 cents to 53 cents a share, above the 46-cent First Call consensus.

Sports Authority (TSA: Research, Estimates) shares fell 7 cents to $8.63 Tuesday.

Sports Authority said CEO Marty Hanaka and chief financial officer George Mihalko expect to certify the company's results without reservation by the Securities and Exchange Commission deadline of Sept. 17.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.