BUZZ-Performance Sports Group: Hits record low on 2016 forecast cut

Tue Mar 8, 2016 12:14pm EST
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** Canadian sports equipment and apparel maker's shares down 61.2 pct at C$4.46; U.S.-listed shares down 61.4 pct at $3.34

** Both stocks fall as much as 65 pct to record low

** Cuts 2016 profit forecast to 12-14 cents per share from 66-69 cents per share, citing fall in sales of baseball/softball products and bad debts from U.S. hockey customers

** Weakening of consumer demand and Chapter 11 filing by one of the largest U.S. national sporting goods retailers is reducing sales for baseball and softball products, CEO Kevin Davis says

** Sports Authority Inc filed for Chapter 11 protection last Wednesday in the face of growing online competition

** Performance Sports estimates Q3 adjusted loss of 29 cents per share, compared with average analyst estimate for a profit of 9 cents - Thomson Reuters I/B/E/S

** Up to Monday's close, U.S.-listed stock had fallen 55 pct in 12 months