Barbeques Galore Expects Profit Drop

Barbeques Galore Ltd., an Irvine operator of specialty retail stores, said Wednesday that it expects earnings for its fiscal third quarter to be 6 cents to 8 cents a share, a drop of at least 50% from the 16 cents a share earned in last year’s third quarter.

The company also said in a press release that sales at U.S. stores open for at least a year increased 6.7% for the quarter ended Oct. 31. Same store sales in Australia fell 5.3%.

The company said quarterly earnings were affected primarily by its Australian operations, which were hurt by a weak currency exchange rate, a new goods-and-services tax imposed in July, increased fuel prices and flat sales following the Olympics.

Barbeques Galore did not say when it would release full results. The release was issued after the market closed. The company’s stock gained 19 cents to close at $6.25 a share in Nasdaq trading.