UPDATE: Big Lots Reports Q3 Loss, Lifts Full-Year Forecast
Big Lots (NYSE: BIG) posted a loss in the fiscal third-quarter and lifted its earnings forecast for the full year.
Big Lots now expects full-year adjusted earnings forecast to $2.86 to $3.05 per share, versus its earlier forecast of $2.80 to $2.95 per share. It also expects current-quarter adjusted earnings of $1.91 to $2.10 per share, versus analysts' estimates of $2.02 per share.
Big Lots posted a quarterly loss of $5.99 million, or $0.10 per share, versus a year-ago profit of $4.19 million, or $0.06 per share. The company in August expected a loss of $0.20 to $0.30 per share.
Its sales fell 0.4% to $1.13 billion, versus analysts' estimates of $1.14 billion.
Its gross margin declined to 38.1% from 39%, while same-store sales dropped 4.6%.
Big Lots shares closed at $28.04 yesterday.
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