Big Lots Reports Third Quarter Results
On Tuesday, Big Lots (NYSE: BIG) beat estimates when it reported a loss from continuing operations of $0.10 per diluted share, for the third quarter of fiscal year 2012. Guidance for Big Lots had a loss from continuing operations of $0.20 to $0.30 per diluted share for the third quarter of fiscal 2012. The same quarter of fiscal year 2011 saw income from continuing operations of $0.06 per diluted share.
Big Lots is a North American closeout retailer. The company operates over 1,533 stores in the United States and Canada. They offer a broad assortment of merchandise, including consumables, seasonal products, furniture, housewares and toys. Big Lots is headquartered in Columbus, Ohio, and was founded in 1967.
Big Lots highlighted the fact that they opened 27 new stores in the third quarter and invested $51 million to repurchase some 1.6 million shares (the end of a $200 million share repurchase program they started in May 2012). Net sales for third quarter 2012 equaled $1,134 million, down a small 0.36 percent from $1,138 million in the same quarter last year.
Big Lots also announced today that its CEO, Steven S. Fishman, has informed the company of his intention to retire from his roles as Chairman, CEO and President. Mr. Fishman will continue to serve until his replacement is appointed by the board. Mr. Fishman is largely credited with the company's high rate of growth since 2005, including growing U.S. operating profit to $358 million in fiscal 2011 from $27 million in fiscal 2005, and the company's expansion into Canada.
Big Lots (NYSE: BIG) is currently trading at $30.34, up 8.17%.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.