Big Lots Q1 Earnings Review
Closeout retailer Big Lots (NYSE: BIG) reported their first quarter earnings for the quarter that ended May 4th. Big Lots met EPS estimates at $0.61, but missed revenue estimates by ten million at $1.31 billion vs. estimates of $1.32 billion, or 0.76 percent.
While the company met EPS estimates, this is still a drop of 11.45 percent as compared to last year. Regardless, sales rose to 1.3 billion, up 1.3 percent from last year. This sales increase includes a one percent domestic increase and 13.5 percent in Canada.
Same store sales for the United States dropped by 2.9 percent while they increased in Canada by 13.2 percent. With only 80 stores in Canada, as compared to 1,505 in the United States, total same store sales landed at a 2.5 percent loss.
Looking forward to the second quarter, Big Lots expects EPS between $0.17 and $0.27, as compared to $0.36 for the same period last year. Net sales are expected to rise between negative one and one percent with same store sales falling between two and four percent. EPS for the year is expected to be similar to the previous year.
Big Lots is currently holding a conference call to discuss its first quarter earnings.
Big Lots closed on Wednesday at $38.38.
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