UPDATE: Big Lots Posts Upbeat Q2 Profit, Lifts FY14 Forecast

Loading...
Loading...
Big Lots
BIG
reported better-than-expected fiscal second-quarter earnings and raised its FY14 earnings forecast. Big Lots now projects FY14 profit from continuing operations of $2.40 to $2.50 per share, versus its earlier forecast of $2.35 to $2.50 per share. The company also affirmed comparable store sales growth forecast of 1% to 2% for the year. The Columbus, Ohio-based company posted quarterly earnings of $19.9 million, or $0.36 per share, compared to $18.1 million, or $0.31 per share, in the year-ago period. Its profit from continuing operations came in at $0.31 per share. The company had projected earnings of $0.24 to $0.30 per share. Its net sales gained 1.2% to $1.2 billion. However, analysts were expecting earnings of $0.30 per share on revenue of $1.2 billion. The company's same-store sales gained 1.7% in the quarter. Big Lots announced a new $125 million share-repurchase program. Inventory at the end of the second quarter was $799 million, versus $914 million for the year-ago quarter. Cash and cash equivalents at the end of the second quarter was $62 million. David Campisi, Chief Executive Officer and President of Big Lots, stated, "I'm very pleased with the results we reported today. For the second consecutive quarter, our comps were positive and comfortably within the guidance range we provided, and our earnings were above the high end of our range. We believe this is an indication that our core customer, Jennifer, is responding to our improved merchandising strategies and marketing execution." Big Lots shares gained 0.64% to $47.50 in pre-market trading.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceprofit
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...