UPDATE: Big Lots Posts Wider-Than-Expected Q3 Loss

Big Lots

reported a wider-than-expected loss for its fiscal third quarter. The Columbus, Ohio-based company posted a quarterly loss of $3.4 million, or $0.06 per share, versus a year-ago loss of $9.5 million, or $0.17 per share. Its net sales from continuing operations rose 0.2% to $1.11 billion in the period. However, analysts were estimating a loss of $0.05 per share on revenue of $1.12 billion. Its comparable store sales rose 1.4% in the quarter, versus the company's own forecast of a low single digit gain. Big Lots returned $124 million of cash to shareholders in the form of share repurchases and dividend payments. At the end of the quarter, inventory totaled $1,075 million, versus $1,238 million at the end of year-ago quarter. The company ended the third quarter with $62 million of cash and cash Equivalents, versus $68 million of cash and cash Equivalents as of the end of the year-ago quarter. David Campisi, Chief Executive Officer and President of Big Lots, said, "I'm pleased with the results we reported today. For the third consecutive quarter, our comps were positive as we continue to gain traction and build sales consistency in our business. Jennifer, our core customer, is responding positively to our improved merchandising strategies like the recent expansion of our Food category, our Furniture lease-to-purchase program, and our emphasis on the quality, brand, fashion, and value components of our assortments." For the full year, Big Lots projects earnings of $2.40 to $2.50 per share. The company now expects Q4 earnings of $1.70 to $1.80 per share, versus its earlier forecast of $1.70 to $1.76 per share. However, analysts expected Q4 earnings of $1.76 per share. Big Lots shares fell 0.90% to $47.52 in pre-market trading.