Big Lots Q1 Earnings Beat Views

reported better-than-expected earnings for the first quarter on Friday. For the full year, the company now projects earnings of $2.80 to $2.90 per share, versus its prior outlook of $2.75 to $2.90 per share. The company projects same-store sales to rise in the low-single digits. For the current quarter, the company projects earnings of $0.31 to $0.35 per share, versus analysts' estimates of $0.37 per share. It expects comparable-store sales growth of 2 percent to 3 percent. The Columbus, Ohio-based company reported quarterly income from continuing operations of $32.3 million, or $0.60 per share, compared to $28.6 million, or $0.50 per share, in the year-ago period. Its total revenue declined 0.1 percent year-over-year to $1.28 billion. However, analysts were estimating a profit f $0.59 per share on revenue of $1.3 billion. The average estimate among 7 Estimize users was for earnings of $0.88 per share and revenue of $1.36 billion. Its same-store sales gained 1.6 percent in the quarter. At the end of the quarter, inventory totaled $835 million, versus $835 million at the end of year-ago quarter. David Campisi, Chief Executive Officer and President of Big Lots, said, "I'm pleased with our first quarter sales results. After a difficult start to the quarter and harsh weather conditions in February, sales trends improved in March and April. Our comps for Q1 were solidly in line with our guidance, and increased for a 5th consecutive quarter. Jennifer continues to respond positively to our strategic merchandising changes and improved assortments focused on quality, brands, fashion, and value." Big Lots shares climbed 3.15 percent to $46.50 in after-hours trading.