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Big Lots Shares Rise 12% On Q1 Earnings Beat

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Big Lots (NYSE: BIG) reported quarterly earnings of 92 per share, which beat the analyst consensus estimate of 70 cents. This is a 3.16-percent decrease over earnings of 95 cents per share from the same period last year.

Big Lots reported quarterly sales of $1.296 billion, which missed the analyst consensus estimate of $1.3 billion. This is a 2.21-percent increase over sales of $1.268 billion the same period in 2018.

Big Lots raised its FY2019 adjusted EPS guidance From $3.55-$3.75 to $3.70-$3.85.

"Q1 was a solid start to our new fiscal year with sales growth and comps in line with guidance and adjusted EPS meaningfully higher than our expectations. Our first quarter sales result represents the fourth consecutive quarter of positive comps, which is encouraging in light of the delayed income tax refunds and macro weather challenges in many of our markets,” said CEO Bruce Thorn in a press release.

Big Lots shares were trading up 12.4 percent at $29.24 early Thursday morning.

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