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Big Lots Rallies On Q2 Earnings Beat, CEO Says Retailer Navigating Tariff Headwinds

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Big Lots Rallies On Q2 Earnings Beat, CEO Says Retailer Navigating Tariff Headwinds

Big Lots, Inc. (NYSE: BIG) reported second-quarter earnings of 53 cents per share on Friday, which beat the analyst consensus estimate of 40 cents by 32.5%.

This is a 10.17% decrease from EPS of 59 cents in the same period last year.

The retailer reported quarterly sales of $1.25 billion, which met the analyst consensus estimate. This is a 2.29% increase over sales of $1.222 billion the same period last year.

Comps rose by 1.2%. 

Big Lots guided for an adjusted non-GAAP loss of 15-25 cents per share in the third quarter against Street expectations of a 31-cent per share loss; guided for flat comps in the coming quarter. 

"We are pleased with our performance for the second quarter, which was in line with our sales guidance and ahead on earnings,” CEO Bruce Thorn said in a statement.

"Going forward, despite the current tariff headwinds, we are confident we will be able to navigate through this environment to deliver a good outcome for 2019. More significantly, I am highly encouraged by the progress we have made over the last 90 days on our strategic transformation. Our existing initiatives are working, and we have important new strategies in progress to drive profitable long-term growth and deliver value to our shareholders." 

Big Lots shares were trading up 15.8% at $25.49 at the time of publication in Friday’s premarket session. The stock has a 52-week high of $49.31 and a 52-week low of $19.83.

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Photo by Mike Kalasnik via Wikimedia

Posted-In: retail tariffsEarnings News Guidance Best of Benzinga

 

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