Actionable news
All posts from Actionable news
Actionable news in BIG: BIG LOTS Inc,

Big Lots Earnings And Outlook Provide Some Solace After Dollar's Miss

A day after Dollar General and Dollar Tree disappointed investors, Big Lots, Inc. BIG provided some comfort. The company's second quarter earnings topped the estimates and boosted its full year earnings forecast.

The retailer's net income increased from $17.64 million to $22.72 million and EPS from $0.35 to $0.51. On an adjusted basis, it would have earned $0.52 a share, which is $0.06 a share more than the analysts' estimates of $0.46.

Big Lots' net sales were $1.203 billion compared to $1.209 billion in the previous year quarter. Analysts expected $1.22 billion revenue. Its comparable store sales rose 0.3 percent in the second quarter.

CEO and President David Campisi commented, "We are pleased to report comps increased for the 10th consecutive quarter and our earnings were above the high end of our guidance range, increasing 27% over Q2 last year. Jennifer is responding positively to our strategic focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution."

Going forward, the retailer offered guidance of an adjusted loss of $0.04 a share – adjusted income of $0.01 a share for the third quarter. Street expects the company to suffer a loss per share of $0.01.

For the full year, Big Lots boosted its adjusted EPS forecast from $3.35-$3.45 to $3.45-$3.55. Analysts are looking for an EPS of $3.47.

Following the news, the stock traded up by $0.11, or 0.21 percent, to $53.05.

© 2016 Benzinga does not provide investment advice. All rights reserved.