Big Lots Inc. (NYSE: BIG) reported its fiscal first-quarter financial results before the markets opened on Friday. The company posted $0.82 in earnings per share (EPS) on $1.31 billion in revenue. The Thomson Reuters consensus estimates called for $0.70 in EPS on revenue of $1.30 billion. In the same period of last year, it reported EPS of $0.60 and $1.28 billion in revenue.

Early in March, the board of directors approved a share repurchase program providing for the repurchase of up to $250 million of common shares. During the first quarter of fiscal 2016, the company invested $138 million to purchase 3.0 million shares, leaving it with roughly $112 million of authorization remaining at the end of the quarter.

In terms of guidance for the second quarter, the company expects EPS to be in the range of $0.42 to $0.47, as well as comparable sales to range from flattish to up 2%. The consensus estimates are $0.45 in EPS on $1.22 billion in revenue for the current quarter.

On the books, Big Lots cash and cash equivalents totaled $64.39 million at the end of the quarter, compared to $67.19 million in the same period of last year. The company has a market cap of about $2.5 billion.

David Campisi, CEO and president of Big Lots, commented:

I’m very pleased with our first quarter results. Q1 comps increased for the 9th consecutive quarter and were at the high end of our guidance range. Jennifer continues to respond positively to our strategic focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution.

Shares of Big Lots were trading up nearly 10% at $48.97 on Friday, with a consensus analyst price target of $49.31 and a 52-week trading range of $33.78 to $50.47.

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