Big Lots Rises After Meeting Earnings
Big Lots reported mixed fiscal third-quarter financial results before the market opened on Friday.
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Big Lots Inc. (NYSE: BIG) reported its fiscal third-quarter financial results before the market opened on Friday. The company had a net loss of $0.01 per share on $1.12 billion in revenue. That compares to Thomson Reuters consensus estimates that call for no earnings on $1.12 billion in revenue. The same period from the previous year had a net loss of $0.06 per share on $1.11 billion in revenue.
The board of directors declared a cash dividend of $0.19 per share, which totals $9.3 million. So far in the fiscal year, the company has returned $229 million to shareholders.
In terms of the guidance, Big Lots expects EPS in the range of $1.95 to $2.00 and comparable store sales increasing in the range of 1% to 2%. Consensus estimates call for $1.97 in EPS on $1.60 billion in revenue.
David Campisi, president and CEO of Big Lots, commented on earnings:
I’m pleased with the results we reported today as Jennifer continues to respond positively to our strategic improvements in merchandising, marketing, and in-store execution. For the seventh consecutive quarter, our sales comps were positive with notable strength in our ownable and winnable merchandise categories and we delivered upon our financial commitments. Our inventory levels were lean and on forecast to end Q3 and we are well-positioned by merchandise category for the all-important Q4 selling season.
At the end of the quarter, cash and equivalents totaled $62 million, about the same as in the year-ago quarter.
Shares of Big Lots were down 3% at $41.44 Friday morning, with a consensus analyst price target of $43.00 and a 52-week trading range of $38.15 to $51.11.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
