Big Lots Profit Tops Forecasts, But Revenue Misses

Closeout retailer Big Lots Inc. on Friday reported fiscal fourth-quarter net income of $94.5 million, up from its year-ago result of $94.4 million. Adjusted income from continuing operations came in at $2 per share, above the $1.98 expected by analysts polled by FactSet. Quarterly revenue fell to $1.58 billion, down from $1.59 billion and below forecasts for $1.60 billion. Big Lots also announced a $250 million stock buyback program and an 11% increase in its quarterly cash dividend. Shares were inactive in premarket action.