Big Lots Beats Profit Expectations But Missed On Sales

By Tomi Kilgore Markets MarketWatch Pulse

Big Lots Inc. reported fiscal fourth-quarter earnings of $90.1 million, or $1.99 a share, compared with $94.5 million, or $1.91 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.26, above the FactSet consensus of $2.22. Revenue fell 0.3% to $1.58 billion, just shy of the FactSet consensus of $1.59 billion. The closeout retailer attributed the decline in sales to same-store sales growth of 0.3%, which missed expectations of a 1.1% increase, that was offset by a lower store count. Looking ahead, the company expects first-quarter EPS of 95 cents to $1.05 and 2017 EPS of $3.95 to $4.10. The FactSet consensus is $1.01 for the first quarter and $4.45 for the year. Big Lots expects first-quarter same-store sales to be flat to up 2%, surrounding the FactSet consensus of up 0.4%. The stock, which is still inactive in premarket trade, has gained 1.7% over the past three months, while the SPDR S&P Retail ETF has lost 5% and the S&P 500 has climbed 8.7%.

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