Big Lots posts 3Q loss, beats Street’s view

Bookmark and Share
Make text smaller Make text larger

COLUMBUS, Ohio (AP) — Big Lots reported a loss for its fiscal third quarter, weighed down by higher expenses and lower U.S. sales. But the discount retailer beat Wall Street’s view and raised its full-year forecast, citing expectations for the fourth quarter.BIts shares rose 26 cents to $28.30 in premarket trading on Tuesday. It has recovered after hitting a 52-week low of $26.69 early last week.


Big Lots Inc. lost $6 million, or 10 cents per share, for the period ended Oct. 27. That compares with net income of $4.2 million, or 6 cents per share, a year earlier.


Analysts surveyed by FactSet expected a bigger loss of 24 cents per share.


Revenue dipped to $1.13 billion from $1.14 billion. Wall Street forecast $1.14 billion in revenue.


Sales in the U.S. fell 1.9 percent to $1.1 billion, with sales at U.S. stores open at least 15 months down 4.6 percent. This figure is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.


Canadian sales rose to $39 million from $21.5 million.


Depreciation expense rose to $26.6 million from $22.9 million.


For fiscal 2012, Big Lots anticipates adjusted income from continuing operations of $2.86 to $3.05 per share. The Columbus, Ohio, company previously predicted $2.80 to $2.95 per share.


Analysts expect earnings of $2.82 per share.


The retailer expects fourth-quarter income from continuing operations of $1.91 to $2.10 per share.


Wall Street expects earnings of $2.02 per share.


Big Lots had 1,482 Big Lots stores in 48 states and 79 Liquidation World and LW stores in Canada at the third quarter’s end.


Bookmark and Share Make text smaller Make text larger
comments powered by Disqus
Most Popular
April
2014
Sunday
20
S M T W T F S
30 31 1 2 3 4 5
6 7 8 9 10 11 12
20 21 22 23 24 25 26
27 28 29 30 1 2 3
May
O-R's Poll Question of the Day