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