Big Lots soars 20% on earnings beat

The solid report comes a month after the retailer closed all of its Canadian operations.

By InvestorPlace Mar 7, 2014 3:18PM

Credit: © Kristoffer Tripplaar/Alamy

Caption: A Big Lots retail location in MarylandBy Christopher Freeburn


Discount retailer Big Lots (BIG) posted quarterly results that exceeded Wall Street forecasts, sending the stock vaulting more than 20 percent in Friday trading.


Big Lots jumped after posting adjusted earnings from continuing U.S. operations of $1.45 a share, easily topping the $1.40 a share that analysts had anticipated. Big Lots reported fiscal-fourth-quarter net income of $84.4 million, down from $120.3 million in the prior-year period, Reuters noted.


At the end of last month, Big Lots shuttered all of its Canadian stores. The end of operations in Canada produced a smaller loss than expected -- 47 cents per share, vs. the company's projections of 65 to 75 cents.


During the quarter, BIG said sales slumped 6 percent to $1.64 billion. But that still beat analysts' forecasts for $1.61 billion.


For the current fiscal year, Big Lots said it expects earnings from continuing operations of between $2.25 and $2.45 per share, with the high end of the range covering Wall Street estimates of $2.44 per share.


Big Lots' gains today bring BIG shares back to roughly breakeven for the past 52 weeks.


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1Comment
Mar 10, 2014 10:48AM
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The better header we are ALL waiting for... "End to Big Lots and other Trailer Trash retailers because BIG is destroyed and Free Enterprise returns to America..."

Anybody notice the sheer Everest-sized mounds of clearance in every retailer with Duck Dynasty on it? Now THERE is a marketing message for the Era and a glimpse at the culture doing most of the steerage. 
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