Big Lots soars 20% on earnings beat
The solid report comes a month after the retailer closed all of its Canadian operations.
By Christopher Freeburn
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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