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.


More From InvestorPlace

Tags: BIG
1Comment
Mar 10, 2014 10:48AM
avatar
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. 
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

114
114 rated 1
280
280 rated 2
473
473 rated 3
639
639 rated 4
637
637 rated 5
662
662 rated 6
640
640 rated 7
498
498 rated 8
287
287 rated 9
121
121 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
COPCONOCOPHILLIPS9
TAT&T Inc9
VZVERIZON COMMUNICATIONS9
KOGKODIAK OIL & GAS Corp9
CVXCHEVRON CORPORATION8
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.