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Big Lots beats Street with big Q1 performance
Columbus, Ohio – Big Lots Inc. beat Wall Street predictions for profit and revenue with a solid performance in the first quarter of fiscal 2015. Improved gross margin helped Big Lots increase net income by a factor of roughly 10, to $32.21 million from $3.35 million the same period a year earlier.
Net sales slipped 0.1%, staying at roughly $1.28 billion. A reduction in stores offset same-store sales growth of 1.6%.
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Small steps toward growth for Big Lots
Big Lots continued to see positive results from the steps it has taken to improve its business in the first quarter, with the retailer posting increases in profit and sales.
Same store sales rose by 1.6% in the first quarter ended May 2, reflecting better performance in its remaining stores, and income from continuing operations jumped by 13% to $32.3 million, producing earnings of $0.60 per share, beating estimates by a penny.

