Big Lots meets income expectations

COLUMBUS, Ohio — Big Lots reported income from continuing operations of $120.3 million, or $2.09 per diluted share, for the fourth quarter of fiscal 2012, meeting the company's expectations for net income to be in the range of $1.91 to $2.10 per diluted share.

Net sales for U.S. operations for the fourth quarter of fiscal 2012 increased 4.4% to $1.8 billion, compared to $1.6 billion for the same period of fiscal 2011. Comparable-store sales for U.S. stores decreased 3.5% for the quarter.

Net sales for Canadian operations for the fourth quarter of fiscal 2012 totaled $48.6 million and net income of $0.2 million, or $0.00 per diluted share (non-GAAP), compared with net sales of $36.6 million and a net loss of $5.1 million, or 8 cents per diluted share (non-GAAP) for the same period of fiscal 2011.

Big Lots projects fiscal 2013 income from continuing operations will be$3.05 to $3.25 per diluted share, compared with fiscal 2012 adjusted income from continuing operations of $2.99 per diluted share (non-GAAP). The company expects sales to increase 2% to 3% for the year.