Big Lots profit tops Street; raises forecast

8/26/2016

Big Lots Inc. isn’t letting soft sales in the second quarter damper its outlook. Instead, the retailer raised its profit forecast for the year.



The discounter on Friday reported fiscal second-quarter net income of $22.7 million, which surpassed analysts’ expectations, from $17.64 million in the year-ago period.



Revenue totaled $1.2 billion in the period, which missed Street forecasts. Same-store sales inched up 0.3%.



“We are pleased to report comps increased for the 10th consecutive quarter and our earnings were above the high end of our guidance range, increasing 27% over Q2 last year,” said David Campisi, CEO and president of Big Lots.



For the full year, Big Lots boosted its adjusted EPS forecast from $3.35-$3.45 to $3.45-$3.55.


X
This ad will auto-close in 10 seconds