Big Lots reports slight 3Q comps gain, income down

COLUMBUS, Ohio Big Lots reported net income of $17.7 million, or 23 cents per diluted share for the third quarter of fiscal 2010 ended Oct. 30. This compares with net income of $30.3 million, or 37 cents per diluted share, for the third quarter of fiscal 2009.

Net sales for the third quarter of fiscal 2010 increased 2% to $1.1 billion, compared with $1 billion for the same period in fiscal 2009.  Comparable-store sales for stores open at least two years at the beginning of the fiscal year increased 0.7% for the quarter. 

For the the fourth quarter of fiscal 2010, Big Lots said it is expecting income from continuing operations of $1.36 to $1.42 per diluted share compared with adjusted (non-GAAP) income from continuing operations of $1.31 per diluted share last year. Full year 2010 income from continuing operations is expected to be $2.75 to $2.81 per diluted share, a 16% to 19% increase compared to adjusted (non-GAAP) income from continuing operations of $2.37 per diluted share last year.