COLUMBUS, Ohio (AP) - Big Lots' fiscal second-quarter net income fell 18 percent, hurt by lower sales at its U.S. stores and some higher expenses. Its adjusted results topped analysts' estimates, however.
COLUMBUS, Ohio (AP) — Big Lots' fiscal second-quarter net income fell 18 percent, hurt by lower sales at its U.S. stores and some higher expenses. Its adjusted results topped analysts' estimates, however.
The discount retailer lowered its forecast for full-year adjusted earnings from continuing operations.
For the period ended Aug. 3, the Columbus, Ohio, company said Friday that it earned $18.1 million, or 32 cents per share. That compares with $22.1 million, or 37 cents per share, a year earlier.
Taking out a tax benefit of a penny per share, earnings from continuing operations were 31 cents per share. Analysts, on average, predicted earnings of 25 cents per share, according to a FactSet survey.
Selling and administrative and depreciation expense rose during the quarter.
Revenue increased 1 percent to $1.23 billion from $1.22 billion, meeting Wall Street's expectations.
Revenue at stores open at least a year declined 1.9 percent, but was slightly better than Big Lots' forecast for a 2 percent to 4 percent drop. In the U.S, the metric fell 2.2 percent. Results were better in Canada, where revenue at stores open at least a year climbed 8.3 percent.
This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
Big Lots foresees full-year adjusted earnings from continuing operations in a range of $2.80 to $3.05 per share. Its prior guidance was for $2.87 to $3.12 per share. Analysts expect earnings of $2.96 per share.
Big Lots Inc. had 1,514 stores in 48 states at the quarter's end. It also had 3 Big Lots stores and 76 Liquidation World and LW stores in Canada.
Its shares finished at $34.64 on Thursday. Its shares have traded in a 52-week range of $26.69 last November to $39.22 in May.