Big Lots Increases 2016 Guidance For Adj. EPS - Quick Facts

(RTTNews) - Big Lots, Inc. (BIG) announced the company now estimates fiscal 2016 adjusted income from continuing operations to be in the range of $3.45 to $3.55 per share, compared to previous guidance of $3.35 to $3.50 per share. The outlook is based on a comparable store sales increase in the range of 1% to 2% and total sales up slightly. Big Lots estimate the financial performance will result in cash flow of approximately $210 million. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.47. Analysts' estimates typically exclude special items.

For the third quarter of fiscal 2016, the company estimates continuing operations will be in the range of an adjusted loss of $0.04 per share to adjusted income of $0.01 per share. The guidance is based on estimated comparable store sales in the range of flattish to an increase of 2%. Analysts polled by Thomson Reuters expect the company to report a loss per share of $0.01.

For the fourth quarter of fiscal 2016, the company estimates adjusted income from continuing operations will be in the range of $2.18 to $2.23 per share. The guidance is based on estimated comparable store sales in the range of flattish to an increase of 2%.

Big Lots reported income from continuing operations of $22.7 million, or $0.51 per share, for the second quarter of fiscal 2016. The result included an after tax expense of $0.6 million, or $0.01 per share, associated with legacy pension plans which have been terminated. Excluding this expense, adjusted income from continuing operations totaled $23.4 million, or $0.52 per share. Adjusted income from continuing operations for the second quarter of prior fiscal year was $21.1 million, or $0.41 per share.

Comparable store sales increased 0.3% for the second-quarter of fiscal 2016. Net sales decreased 0.5% to $1.20 billion, as the increase in comparable store sales was offset by a lower store count compared to last year.