Big Lots Increases FY17 Earnings Guidance - Quick Facts

(RTTNews) - Big Lots, Inc. (BIG) announced the company now estimates fiscal 2017 income to be in the range of $4.15 to $4.25 per share, compared to prior guidance of $4.05 to $4.20 per share. The annual guidance is based on a comparable store sales increase of 1% to 1.5% and total sales up 2% to 2.5% to last year as the comp and the 53rd week are expected to be partially offset by a lower overall store count. The company estimates its financial performance will result in cash flow of $180 to $190 million.

For the third quarter of fiscal 2017, the company estimates income will be in the range of $0.01 to $0.05 per share. The guidance is based on a comparable store sales increase in the low single digit range.

For the fourth quarter of fiscal 2017, the company estimates income will be in the range of $2.30 to $2.38 per share. The guidance is based on comparable store sales in the range of flat to up 2%.

Big Lots reported income of $29.1 million, or $0.67 per share, for the second quarter of fiscal 2017, a 29% increase over adjusted income of $23.4 million, or $0.52 per share, for the second quarter of fiscal 2016. Comparable store sales increased 1.8%. Net sales increased 1.5% to $1.22 billion, a result of the comparable store sales increase partially offset by a lower store count year-over-year.

Big Lots, Inc. also announced its Board declared a quarterly cash dividend of $0.25 per common share. The dividend will be paid on September 22, 2017, to shareholders of record as of the close of business on September 8, 2017.