Big Lots Issues FY19 Guidance; Board Approves Share Buyback Program

(RTTNews) - Big Lots, Inc. (BIG) announced the company estimates fiscal 2019 adjusted income will be in the range of $3.55 to $3.75 per share, compared to adjusted income of $4.04 per share for fiscal 2018. The guidance is based on a comparable store sales increase in the low single digit range and a total sales increase in the low singles. The company estimates cash flow of approximately $95 to $105 million for the fiscal year period.

For the first quarter of fiscal 2019, Big Lots estimates adjusted income in the range of $0.65 to $0.75 per share compared to last year's adjusted income of $0.95 per share. The guidance assumes a comparable store sales increase in the low single digit range.

Fourth-quarter income was $2.68 per share compared to last year's adjusted income of $2.57 per share, exceeding the company's previously communicated guidance of $2.20 to $2.40 per share. Comparable store sales were up 3.1%, for the fourth-quarter. Net sales were $1.60 billion compared to $1.64 billion for the same period last year.

On March 6, 2019, the company's Board of Directors approved a share repurchase program providing for the repurchase of up to $50 million of common shares. The 2019 Share Repurchase Program is eligible to begin on March 11, 2019 and will continue until exhausted.

On March 6, 2019, the company's Board of Directors declared a quarterly cash dividend for the first quarter of fiscal 2019 of $0.30 per common share. The dividend is payable on April 5, 2019, to shareholders of record as of the close of business on March 22, 2019.