Big Lots Q2 Profit Declines, Misses Estimates

(RTTNews) - Big Lots Inc. (BIG) reported second quarter net income of $24.16 million, down from $29.12 million in the prior year. On a per share basis, earnings were $0.59, compared to $0.67 last year.

On average, 12 analysts polled by Thomson Reuters expected the company to earn 0.67 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $1.222 billion from $1.219 billion a year ago. Comparable store sales for the quarter increased 1.6 percent. Wall Street was looking for $1.23 billion.

Looking ahead to the third quarter, the company expects comparable store sales to increase in the low single digits. For the fourth quarter income guidance is in a range of $2.90 to $3.00 per share.

Further, Big Lots affirmed fiscal 2018 comparable store sales to grow by around 1 percent. Adjusted income is expected to be in a range of $4.40 to $4.55 per share.