Big Lots Sees Q2 EPS Within View; Lifts FY EPS Outlook

(RTTNews) - Big Lots, Inc. (BIG) announced that it expects second quarter adjusted income from continuing operations will be in the range of $0.42 to $0.47 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.45 per share for the second quarter. Analysts' estimates typically exclude special items.

The company also estimated second quarter comparable store sales in the range of flattish to an increase of 2% compared to a 2.8% comparable store sales increase in the prior year.

Looking ahead, the company lifts fiscal 2016 adjusted income from continuing operations view to be in the range of $3.35 to $3.50 per share versus prior guidance of $3.20 to $3.35 per share. Analysts expect annual earnings of $3.30 per share.

Further, the company affirmed view for fiscal 2016 comparable store sales to increase in the low single digits and cash flow of $200 million.

The company also announced that its board of directors declared a quarterly cash dividend of $0.21 per common share, which is payable on June 24, 2016, to shareholders of record as of the close of business on June 10, 2016.

Subsequent to the end of the first quarter, the company exhausted the authorization remaining under 2016 Share Repurchase Program on May 25, 2016.

In total for the program, the company invested $250 million to repurchase 5.6 million shares, or approximately 11% of the Company's shares outstanding.