Big Lots Q2 Tops Estimates

Big Lots (BIG), a discount retailer, reported Q2 results that beat the Street view on earnings per share and total revenues as comparable store sales increased year-over-year. As a result, shares are 10% higher in premarket trading.



The company reported Q2 adjusted income from continuing operations of $20.4 million, or $0.40 per diluted share, up from $17.2 million, or $0.31 per diluted share, for Q2 2014 and beating analyst estimates of $0.34. Results included a non-recurring, after tax expense of $2.7 million, or $0.05 per diluted share, for a merchandise-related legal contingency.

Total revenues of $1.21 billion were up from $1.20 billion in Q2 2014 and topped analyst projections of $1.20 billion. Comparable store sales for stores open at least fifteen months increased 2.8% for Q2. The company guided Q3 income from continuing operations in the range of a loss of $0.04 to income of $0.01 per share, straddling analyst estimates of $0.00 for the quarter. The guidance assumes a comparable store sales increase in the 2% to 3% range.



Q4 income from continuing operations is guided at $1.95 to $2.00 per diluted share, compared to income from continuing operations of $1.76 per diluted share for the same period last year. Q4 guidance assumes comparable store sales increase in the range of 1% to 2%. Shares of BIG are at $46.20, towards the upper end of its 52-week range of $38.15 – $51.75

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