Stock Market Watch

Big Lots Q2 Earnings Beat Expectation, FY 2013 Earnings Outlook Slashed

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Big Lots Inc. (NYSE: BIG) reported a drop in fiscal second quarter net income as higher expenses offset slight improvement in revenue. However, adjusted earnings beat analysts’ expectation while revenue was in-line with estimation.

Shares edged up on Friday even though the Company yet again downwardly revised its full-year outlook.

For the fiscal 2013, Big Lots now anticipates earnings from continued operations to be in the range of $2.80 to $3.05 compared to its earlier projection of $2.87 to $3.12 a share. Analysts’ consensus estimate was for earnings of $2.96 a share.

For the fiscal second quarter, Big Lots posted a net income of $18.13 million or 31 cents a share compared to a profit of $22.08 million  or 36 cents a share, in the year earlier quarter.

Stripping out onetime items, the adjusted earnings stood at $17.7 million or 31 cents a share.

Analysts polled by Thomson Reuters had forecasted earnings of 24 cents a share.

Net sales rose 0.6% to $1.23 billion from $1.22 billion, in the same period of last year.

Overall same-store-sales slipped 1.9% but was less-than-feared.  Big Lots feared 2% to 4% decline.

Net sales from the U.S. operations rose 0.4% to $1.19 billion while same-store-sales fell 2.2%.

Net sales from Canadian operations climbed 8.2% to $37.9 million.

 








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Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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