Monday, June 3, 2019

After-tax charges hit Big Lots profit in Q1

Chain Store Age
Big Lots Inc. reported net income of $15.54 million, down 50% from $31.24 million the prior year period. However, after-tax charges related to business transformation and legal settlements cost Big Lots $21.4 million in potential profits. Adjusted earnings per share (EPS) fared better, totaling $0.92, well ahead of Wall Street expectations for EPS of $0.70.

Net sales totaled $1.3 billion, up 2% from $1.27 billion the first quarter of the previous fiscal year and above analyst predictions of $1.29 billion. Same-store sales rose 1.5%, which missed Wall Street expectations for 2.2% growth.. . . more