Friday, August 30, 2019

Big Lots beats Street with Q2 earnings, misses on same-store sales

Chain Store Age
For the second quarter in a row, after-tax charges bit into profits at Big Lots Inc.

The closeout retailer reported net income of $6.2 million during the second quarter of fiscal 2019, including after-tax charges of $14.5 million related to its ongoing strategic business transformation. This represented a roughly 75% decrease from net income of $24.2 million the prior-year period. However, adjusted earnings per share (EPS) of 53 cents per share beat Wall Street analyst expectations of 36 cents per share.

Net sales totaled $1.25 billion, up 2% from $1.22 billion a year earlier and in line with Wall Street predictions. Same-stores sales growth of 1.2% fell behind expectations of 1.9%.. . . more