Retail News Breaks
Full-year profit slips at Big Lots
March 8th, 2013
COLUMBUS, Ohio – Big Lots Inc.'s full-year earnings fell despite a rise in sales. The company’s earnings for the year ended February 2 were $177.1 million, or $2.93 per share, down from $207.1 million or $2.98 per share.
Excluding a $3.4 million charge in the first quarter for an inventory accounting change, adjusted earnings from continuing operations were $2.99 per share. Sales advanced 4% to $5.4 billion.
Fourth-quarter net income climbed 5% on strong sales at domestic and Canadian stores.
Fourth-quarter profits totaled $120.3 million, or $2.09 per share, up from $114.7 million, or $1.75 per share, a year earlier. Analysts polled by FactSet expected quarterly earnings of $1.99 per share. Sales rose 5% to $1.75 billion from $1.67 billion, benefiting from an extra week.
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