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Big Lots second-quarter profit disappoints Wall Street
May 23rd, 2012
COLUMBUS, Ohio – Big Lots Inc. reported adjusted earnings for the second quarter that fell short of analysts’ estimates.
With comparable-store sales growth proving elusive, management lowered its profit target for the year.
Second-quarter income from continuing operations fell 22.4% to $40.8 million, or 63 cents per share, on a 5.5% increase in net sales to $1.29 billion. Sales through stores open for at least 15 months declined 0.8%.
Excluding a onetime, after-tax charge of $3.4 million, or 5 cents per share, related to an inventory accounting change, adjusted income from continuing operations decreased 15.9% to $44.2 million, or 68 cents per share, a penny short of the 69 cents per share average estimate among analysts surveyed by Thomson Reuters.
Management lowered its full-year adjusted earnings guidance to a range of $3.25 to $3.40 per diluted share, down from a prior range of $3.40 to $3.50 per diluted share.