Big Lots Posts Solid Win on Earnings

By Chris Lange Updated Jan 13, 7:28AM EST · Published May 27, 11:35AM EDT

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Big Lots Posts Solid Win on Earnings — © Thinkstock

Big Lots Inc. (NYSE: BIG) reported its fiscal first-quarter financial results before the markets opened on Friday. The company posted $0.82 in earnings per share (EPS) on $1.31 billion in revenue. The Thomson Reuters consensus estimates called for $0.70 in EPS on revenue of $1.30 billion. In the same period of last year, it reported EPS of $0.60 and $1.28 billion in revenue.

Early in March, the board of directors approved a share repurchase program providing for the repurchase of up to $250 million of common shares. During the first quarter of fiscal 2016, the company invested $138 million to purchase 3.0 million shares, leaving it with roughly $112 million of authorization remaining at the end of the quarter.

In terms of guidance for the second quarter, the company expects EPS to be in the range of $0.42 to $0.47, as well as comparable sales to range from flattish to up 2%. The consensus estimates are $0.45 in EPS on $1.22 billion in revenue for the current quarter.

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On the books, Big Lots cash and cash equivalents totaled $64.39 million at the end of the quarter, compared to $67.19 million in the same period of last year. The company has a market cap of about $2.5 billion.

David Campisi, CEO and president of Big Lots, commented:

I’m very pleased with our first quarter results. Q1 comps increased for the 9th consecutive quarter and were at the high end of our guidance range. Jennifer continues to respond positively to our strategic focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution.

Shares of Big Lots were trading up nearly 10% at $48.97 on Friday, with a consensus analyst price target of $49.31 and a 52-week trading range of $33.78 to $50.47.
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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.