Big Lots Q1 Profit Falls; Revises FY14 Targets - Quick Facts

(RTTNews) - Broadline closeout retailer Big Lots Inc. (BIG) reported a plunge in first-quarter net income to $3.35 million, or $0.06 a share, from $32.33 million, or $0.56 a share, last year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.44 for the quarter. Analysts' estimates typically exclude one-time items.

For the recent quarter, income from continuing operations totaled $28.6 million, or $0.50 per share.

However, quarterly net sales for continuing operations were $1.28 billion, up 1.1%, compared with $1.27 billion, in the prior-year quarter. Fourteen analysts estimated revenues of $1.26 billion for the quarter. Comparable-store sales for stores open at least fifteen months rose 0.9% for the quarter, versus with its guidance of slightly negative to slightly positive.

Looking ahead to the second quarter of fiscal 2014, the firm estimates income from continuing U.S. operations of $0.24 - $0.30 a share, based on estimated comparable-store sales range of +1% to +3%. Fifteen analysts expect second-quarter earnings of $0.28 a share.

For fiscal 2014, non-GAAP income from continuing U.S. operations are now projected to be $2.35 - $2.50 a share, and comparable-store sales in the range of +1% to +2%. Fifteen analysts anticipate annual earnings of $2.38 a share.