Big Lots Reports Q2 EPS From Cont. Ops. Of $0.31; Updates FY14 EPS Outlook

(RTTNews) - Big Lots, Inc. (BIG) reported income from continuing operations of $17.2 million, or $0.31 per share for the second-quarter of 2014. Net income from continuing operations was $21.94 million or $0.38 per share, prior year. Adjusted income from continuing U.S. operations was $21.5 million, or $0.37 per share, for the second quarter of prior fiscal year.

On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.30 for the quarter. Analysts' estimates typically exclude special items.

Net sales from continuing operations increased 1.2% to $1.20 billion, from $1.18 billion, prior year. Comparable store sales increased 1.7% for the quarter. Analysts expected revenue of $1.20 billion for the quarter.

David Campisi, CEO and President of Big Lots, said, "I'm very pleased with the results we reported today. For the second consecutive quarter, our comps were positive and comfortably within the guidance range we provided, and our earnings were above the high end of our range. We believe this is an indication that our core customer, Jennifer, is responding to our improved merchandising strategies and marketing execution."

Big Lots updated outlook for fiscal 2014 income from continuing operations to $2.40 to $2.50 per share. The company affirmed its comparable store sales growth guidance range of 1% to 2% for fiscal 2014. Analysts expect the company to report fiscal 2014 earnings per share of $2.48.

The Board Big Lots declared a quarterly cash dividend for the third quarter of fiscal 2014 of $0.17 per common share payable on September 26, 2014, to shareholders of record as of the close of business on September 12, 2014.

On August 28, 2014, the company's Board approved a new share repurchase program providing for the repurchase of up to $125 million of common shares. The August 2014 Share Repurchase Program is eligible to begin on September 3, 2014.