COLUMBUS, Ohio — Big Lots Inc. reported adjusted earnings for the second quarter that fell short of analysts’ estimates.
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.
