Big Lots Inc. (BIG) missed analyst expectations on revenue and earnings for the second quarter of 2018, sending shares falling nearly 12% in premarket hours. Net sales increased slightly to $1.22 billion from $1.21 billion in the same period last year. Comparable store sales rose 1.6%, but the growth was partially offset by a lower store count year-over-year.
Net income dropped to $24.2 million or $0.59 per diluted share from $29.1 million or $0.67 per diluted share in the prior-year period. The current quarter earnings number came in below the company’s guidance range of $0.60 to $0.70 per share.
Inventory at the end of Q2 was higher at $854 million versus $810 million last year due to the timing of receipts of early fall and seasonal-related merchandise into distribution centers.
For the third quarter of 2018, Big Lots expects to achieve an income of $0.04 per diluted share to a loss of $0.06 per share. Comparable store sales are expected to increase 2% to 4%. For the fourth quarter, the company expects diluted EPS to be $2.90 to $3.00 and comp sales to grow in the low single digit range.
For the full year of 2018, Big Lots expects adjusted diluted EPS to come in the range of $4.40 to $4.55 and comparable store sales to grow around 1%. Cash flow is supposed to be $100 million to $110 million.
Most Popular
Key metrics from Shopify’s (SHOP) Q1 2024 earnings results
Shopify Inc. (NYSE: SHOP) reported first quarter 2024 earnings results today. Revenue increased 23% to $1.9 billion compared to the prior-year period. Gross Merchandise Volume (GMV) increased 23% year-over-year to
EA Earnings: Electronic Arts reports lower revenues for Q4 2024
Video game publisher Electronic Arts (NASDAQ: EA) Tuesday reported a decline in revenues for the fourth quarter of 2024. Meanwhile, the top line came in slightly above analysts' estimates. Fourth-quarter
What to look for when Home Depot (HD) reports Q1 2024 earnings
Shares of The Home Depot (NYSE: HD) stayed red on Tuesday. The stock has gained 17% over the past 12 months. The home improvement retailer is scheduled to report its