Community retailer Big Lots’ (NYSE: BIG) first quarter 2019 adjusted earnings of $0.92 per share topped analysts estimates $0.70, while revenue of $1.3 billion was in line with the targets. Comp store sales grew 1.5% and the company lifted its earnings outlook for fiscal 2019. Shares of Big Lots, which plunged to a new 52-week low ($25.73) on Thursday, surged more than 10% in the pre-market trading hours today.
On a GAAP basis, Big Lots reported income of $15.5 million or $0.39 per share compared to $31.2 million or $0.74 per share in the first quarter of 2018.
For the second quarter of 2019, Big Lots expects GAAP earnings to be between $0.05 and $0.15 per share and adjusted earnings to be in the range of $0.35 to $0.45 per share. Comparable store sales growth is touted to be in the low single digit range.
The Columbus, Ohio-based firm lifted fiscal year 2019 adjusted income per share guidance to a range of $3.70 to $3.85 from the prior estimate of $3.55 to $3.75 per share. The company maintained the comp store sales growth outlook of low single digit range.
Among other retailers, Dollar General (DG) reported its quarterly earnings before the market opened yesterday, while Dollar Tree Stores (DLTR) and Costco Wholesale (COST) reported their quarterly results after the bell.
Big Lots stock, which tumbled to an eight-year low in December, had dropped 18% in the last three months and 39% in the 52 weeks.
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