Categories AlphaGraphs, Earnings, Retail

Big Lots shares tank after disappointing results

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.

Big Lots Comp Sales performance

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