Big Lots, a US discount retailer, posted earnings for its fiscal first quarter that were higher than Wall Street analysts had predicted amid what the company described as a challenging environment to conduct its business.
Net income in the quarter ended April 29 rose to $51.5 million, or $1.15 a share, from $38.7 million, or $0.79 a share, in the same period a year earlier, the Columbus, Ohio-based company said in a regulatory statement on Friday. This was ahead of its own previous guidance range for income in the range of $0.95-to-$1.05 per diluted share.
When adjusted for pension costs and other non-recurring items earnings per share was $1.15, compared with $0.82 in the same period a year earlier. That beat the average estimate of $0.98 in a Capital IQ survey of analysts. Revenue in the period fell to $1.30 billion from $1.31 billion, slightly lower than the $1.31 billion average analyst estimate. Comparable store sales fell 0.9%, compared to the company’s guid