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Big Lots Projects Q2 Comps. To Be Up Mid-to-High Twenties - Quick Facts

Big Lots, Inc. (BIG) said the company expects second quarter adjusted earnings per share, which excludes a gain of approximately $11.00 per share on the sale of its four distribution centers as part of the sale/leaseback transactions, to be in the range of $2.50 to $2.75, compared to $0.53, last year.

For the second quarter, the company now expects comparable sales to be up by a mid-to-high twenties percentage, which reflects anticipated moderation from quarter-to-date trends. The company has seen a continuation of the strong demand that began in mid-April, with quarter-to-date comparable sales through fiscal June increasing well ahead of outlook.

The company said it is in a very strong liquidity position, with current cash and short-term investments of approximately $890 million, and no amounts drawn on its $700 million revolving credit facility.

Shares of Big Lots were up more than 10% in pre-market trade on Friday.

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