Closeout retailer Big Lots, Inc. (BIG), Tuesday, boosted its earnings and comparable store sales outlook for the fourth quarter ending January 30 in light of higher sales. The company also lifted its earnings outlook for fiscal year 2009.
For the fourth quarter, the company now expects income from continuing operations in the range of $1.19 - $1.24 per share, up from its previous guidance range of $1.09 - $1.14 per share and $1.00 per share reported in the prior-year quarter.
On average, 15 analysts polled by Thomson Reuters expect a profit of $1.13 per share for the quarter. Analysts' forecast typically excludes one-time items.
Further, based on sales results quarter-to-date and the company's forecast for the balance of the quarter, Big Lots currently expects a 3.5% to 4.5% rise in its comparable store sales for the fourth quarter. This compares with the company's previous guidance of a 1.5% to 2.5% increase indicated on December 4, 2009.
Big Lots also stated that from a merchandising perspective, all major merchandise categories showed positive comps on a quarter-to-date basis. Seasonal, home, furniture and hardlines, particularly the electronics department, have been the best performers. Sales in the company's consumables category and the toys department are also higher than last year's levels.
For the preceding third quarter, Big Lots' income from continuing operations was $30.3 million or $0.37 per share and adjusted income from continuing operations was $22.2 million or $0.27 per share. Third-quarter comparable store sales were down 0.2% for the quarter.
For fiscal 2009, Big Lots currently has forecast non-GAAP income from continuing operations of $2.25 to $2.30 per share, up from $2.15 to $2.20 per share projected on December 4. The company said the full-year outlook revision was based on the updated guidance for the fourth quarter.
The company's full-year non-GAAP earnings from continuing operations forecast excludes a gain of $13 million or $0.10 per share recognized in the third quarter related to the sale of real estate.
Meanwhile, Wall Street analysts are looking for earnings of $2.19 per share for the full year. In fiscal year 2008, Big Lots had reported income from continuing operations of 1.89 per share.
On a GAAP basis, the company's full-year earnings from continuing operations are estimated to be between $2.35 and $2.40 per share.
Big Lots also announced that it is participating in the upcoming 12th Annual ICR Xchange Investor Conference. The company's Chairman, Chief Executive Officer and President Steve Fishman is scheduled to give a presentation in the Conference on January 14.
Amongst Big Lots' rivals, Target Corp. (TGT) has forecast earnings for the fourth quarter to meet or exceed analysts' expectations. Twenty analysts have a consensus earnings estimate of $1.14 per share for the quarter.
BIG is trading at $30.465 on the NYSE, up $0.775 or 2.61%, on a volume of 1.10 million shares.
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