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Big Lots Gains In Q2 After Exiting Canada

Today, Big Lots, Inc. posted net income of $19.9 million, or 36 cents per diluted share, for the second quarter of fiscal 2014 ended August 2, versus $18.1 million, or 31 cents per diluted share, in the year-earlier period. The company reported that income from continuing operations was $17.2 million, or 31 cents per diluted share, versus $21.9 million, or 38 cents per diluted share, in last year’s second quarter.

A Zacks Consensus Estimate of financial analysts came in at 30 cents per diluted share.

Adjusted earnings per share in the United Stated, on a continuing basis, were 37 cents.

Comparable store sales increased 1.7% for the quarter versus last year’s period. Net sales for continuing operations for the second quarter increased 1.2% to $1.2 billion, compared to net sales from continuing operations in the United States of $1.18 billion for the same period of fiscal 2013. Big Lots recently liquidated its Canadian operations.

David Campisi, Big Lots president and CEO stated, “I’m very pleased with the results we reported today. For the second consecutive quarter, our comps were positive and comfortably within the guidance range we provided, and our earnings were above the high end of our range. We believe this is an indication that our core customer is responding to our improved merchandising strategies and marketing execution.”