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Big Lots Earnings Slip But Exceed Wall Street Estimate

Friday August 30th, 2013 - 1:13PM


Today, Big Lots, Inc. posted consolidated income from continuing operations of $18.1 million, or 31 cents per diluted share, for the second quarter of fiscal 2013 ended August 3 versus $22.1 million, or 36 cents per diluted share, in the year-earlier period. The result, according to the company, includes a non-recurring after tax benefit of $400,000, or one cent per diluted share, associated with the settlement of a store-related legal contingency. Excluding the one-time event, adjusted consolidated income from continuing operations totaled $17.7 million, or 31 cents per diluted share, the company stated.

Big Lots earnings per diluted share beat a Zacks analyst average estimate by six cents.

Second quarter consolidated comparable store sales decreased 1.9% from last year’s period, the company stated.

In the United States, Big Lots noted, net sales increased 0.4% in the quarter to $1.19 billion compared to $1.18 billion for the 2012 quarter, with comparable store sales down 2.2% year over year. Adjusted income from continuing U.S. operations was $21.5 million, or 37 cents per diluted share, versus $25.4 million, or 42 cents per diluted share, for the 2012 period. Canadian net sales in  for the second quarter increased 8.2% to $37.9 million while comps increased 8.3% versus the year-earlier period. In the quarter Big Lots Canada incurred an adjusted net loss of $3.8 million, or seven cents per diluted share, compared to a net loss of $3.3 million, or five cents per diluted share, in the prior-year second quarter, the company reported.