Big Lots (BIG) Tops Q1 EPS by 16c; Guides Above Views

Big Lots (NYSE: BIG) reported Q1 EPS of $1.15, $0.16 better than the analyst estimate of $0.99. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.31 billion.

Commenting on today's release, David Campisi, Chief Executive Officer and President of Big Lots, stated, "I'm pleased to report record earnings per share for Q1 despite a very challenging environment for most traditional retailers. After a slow start to the quarter in February, our ownable and winnable merchandise strategy demonstrated its resiliency by bouncing back with low to mid-single digit comps in March and April, along with solid comp store performance month-to-date in May to start second quarter. Jennifer is responding to our focus on improving the quality and value of our product assortments and enjoying our improving in-store service levels."

FISCAL Q2 2017 GUIDANCE

• Provides initial Q2 guidance for income of $0.58 to $0.63 per diluted share, representing an 12% to 21% increase compared to adjusted income of $0.52 per diluted share (non-GAAP) for the same period last year (*** consensus is $0.58)
• Provides initial Q2 guidance for comparable store sales increase in the low single digits

For the second quarter of fiscal 2017, we estimate income will be in the range of $0.58 to $0.63 per diluted share, compared to adjusted income of $0.52 per diluted share (non-GAAP) for the second quarter of fiscal 2016. This guidance is based on a comparable store sales increase in the low single digit range, compared to a 0.3% comparable store sales increase in the second quarter of fiscal 2016.

FISCAL 2017 GUIDANCE

• Updates guidance for fiscal 2017 income to be in the range of $4.05 to $4.20 per diluted share, representing an 11% to 15% increase compared to fiscal 2016 adjusted income of $3.64 per diluted share (non-GAAP) (*** consensus is $4.05)
• Affirms guidance for fiscal 2017 comparable store sales increase of 1% to 2%
• Affirms guidance for fiscal 2017 cash flow of $180 to $190 million

Based on the actual results for the first quarter and the guidance provided for the second quarter, we are updating our guidance for the full year of fiscal 2017. We estimate fiscal 2017 income will be in the range of $4.05 to $4.20 per diluted share, compared to our prior guidance of $3.95 to $4.10 per diluted share. This compares to adjusted income of $3.64 per diluted share (non-GAAP) for fiscal 2016. This outlook is based on a comparable store sales increase in the range of 1% to 2%. We estimate this financial performance will result in cash flow of $180 to $190 million.

For earnings history and earnings-related data on Big Lots (BIG) click here.

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• CaliberCos Inc (CWD) Misses Q2 EPS by 43c; Offers Guidance
• Boston Omaha Corporation (BOC) Misses Q2 EPS by 2c