Big Lots (BIG) Tops Q2 EPS by 5c, Revenues Beat, Comp. Sales Up 31.3%

Big Lots (NYSE: BIG) reported Q2 EPS of $2.75, $0.05 better than the analyst estimate of $2.70. Revenue for the quarter came in at $1.64 billion versus the consensus estimate of $1.61 billion.

• COMPARABLE SALES INCREASE 31.3%
• UP STRONGLY ACROSS BOTH STORES AND ECOMMERCE GAAP EPS $11.29
• ADJUSTED EPS $2.75 ADJUSTED EPS MORE THAN FIVE TIMES PRIOR YEAR

Commenting on today's announcement, Bruce Thorn, President and CEO of Big Lots stated, "I am delighted with our record-breaking results in Q2. Our comp increase was the best in the company's history, and adjusted EPS was the most we've reported in a second quarter, and more than five times what we reported a year ago. Comp sales were driven by strong results both in-store, where traffic and basket were each up double digits, and on-line, which drove almost five comp points, and where we acquired more new customers than in any prior quarter.

I continue to be very proud of how our team has responded to the challenges over the past six months. The results in Q2 were made possible by exceptional teamwork across the entire organization, and I want to thank our associates in our stores, the distribution centers, and our corporate headquarters for their dedication, compassion and tireless efforts. Throughout, we have maintained our commitment to serving our customers and our communities in as safe and healthy environment as possible."

Mr. Thorn continued, "Looking forward, the third quarter is off to a strong start and I am confident that our Operation North Star strategies will continue to drive top line growth, increase customer engagement, and deliver tremendous leverage in our business. With our assortment of everyday essentials and stay-at-home products, we are well positioned for what appears to be a new normal. Our balanced offering of thoughtfully curated merchandise, neverouts, and closeouts, differentiates us from the competition and continues to surprise and delight our customers with tremendous value. Our operating results under Operation North Star, along with our commitment to disciplined capital management, position us to continue driving significant shareholder value."

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

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