Big Lots (BIG) Misses Q1 Views, Cuts FY12 EPS Outlook; Shares Rise
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Financial Fact:
Dilutive effect of share-based awards: 761K
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Dilutive effect of share-based awards: 761K
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of Big Lots, Inc. (NYSE: BIG) are outperforming the broader stock market rather sharply Wednesday morning despite a first-quarter 2012 earnings miss and lightened outlook.
The closeout retailer reported the top-line number rose 5.5 percent from $1.23 billion in the same period last year to $1.29 billion. Analysts were looking for modestly better revenue of $1.30 billion.
Net income slipped 22.4 percent to $40.75 million, or 63 cents per diluted share. Adjusting for one-time items pushed EPS to 68 cents, versus the Street consensus at 69 cents.
U.S. comparable-store sales slipped 0.8 percent in the quarter.
Operating profit fell 170 basis points to 5.3 percent.
Inventory rose 8 percent was due largely to U.S. store growth.
Looking ahead, Big Lots sees second-quarter EPS of 37 cents to 42 cents, compared with views calling for 54 cents. Comps could be slightly positive or slightly negative. For fiscal 2012, Big Lots trimmed its EPS outlook from $3.63 to $3.73 to a new range of $3.25 to $3.40. The Street is modeling for EPS of $3.33. Comps should be flat to up 1 percent.
Despite the reduced outlook, Big Lots shares are up 0.7 percent in early trading.
The closeout retailer reported the top-line number rose 5.5 percent from $1.23 billion in the same period last year to $1.29 billion. Analysts were looking for modestly better revenue of $1.30 billion.
Net income slipped 22.4 percent to $40.75 million, or 63 cents per diluted share. Adjusting for one-time items pushed EPS to 68 cents, versus the Street consensus at 69 cents.
U.S. comparable-store sales slipped 0.8 percent in the quarter.
Operating profit fell 170 basis points to 5.3 percent.
Inventory rose 8 percent was due largely to U.S. store growth.
Looking ahead, Big Lots sees second-quarter EPS of 37 cents to 42 cents, compared with views calling for 54 cents. Comps could be slightly positive or slightly negative. For fiscal 2012, Big Lots trimmed its EPS outlook from $3.63 to $3.73 to a new range of $3.25 to $3.40. The Street is modeling for EPS of $3.33. Comps should be flat to up 1 percent.
Despite the reduced outlook, Big Lots shares are up 0.7 percent in early trading.
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