Big Lots (BIG) Slammed on Q2 Profit Miss, Cut Outlook; Merchandising Exec Wurl Hits the Exit
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BTTX, VAXX, ELYS, More
Financial Fact:
Continuing operations: 0.03
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Big Lots (NYSE: BIG) is getting spanked Thursday morning following second-quarter 2012 results and key management changes being made.
Big Lots reported a 4.4 percent increase in sales to $1.22 billion in the quarter, with U.S. sales improving just 1.7 percent. U.S. comps fell 1.9 percent.
Net income fell 38 percent to $22.1 million, or 36 cents per share. U.S. ops produced EPS of 42 cents while Canadian ops lost about 5 cents per share in the quarter.
Overall, the Street was looking for EPS of 41 cents and sales of $1.24 billion.
Looking ahead, Big Lots also cut its outlook for 2012, seeing EPS of $2.80 to $2.95 from a prior range of $3.25 to $3.40. The Street was at $3.29.
In terms of managment changes, Big Lots announced some shifts. Notably, Timothy Johnson was promoted to CFO and John Martin was named EVP and Merchandising Chief. The appoint for Martin came following the abrupt resignation of Merchandising EVP Doug Wurl.
Big Lots shares are down over 16 percent in early trading.
Big Lots reported a 4.4 percent increase in sales to $1.22 billion in the quarter, with U.S. sales improving just 1.7 percent. U.S. comps fell 1.9 percent.
Net income fell 38 percent to $22.1 million, or 36 cents per share. U.S. ops produced EPS of 42 cents while Canadian ops lost about 5 cents per share in the quarter.
Overall, the Street was looking for EPS of 41 cents and sales of $1.24 billion.
Looking ahead, Big Lots also cut its outlook for 2012, seeing EPS of $2.80 to $2.95 from a prior range of $3.25 to $3.40. The Street was at $3.29.
In terms of managment changes, Big Lots announced some shifts. Notably, Timothy Johnson was promoted to CFO and John Martin was named EVP and Merchandising Chief. The appoint for Martin came following the abrupt resignation of Merchandising EVP Doug Wurl.
Big Lots shares are down over 16 percent in early trading.
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