Barclays Maintains an 'Overweight' on Big Lots (BIG); 3Q11 Sales Preview
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Price: $3.47 +1.76%
Rating Summary:
9 Buy, 14 Hold, 7 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
9 Buy, 14 Hold, 7 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Barclays maintains an 'Overweight' on Big Lots (NYSE: BIG) price target of $38.00.
Barclays analyst says, "We are forecasting 3Q11 retail sales (incl. Canada) of $1.096 billion, an increase of 5.4%, on domestic comps of 0.3% and square footage growth of 10.0% (4.1% excl acquisition). This compares to comp guidance for the quarter of flat to slightly positive. In 2Q, BIG had sales declines in four out of six categories, some of which were due to unfavorable weather. Trends improved as the quarter progressed, with May comps down mid-single digits but rebounding to flat in June and July. BIG faces difficult 3Q comparisons in the furniture and seasonal categories as they were up 11.0% and 10.0% in 3Q10, although the Other category was down 11.8%."
Big Lots will report sales for 3Q11 on Thursday, November 3, before the market opens.
For more ratings news on Big Lots click here and for the rating history of Big Lots click here.
Shares of Big Lots closed at $37.69 yesterday.
Barclays analyst says, "We are forecasting 3Q11 retail sales (incl. Canada) of $1.096 billion, an increase of 5.4%, on domestic comps of 0.3% and square footage growth of 10.0% (4.1% excl acquisition). This compares to comp guidance for the quarter of flat to slightly positive. In 2Q, BIG had sales declines in four out of six categories, some of which were due to unfavorable weather. Trends improved as the quarter progressed, with May comps down mid-single digits but rebounding to flat in June and July. BIG faces difficult 3Q comparisons in the furniture and seasonal categories as they were up 11.0% and 10.0% in 3Q10, although the Other category was down 11.8%."
Big Lots will report sales for 3Q11 on Thursday, November 3, before the market opens.
For more ratings news on Big Lots click here and for the rating history of Big Lots click here.
Shares of Big Lots closed at $37.69 yesterday.
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