Big Lots Earnings: Profits Dip Year-Over-Year, Falls Short of Estimates
S&P 500 (NYSE:SPY) component Big Lots Inc. (NYSE:BIG) reported its results for the first quarter. Big Lots operates as a broadline closeout retailer through its subsidiaries in the United States. It sells a number of products, including food, home decor, and furniture.
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Big Lots Earnings Cheat Sheet for the First Quarter
Results: Net income for Big Lots Inc. fell to $40.7 million (63 cents per share) vs. $52.5 million (70 cents per share) a year earlier. This is a decline of 22.3% from the year-earlier quarter.
Revenue: Rose 5.5% to $1.29 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Big Lots Inc. reported adjusted net income of 68 cents per share. By that measure, the company fell short of mean estimate of 69 cents per share. Analysts were expecting revenue of $1.3 billion.
Revenue has risen the past four quarters. Revenue increased 9.9% to $1.67 billion in the fourth quarter of the last fiscal year. The figure rose 7.8% in the third quarter of the last fiscal year from the year earlier and climbed 2.2% in the second quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of $1.75 versus a mean estimate of net income of $1.73 per share.
Net income has dropped 21.8% year-over-year on average across the last five quarters. Performance was hurt by a 76.3% decline in the third quarter of the last fiscal year from the year-earlier quarter.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 54 cents per share, down from 59 cents ninety days ago. The average estimate for the fiscal year is now $3.33 per share, down from $3.52 sixty days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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