Big Lots Gives Bleak Forecast
A pressure on margins led Big Lots Inc (NYSE:BIG) to an earnings miss and a disappointing forecast for the current quarter.
First-quarter earnings were down to $40.7 million (63 cents a share) from $52.5 million (70 cents a share) last year. Excluding items, earnings were 68 cents a share, off analysts’ average estimate of 69 cents a share. Net margins fell to 3.1 percent from 4.3 percent last year.
Revenues climbed 5.4 percent to $1.29 billion.
The company’s outlook for the current quarter was substantially below market expectations. It expects to earn 37 to 42 cents a share, while analysts expected 54 cents a share.
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