Big Lots, Inc. Earnings: Revenue Falls After Four Straight Increases, Net Income Drops

S&P 500 (NYSE:SPY) component Big Lots, Inc. (NYSE:BIG) reported its results for the first quarter. Big Lots, Inc. 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 the discount store fell to $52.5 million (70 cents/share) vs. $55.9 million (68 cents/share) a year earlier. A decline of 6.1% from the year earlier quarter.

Revenue: Fell 0.6% to $1.23 billion YoY.

Actual vs. Wall St. Expectations: BIG beat the mean analyst estimate of 69 cents/share. Estimates ranged from 62 cents per share to 75 cents per share. Analysts were expecting revenue of $1.23 billion.

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the first quarter of the last fiscal year, which saw revenue rise 8.2%.

The company has now beaten estimates the last two quarters. In fourth quarter of the last fiscal year, it topped expectations with net income of $1.46 versus a mean estimate of net income of $1.38 per share.

The decrease in profit last quarter comes after net income rose in the previous quarter. In the third quarter of the last fiscal year, net income rose 4.5% to $17.7 million.

Competitors to Watch: Family Dollar Stores, Inc. (NYSE:FDO), Dollar General Corp. (NYSE:DG), 99 Cents Only Stores (NYSE:NDN), Dollar Tree, Inc. (NASDAQ:DLTR), Duckwall-ALCO Stores, Inc (NASDAQ:DUCK), Target Corporation (NYSE:TGT), Fred’s, Inc. (NASDAQ:FRED), Wal-Mart Stores, Inc. (NYSE:WMT), Costco Wholesale Corp. (NASDAQ:COST), and Cost Plus, Inc. (NASDAQ:CPWM).

Stock Performance: Shares of BIG are unchanged from the previous close of $32.33.

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(Sources: YahooFinance, Xignite Financials)

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