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May 29, 2020, 7:21 a.m. EDT

Big Lots stock soars after big earnings beat, upbeat outlook

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By Tomi Kilgore

Shares of Big Lots Inc. /zigman2/quotes/202923245/composite BIG -1.37% shot up 15% toward a 1 1/2-year high in premarket trading Friday, after the discount retailer reported a fiscal first-quarter profit that was well above expectations and provided an upbeat outlook, as same-store sales got a boost amid the COVID-19 pandemic. Net income for the quarter to May 2 rose to $49.3 million, or $1.26 a share, from $15.5 million, or 39 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 40 cents. Sales rose 11.1% to $1.44 billion, above the FactSet consensus of $1.32 billion, as same-store sales growth of 10.3% beat expectations of a 1.0% rise. The company said same-store sales for the second quarter to date "are up strongly," as the acceleration in the business that started in mid-April has continued, but the trends are expected to moderate for the rest of the quarter. The company expects second-quarter EPS of 65 cents to 80 cents, compared with the FactSet consensus of 24 cents. Separately, Big Lots declared a regular quarterly dividend of 30 cents a share, payable June 26 to shareholders of record on June 12. The stock has more than doubled (up 132%) over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% has gained 2.6%.

$ 40.40
-0.56 -1.37%
Volume: 1.23M
July 10, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$1.61 billion
Rev. per Employee
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p

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