COLUMBUS, Ohio — Big Lots' fiscal second-quarter results beat analysts' estimates and the discount retailer boosted its full-year earnings outlook.
Shares surged more than 10 percent in Friday premarket trading.
Big Lots earned $17.6 million, or 34 cents per share, for the period ended Aug. 1. That compares with $17.2 million, or 36 cents per share, a year ago.
Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 40 cents per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
Revenue for the Columbus, Ohio-based company totaled $1.21 billion, also topping Street forecasts. Ten analysts surveyed by Zacks expected $1.19 billion.
Sales at stores open at least 15 months, a key gauge of a retailer's health, climbed 2.8 percent. This figure excludes results from stores recently opened or closed.
Big Lots now expects full-year adjusted earnings in a range of $2.90 to $3 per share. Its prior guidance was for $2.80 to $2.90 per share.
Analysts polled by FactSet predict $2.86 per share.
For the third quarter, the company anticipates a loss of 4 cents per share to a profit of a penny per share. It foresees a fourth-quarter profit of $1.95 to $2 per share.
Analysts expect breakeven results for the third quarter and a fourth-quarter profit of $1.96 per share.
Big Lots also announced that Lisa Bachmann is being promoted to executive vice president, chief merchandising and operating officer. She will still be responsible for the information technology strategy and team. She previously served as executive vice president and chief operating officer.
The company said that Richard Chene, former executive vice president, chief merchandising officer, has left the company. They did not provide further details on the departure.
Timothy Johnson is being promoted to executive vice president, chief administrative officer and chief financial officer. He previously served as executive vice president, chief financial officer.
Big Lots Inc.'s stock added $6.51, or 15.5 percent, to $48.51 in afternoon trading. Its shares have risen 21 percent so far this year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BIG at http://www.zacks.com/ap/BIG
Keywords: Big Lots, Earnings Report