Big Lots Enjoys Q2 Gains

For the second quarter ended August 1, Big Lots posted net income of $17.6 million, or 34 cents per diluted share, versus $19.9 million, or 36 cents per diluted share, in the year earlier period.

Second quarter income from continuing operations was 35 cents per diluted share versus 31 cents per diluted share in last year's period, the company stated, with the latest frame including a one-time after tax expense of five cents per diluted share and the previous frame excluding a five cents per diluted share benefit from discontinued operations.

Excluding the non-recurring expense in the latest quarter, adjusted income from continuing operations was $20.4 million, or 40 cents per diluted share, Big Lots reported.

An analyst average estimate from Zacks Investment Research called for diluted earnings per share in the latest quarter to come in at 34 cents.

Comparable store sales advanced 2.8% in the second quarter while net sales gained 1.2% to $1.21 billion in the second quarter.

David Campisi, president and CEO of Big Lots, stated, "Despite unseasonable weather conditions, second quarter comps increased 2.8% reflecting strength in our winnable and ownable categories and improved consistency in all aspects of our operations. [Consumers] continue to respond positively to our strategic improvements in merchandising, marketing, and in-store execution resulting in our sixth consecutive quarter of comp sales growth. Healthy comp sales growth and consistent execution across the business enabled us to exceed earnings expectations for the second quarter."

Big Lots operates 1,463 namesake stores in 47 of the United States.