WASHINGTON (dpa-AFX) - Big Lots, Inc. (BIG) said retail sales for U.S. operations for the fourth quarter was $1.62 billion, an increase of 7.7% from $1.51 billion a year ago. Comparable store sales, for stores open in the United States for at least two years at the beginning of the fiscal year, increased 3.4%. Commenting on sales for the quarter, Steve Fishman, Chairman, Chief Executive Officer and President stated, '... From a merchandise perspective, seasonal and furniture each comped up low double digits and consumables comped up mid single digits. Additionally, our planned shift to more electronics merchandise while downsizing toys was well received by our customers.' Based on the U.S. sales results and lower than expected losses in the company's Canadian business, it is are raising its consolidated fourth quarter earnings guidance to $1.71 - $1.74 per share from prior guidance of $1.59 - $1.66 per share. On average, 14 analysts polled by Thomson Reuters expect the company to report earnings of $1.63 per share. Analysts' estimates typically exclude special items. The company now expects earnings of $2.94 - $2.97 per share from continuing operations for fiscal 2011, a 4% to 5% improvement over fiscal 2010 earnings of $2.83 per share. Earlier, the company expected earnings per share of $2.85 to $2.92. Analysts expect the company to earn $2.87 per share.
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