WASHINGTON (dpa-AFX) - Broadline closeout retailer Big Lots Inc. (BIG) posted lower first-quarter net income of $40.75 million or $0.63 per share, versus $52.47 million or $0.70 per share a year before, with income from continuing operations dropping to $40.78 million from last year's $52.53 million.
Excluding this non-recurring, non-cash charge, adjusted income from continuing operations was $44.2 million, or $0.68 per share for the recent quarter. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.69 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales totaled $1.29 billion, compared with $1.23 billion in the earlier year quarter. Analysts estimated revenues of $1.30 billion for the quarter.
For the second quarter of fiscal 2012, the company estimates consolidated income from continuing operations in the range of $0.37 - $0.42 per share, whereas 15 analysts anticipate second-quarter earnings per share of $0.54.
Big Lots now sees fiscal 2012 consolidated adjusted income from continuing operations to be in the range of $3.25 - $3.40 per share, versus its prior range of $3.40 - $3.50 per share. Fifteen analysts project earnings of $3.33 per share for the full year.
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