by Christopher Freeburn | March 7, 2014 11:24 am
Discount retailer Big Lots (BIG) posted quarterly results that exceeded Wall Street forecasts, sending BIG stock vaulting more than 20% in Friday morning trading.
Big Lots stock jumped after BIG posted adjusted earnings from continuing U.S. operations of $1.45 a share, easily topping the $1.40 a share that analysts had anticipated. Big Lots reported fiscal-fourth-quarter net income of $84.4 million, down from $120.3 million in the prior-year period, Reuters noted.
At the end of last month, Big Lots shuttered all of its Canadian stores. The end of operations in Canada produced a net loss of 47 cents per BIG share. That was much less than the loss of between 65 cents and 75 cents that BIG had previously estimated.
During the quarter, BIG said that sales slumped 6% to $1.64 billion. But that still beat analysts who had predicted quarterly sales of $1.61 billion, according to MarketWatch.
For the current fiscal year, Big Lots said it expects earnings from continuing operations of between $2.25 and $2.45 per share. Wall Street is looking for an annual profit of $2.44 per share.
BIG stock closed at $29.25 per share on Thursday. Over the past year Big Lots stock has declined more than 17%.
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