Big Lots, Inc. Shares Sink on Earnings Miss

Big Lots, Inc. (NYSE:BIG) stock was falling on Friday following the release of its earnings report for the first quarter of the year.

Big Lots, Inc. Shares Sink on Earnings Miss

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During the first quarter of 2018, Big Lots, Inc. reported earnings per share of 95 cents. This is down from its earnings per share of $1.15 that was reported in the first quarter of 2017. It was also a blow to BIG stock by missing Wall Street’s earnings per share estimate of $1.19 for the period.

Big Lots, Inc.’s net income for the first quarter of the year came in at $31.24 million. This is a drop from the retail company’s net income of $51.51 million from the same time last year.

Operating profit reported by Big Lots, Inc. for the first quarter of 2018 was $45.34 million. The company reported operating profit of $79.71 million in the first quarter of the previous year.

Big Lots, Inc.’s revenue of $1.27 billion for the first quarter of the year also didn’t do BIG stock any favors today. It’s not has high as the company’s revenue of $1.29 billion from the same period of the year prior. Plus, it came in below analysts’ revenue estimate of $1.28 billion for the quarter.

As if results for the first quarter of 2018 weren’t bad enough, Big Lots, Inc. also released an outlook that is below Wall Street’s estimate. It is expecting earnings per share for the full year of 2018 to range from $4.50 to $4.70. However, analysts are looking for BIG to report earnings per share of $4.87 for the year.

BIG stock was down 5% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/06/big-lots-misses-on-q1-earnings/.

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