Big Lots (NYSE:BIG) earnings for the second quarter of fiscal year 2020 have BIG stock crashing on Friday morning. This comes despite reported revenue of $1.64 billion beating Wall Street’s estimate of $1.61 billion. Also, the company’s adjusted earning per share (EPS) of $2.75 per share edged out analysts’ expectations of $2.70 during the quarter.
The company also reported GAAP EPS of $11.29 for the period.
Here is what else is worth mentioning from the most recent Big Lots earnings report.
- Per-share earnings were 418.9% improved from EPS of 53 cents during Q2 2019.
- Revenue for the quarter comes in 31.3% higher compared to $1.25 billion during the same time last year.
- Operating income of $683.08 million was way better year-over-year from $38.83 million.
- The Big Lots earnings report also includes a net income of $501.3 million.
- That’s a major improvement from $21.72 million from the second quarter of 2019.
Bruce Thorn, chief executive officer of Big Lots, said this about the BIG stock earnings:
“I am delighted with our record-breaking results in Q2. Our comp increase was the best in the company’s history, and adjusted EPS was the most we’ve reported in a second quarter, and more than five times what we reported a year ago. Comp sales were driven by strong results both in-store, where traffic and basket were each up double digits, and on-line, which drove almost five comp points, and where we acquired more new customers than in any prior quarter.”
As of March 30, the company withdrew its guidance for FY2020. That said, we know what Wall Street is looking for. Analysts are calling for EPS of $6.46 on revenue of $5.94 billion.
BIG stock was down 8.5% on Friday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.