Big Lots (NYSE:BIG) news for Tuesday includes a new outlook for the third quarter of 2020 boosting BIG stock higher.
Big Lots says that it’s now expecting adjusted earnings per share for Q3 2020 to range from 50 cents to 70 cents. That will have it easily beating out Wall Street’s adjusted EPS estimate of 21 cents. It will also be a positive change from the company’s adjusted losses per share of 18 cents during the same period of the year prior.
Big Lots doesn’t provide revenue guidance for the quarter but does say it expects comparable sales to rise. The retailer is expecting comparable sales to increase in the mid-teens for the third quarter of the year.
Bruce Thorn, president and CEO of Big Lots, said this about the outlook news.
“I am delighted with our continued strong sales performance, which puts us on track to deliver another excellent quarter, and gives us strong momentum coming into the critical holiday season. Our assortment remains well positioned against customer demand, our Operation North Star initiatives continue to gain traction, and early reads on Christmas are very encouraging. All of this is helping us acquire customers at an accelerating rate.”
Big Lots last reported earnings in late August. At that time, the company beat out Wall Street’s adjusted earnings per share and revenue estimates. Even so, BIG stock took a beating after the results were released. It didn’t provide guidance at that time.
BIG stock was up slightly as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
