Big Lots, Inc. (NYSE:BIG) shares reached for the sky Friday after reporting better-than-expected earnings for its fourth quarter.
The Columbus, Ohio-based company reported income of $108.0 million, or $2.68 per diluted share, for the fourth quarter of fiscal 2018 ended February 2, 2019.
This result exceeds our previously communicated guidance of income of $2.20 to $2.40 per diluted share, and compares favorably to adjusted income of $109.3 million, or $2.57 per diluted share, for the fourth quarter of fiscal 2017.
As a reminder, the fourth quarter of fiscal 2017 included an extra week of operations as compared to the fourth quarter of fiscal 2018 due to a shift in the retail calendar. It’s estimated the impact of the extra week was approximately $0.09 per diluted share in fiscal 2017.
Comparable store sales increased 3.1% for the fourth quarter of fiscal 2018, compared to its guidance of flat to an increase of 2%. Net sales for the fourth quarter of fiscal 2018 were $1,598.6 million compared to $1,640.6 million for the same period last year as our increase in comparable stores sales for the fourth quarter of fiscal 2018 was more than offset by a lower store count year-over-year.
CEO Bruce Thorn commented, “Our holiday plans were well executed and led to broad based growth across the majority of our merchandise categories and a comp store sales increase in excess of 3% for the second consecutive quarter.”
Shares jumped $3.19, or 10%, to $35.02
This article provided by NewsEdge.