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Shares of Big Lots plunge after fiscal 2Q earnings miss but same-store sales rise

The Ohio-based discount retailer expects third-quarter results to range from a loss of US$0.06 per share to earnings of US$0.04 per share

A Big Lots store front
Big Lots tried to soften the blow by offering a US$0.30 dividend per common share

Big Lots Inc (NYSE:BIG) stock plunged in premarket Friday after the discount retailer revealed an unexpected earnings disappointment for its fiscal second quarter. 

For the quarter ended July 2018, the retailer had earnings of US$24.2mln or US$0.59 per share on revenue of US$1.2bn. The consensus earnings estimate was US$0.67 per share on revenue of US$1.2bn. Revenue grew 0.1% on a year-over-year basis.

Same-store sales rose 1.6%, ahead of the FactSet consensus of 1.0%.

Shares of the Columbus, Ohio-based discount retailer were down 11.8% to US$42.20.

The discount retailer said it expects third-quarter results to range from a loss of US$0.06 per share to earnings of US$0.04 per share. The current consensus estimate is earnings of US$0.01 per share for the quarter ending 31 October 2018.

Big Lots tried to soften the blow, by offering a US$0.30 dividend per common share.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Quick facts: Big Lots, Inc.

Price: 52.85 USD

NYSE:BIG
Market: NYSE
Market Cap: $2.07 billion
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