Big Lots Inc (NYSE:BIG) is stacking up gains before the bell after the company posted first-quarter earnings early Friday that outshined expectations and increased its full-year guidance.
The discount retailer brought in adjusted earnings per share of $0.92, easily topping Street expectations of $0.70. Net sales climbed 2.2% year over year to $1.3 billion, right in line with analyst estimates. Net income was $15.5 million, or $0.39 per share.
Its stock climbed 5.3% to $27.39 Friday afternoon.
The sales increase was driven by a 1.5% bump in same-store sales as well as growth in its new stores, which was partially offset by having fewer stores year over year. The Columbus, Ohio-based company also saw the best quarter yet from its e-commerce division.
READ: Big Lots stock climbs after 4Q earnings top Street on a rise in same store sales
Looking ahead, the company pumped up its full-year EPS projections to between $3.70 and $3.85, up from between $3.55 and $3.75. Its entire range now exceeds the Street expectations of $3.66.
“Q1 was a solid start to our new fiscal year with sales growth and comps in line with guidance and adjusted EPS meaningfully higher than our expectations,” CEO Bruce Thorn said. “Our first quarter sales result represents the fourth consecutive quarter of positive comps, which is encouraging in light of the delayed income tax refunds and macro weather challenges in many of our markets.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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