News

Big Lots beats financial projections, shareholders rewarded

Discount retailer Big Lots beat earnings projections for the second quarter and is upping its full year outlook given the healthy fiscal activity.

August 28, 2015

Discount retailer Big Lots beat earnings projections for the second quarter and is upping its full-year outlook given the healthy fiscal activity.

For the period ended Aug. 1, the retailer reported earnings of $17.6 million, representing 34 cents per share,

Shareholders were happy to hear the financial news with shares jumping more than 10 percent in premarket activity Friday morning and had to be happy with the quarterly cash dividend of 0.19 per common share, as reported by CNN.

"I'm pleased with today's announcement of a quarterly dividend," stated David Campisi, CEO and president of Big Lots in the CNN report. "We believe this level of financial commitment to return cash to our shareholders, enhancing overall financial returns, demonstrates the confidence the Board of Directors has in our management team, our strategic plan, and long-term opportunities to continue to drive meaningful profit growth and cash flow."

Big Lots earnings news bested analysts’ expectations in revenue with the retailer reporting $1.21 billion while the Street projected $1.19 billion, according to a Sacramento Bee report.

A key financial factor, notes the Bee report, is that sales at Big Lots stores open for at least 15 months reported an increase of 2.8 percent. The company expects to see a fourth-quarter profit of $1.95 to $2 per share.

In management news, the company is promoting Executive VP and COO Lisa Bachmann into the role of executive VP chief merchandising and operating officer, overseeing the IT team as well.

She is replacing Richard Chene, who left the company. Chief Financial Officer and Executive VP Timothy Johnson is being promoted to executive vice president, chief administrative officer and chief financial officer.