Big Lots (BIG) – Get Report shares rose Tuesday after the discount retailer said it expected to post profit for the fiscal third quarter, swinging from a year-earlier loss, on mid-teens-percent higher comparable sales.
The Columbus, Ohio, company, operating more than 1,400 stores in 47 states, projects earnings per share of 50 cents to 70 cents. The figures include expected share-buyback activity in the quarter.
Big Lots reported an adjusted net loss of 18 cents a share for the year-earlier third quarter.
A survey of analysts by FactSet produced consensus estimates of third-quarter profit of 25 cents a share, or an adjusted 21 cents, on revenue of $1.28 billion and same-store sales up 9.7%.
Big Lots’ stock recently traded at $51.03 a share, up 6.9%. It leaped 66% year to date through Monday. The stock is trading at five times its 52-week low above $10, set in mid-March.