EconomyEditor's PickNewsBig Lots Sees Strong Q3, Encouraging Christmas Trends

2 years ago344 min
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imageStock Markets36 minutes ago (Sep 29, 2020 10:44AM ET)

(C) Reuters.

By Christiana Sciaudone

Investing.com — Stimulus may still be elusive, but that’s not stopping Americans from shopping. Big Lots (NYSE:BIG) jumped 6% after reporting strong third quarter guidance.

The retailer estimates comparable sales will increase in the mid-teens for the quarter, with diluted earnings per share in the range of 50 cents to 70 cents. The guidance incorporates expected share repurchase activity for the quarter. Big Lots reported an adjusted net loss per share of 18 cents in the third quarter of fiscal 2019.

“I am delighted with our continued strong sales performance, which puts us on track to deliver another excellent quarter, and gives us strong momentum coming into the critical holiday season,” said Chief Executive Officer Bruce Thorn in a statement. “Early reads on Christmas are very encouraging. All of this is helping us acquire customers at an accelerating rate.”

Shares are up 75% in 2020.

Big Lots Sees Strong Q3, Encouraging Christmas Trends

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