Discount Retailer Big Lots Raises Earnings Outlook

Tuesday, 04 Dec 2012 05:12 PM

 

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Shares of Big Lots Inc. jumped the most in about 22 months Tuesday after the Columbus, Ohio, discount retailer raised its profit forecast.

The shares climbed 12 percent to $31.27 at the close in New York, for the largest gain since Feb. 7, 2011. The shares had declined 26 percent this year through Monday.

Adjusted profit from continuing operations for fiscal 2012 will be as much as $3.05 a share, up from a previous prediction of as much as $2.95 a share, Big Lots said in a statement Tuesday. Analysts projected $2.80, the average of estimates compiled by Bloomberg.

Separately, the company announced the retirement of Chairman and Chief Executive Officer Steven Fishman, effective when a successor is named. Fishman took over in July 2005. His departure follows the naming of a new chief financial officer, chief operating officer and chief merchandising officer in August, amid declining same-store sales this year.

Sales at U.S. stores open at least 15 months fell 4.6 percent in the quarter ended Oct. 27, the company said today. Big Lots reported a third-quarter loss of $6 million, or 10 cents a share, from continuing operations, compared with a profit of $4.2 million, or 6 cents, a year ago.

The company operated 1,482 stores at the end of the period.

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