Big Lots, Inc. said on Wednesday (Sept. 30) that it expects comparable sales will rise in the “mid-teens” for Q3 fiscal 2020. The discount retailer forecasts diluted earnings per share (EPS) between 50 cents and 70 cents, according to an announcement.
By contrast, Big Lots registered an adjusted net loss per share of 18 cents in Q3 fiscal 2019.
The company said in the announcement that the guidance “incorporates expected share repurchase activity for the quarter.”
“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,” Big Lots President and CEO Bruce Thorn said in the announcement. “Our assortment remains well positioned against customer demand, our Operation North Star initiatives continue to gain traction, and early reads on Christmas are very encouraging.”
Ohio-based Big Lots is a discount retailer that runs over 1,400 retail locations in 47 states in addition to an online shopping infrastructure. Its product collection is geared toward “home essentials” such as consumables, toys and accessories and furniture.
In August, Big Lots registered record comparable-store sales rises and “strong” eCommerce revenue for its fiscal Q2, assisting the firm in attaining its highest adjusted earnings per share for any Q2 in its history. The retailer also registered a 31 percent rise in comparable sales.
Big Lots earned $452 million ($11.29 per diluted share) on net sales of $1.64 billion. The retailer also announced a $500 million stock buyback and a 30-cent-per-share dividend.
The news came as Big Lots shoppers received the choice for same-day delivery via Instacart.
Clients can go to the Instacart website or harness the firm’s app on their phones and shop for the products they require.
They can opt for same-day delivery as a choice on the checkout page, with all delivery choices defaulting to leave deliveries at the door to follow social distancing guidelines.
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