Big Lots, Inc. (NYSE: BIG) found its shares tumbling, hours after it reported quarterly numbers before the opening bell.
The Columbus, Ohio-based company reported income of $24.2 million, or $0.59 per diluted share, for the second quarter of fiscal 2018 ended August 4, 2018. This result compares to its guidance of income in the range of $0.60 to $0.70 per diluted share, and to last year's second quarter income of $29.1 million, or $0.67 per diluted share.
Comparable store sales for the second quarter of fiscal 2018 increased 1.6% compared to guidance of flat to +2%. Net sales for the second quarter of fiscal 2018 were $1,222.2 million compared to $1,219.6 million for the same period last year with the increase in comparable store sales partially offset by a lower store count year-over-year.
Inventory ended the second quarter of fiscal 2018 at $854 million, compared to $810 million for the second quarter of fiscal 2017, with the increase driven by the timing of receipts of early fall and seasonal-related merchandise into its distribution centers.
Big Lots ended the second quarter of fiscal 2018 with $58 million of Cash and Cash Equivalents and $325 million of borrowings under its credit facility compared to $56 million of Cash and Cash Equivalents and $227 million of borrowings under its credit facility as of the end of the second quarter of fiscal 2017.
Shares slumped $4.05, or 8.5%, to $43.81, within a 52-week trading range of $36.20 to $64.42.
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