Big Lots Inc. (NYSE:BIG) soared Friday on posting first-quarter numbers.
The Columbus, Ohio-based company reported net income of $49.3 million, or $1.26 per diluted share, for the first quarter of fiscal 2020 ended May 2, 2020. This result compares to adjusted net income of $37.0 million, or $0.92 per diluted share (non-GAAP), for the first quarter of fiscal 2019.
As a reminder, on March 30, 2020 the company withdrew its previously communicated guidance for fiscal 2020 as a result of the uncertainty stemming from the COVID-19 pandemic.
Net sales for the first quarter of fiscal 2020 totaled $1,439 million, an 11.1% increase compared to $1,296 million for the same period last year, with the growth resulting from a 10.3% increase in comparable sales and sales growth from new and relocated non-comp stores.
Commenting on today's announcement, CEO Bruce Thorn said, "I am very proud of our team over the past quarter. We've grown as an organization through these unprecedented times, and it has been amazing to see the team step up our game.
"Most importantly, our primary focus has been on maintaining a safe and healthy environment for our associates and customers. In turn, that has enabled us to keep our store and ecommerce operations open, and continue serving both our loyal existing customers and many new ones."
The company ended the first quarter of fiscal 2020 with $312 million of Cash and Cash Equivalents and $437 million of long-term debt, representing a significant improvement in net debt compared to the end of the first quarter of fiscal 2019 when the company had $64 million of Cash and Cash Equivalents and $470 million of long-term debt.
Shares gained $2.28, or 6.2%, to $38.96.
