Big Lots, Inc. (NYSE: BIG) today reported net income of $452.0 million, or $11.29 per diluted share, for the second quarter of fiscal 2020.
The Columbus, Ohio-based company is result includes a one-time, after-tax benefit of $341.9 million, or $8.54 per diluted share, associated with the distribution centers sold as part of the previously announced sale/leaseback transactions that closed during the quarter.
Excluding this benefit, adjusted net income was $110.1 million, or $2.75 per diluted share, which compares to the company's guidance for the second quarter, as provided on June 26, of $2.50 to $2.75 per diluted share (non-GAAP).
Adjusted net income includes approximately $10 million of additional store, distribution center, and corporate bonus expense that was not contemplated in the company's June 26 guidance. Adjusted net income for the second quarter of fiscal 2019 was $20.6 million, or $0.53 per diluted share (non-GAAP).
Net sales for the second quarter of fiscal 2020 totaled $1,644 million, a 31.3% increase compared to $1,252 million for the same period last year, with the growth resulting from a 31.3% increase in comparable sales, and sales growth from new and relocated non-comp stores, offset by a slightly lower store count year-over-year.
CEO Bruce Thorn stated, "I am delighted with our record-breaking results in Q2. Our comp increase was the best in the company's history, and adjusted EPS was the most we've reported in a second quarter, and more than five times what we reported a year ago."
Shares fell $2.44, or 4.4%, to $53.26.
