Big Lots Inc (NYSE:BIG) stock plunged in premarket Friday after the discount retailer revealed an unexpected earnings disappointment for its fiscal second quarter.
For the quarter ended July 2018, the retailer had earnings of US$24.2mln or US$0.59 per share on revenue of US$1.2bn. The consensus earnings estimate was US$0.67 per share on revenue of US$1.2bn. Revenue grew 0.1% on a year-over-year basis.
Same-store sales rose 1.6%, ahead of the FactSet consensus of 1.0%.
Shares of the Columbus, Ohio-based discount retailer were down 11.8% to US$42.20.
The discount retailer said it expects third-quarter results to range from a loss of US$0.06 per share to earnings of US$0.04 per share. The current consensus estimate is earnings of US$0.01 per share for the quarter ending 31 October 2018.
Big Lots tried to soften the blow, by offering a US$0.30 dividend per common share.
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