Shares of discount retailer Big Lots, Inc. (BIG) are down more than 6% Friday morning despite reporting better-than-expected first-quarter results.
However, the company did not provide full-year outlook citing no enough visibility.
For the second quarter the company expects a low double digit comparable sales decline. Earnings per share for the second quarter are expected between $1.00 and $1.15. On average, 9 analysts polled by Thomson Reuters expect the company to report earnings of $1.04 per share. Analysts' estimates typically exclude special items.
For the first quarter, the company reported net income of $94.6 million, or $2.62 per share compared with $49.3 million, or $1.26 per share in the same quarter a year ago.
Net sales for the quarter increased 13% to $1.626 billion, from $1.439 billion for the same period last year.
Analysts expected the company to report earnings of $1.69 per share on revenue of $1.53 billion for first quarter.
Big Lots shares are at $60.61 currently. The stock has been trading in the range of $32.11- $72.27 in the past 52 weeks.
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