Boston, MA 06/02/2014 (wallstreetpr) – One of the leading American companies Big Lots, Inc. (NYSE:BIG) recently announced financial results for the Q1 of the fiscal year 2014. You can find all the details in the following paragraphs-
Financial Earnings:
Income:
According to the reports published by Big Lots, Inc. (NYSE:BIG), the net income from continuing operations amounted to $28.6 million in the Q1 of the current fiscal year. In terms of per share basis, the company managed to earn net income from continuing operations of $0.50 per diluted share. After analyzing market performance of BIG, most of the market experts estimated earnings per share around $0.40-$0.45, but it outperformed the market expectations easily.
Sales:
Net sales from continuing operations for the first quarter of the current year were $1,281.3 million. Big Lots, Inc. (NYSE:BIG) registered excellent growth in terms of comparable sales. According to the data provided by the company, comparable sales of stores that were opened within last fifteen months increased by 0.9% in the first quarter.
Loss:
When it comes to the net loss from discontinued operations in Canada location, it managed a figure of $25.2 million for the Q1 of fiscal year 2014. In terms of per share basis loss, it lost $0.44 per diluted share. Please note that market experts forecasted worse figures for the company in terms of loss. But due to international deferred tax benefits and favorable lease settlements in regard with stores all over the country, it managed to decrease the loss amount.
Inventory:
According to reports made public by the company, it ended first quarter of the current fiscal year with $835 million worth of inventory. Apart from inventory, it managed to earn cash and cash equivalent of $67 million in the Q1 of fiscal year 2014. Big Lots, Inc. (NYSE:BIG) had borrowings of $137 million in the first quarter of the current fiscal year.
First quarter earned more revenues and profits for the company than experts forecasted, and on the basis of excellent market conditions one can say that financial figures of Q2 will be way better than Q1.
