Boston, MA 08/28/2014 (wallstreetpr) – A chain of closeout retail store operator, Big Lots, Inc. (NYSE:BIG) is scheduled to announce its financial results for the second quarter on August 29 before the market opens. The company will also hold a conference call on the same day at 8.00 a.m. eastern time to discuss its results with investors and analysts.
Expectations
On average, Wall Street analysts’ expect the company to report 3.23% drop in earnings per share to 30 cents for the second quarter from 31 cents a share reported in the previous year quarter. The thirteen analysts’ estimations ranged between 27 cents and 31 cents a share.
Similarly, the Street analysts’ predict Big Lots to generate revenues of $1.20 billion, which is 1.8% lower than the year-ago quarter’s revenue of $1.23 billion. The fifteen analysts’ predictions were ranged from $1.19 – $1.23 billion.
Earnings Revision
While the Street analysts’ have not revised their earnings estimations for the second quarter, they have lifted their earnings projections to $2.48 a share for the fiscal year 2014 from $2.44 a share estimated three months back. However, the Street analysts’ have reduced their earnings projections by a cent from $2.49 a share projected by them a week ago.
Earlier Performance
In the last four quarters, Big Lots, Inc. (NYSE:BIG) earnings topped the Wall Street analysts’ estimations in three quarters and failed to meet predictions in the other quarter. In case, the company’s earnings top estimations in the second quarter, it will be third straight quarter.
In the first quarter, the company pleasantly surprised investors as its earnings came in 13.6% more than the estimations, Zacks reported.
Economic Conditions
The retail sector has reportedly experienced sluggish consumer spending amidst soft economic recovery and discretionary spending. Therefore, Big Lots would also likely to have faced a similar situation in their second quarter performance. Big Lots, Inc. (NYSE:BIG) had also initiated a number of steps as part of its turnaround tactics. This included online expansion, cost cutting and scaling of back office operations to regain the lost momentum. However, it remains to be seen whether these efforts have yielded the expected results.
