Boston, MA 03\/07\/2014 (wallstreetpr) \u2013Big Lots, Inc. (NYSE:BIG)<\/b> has reported mixed results for its fourth quarter which saw its total revenue beating estimates despite coming in, short of one week , net income was an underperformer in this case slumping by\u00a0 a high of 30% hurt by one week less of sales. Big Lots net income for the fourth quarter from continuing operations came in at $81 million.<\/p>\n
Big Lots Fourth quarter results<\/b><\/p>\n
US operations<\/b><\/p>\n
Net sales from continuing operations in the US came in a t $1.57 billion a drop of 7.3% compared to a high of $1.69 billion reported in the same quarter the prior year.Comparable store sales dropped by 3% in the quarter which was in line with earlier projected guidance.<\/p>\n
Big Lots adjusted income from continuing operations in the US came in at $84.1 million or $1.45 per diluted shares against a guidance of between $1.40 and $1.55 per diluted share. The drop registered in the fourth quarter has been attributed to the 13 weeks that the quarter had, compared to 14 weeks for the same quarter the prior year.<\/p>\n
Canadian operations<\/b><\/p>\n
Canadian operations registered a net loss of $27 million for the quarter or $0.47 per diluted share that was slightly lower compared to estimate loss of between $0.65 and $0.75 per diluted shares. Lower operating expenses as well as better operating margins have been cited as the reason behind the slight improvement.<\/p>\n
Big Lots cash balance<\/b><\/p>\n
Big Lots inventory for the period ending 2013 stood at $915 million against a high of $918 million for the same period in 2012. Store closures in Canada affected the change in inventory levels although they were also offset by an increase in per store inventory in the US<\/p>\n
Big Lots ended 2013 fiscal year with cash and cash equivalent worth $66 million with an additional $77 million from borrowings under the company\u2019s credit facility. This was slightly higher compared to cash and cash equivalent of $61 million in F2012 with borrowings worth $171 million.<\/p>\n
Big Lots 2014 Guidance<\/b><\/p>\n
Big Lots, Inc. (NYSE:BIG) expects income from US continuing operations to come in, between the range of $2.25 and $2.45 per diluted share compared to adjusted income of $2.45 reported in 2013. The company also expects comparable store sales to grow in the range of between flat and 2%.Cash and cash equivalent on the other hand for the year is expected to clock in, at a high of $165 million<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 03\/07\/2014 (wallstreetpr) \u2013Big Lots, Inc. (NYSE:BIG) has reported mixed results for its fourth quarter which saw its total revenue beating estimates despite coming […]<\/p>\n","protected":false},"author":2,"featured_media":16813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[260,2236],"tags":[4970,4969,936],"stock_ticker":[],"class_list":["post-16812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advancers","category-business","tag-big-lots-inc","tag-big-lots-inc-nysebig","tag-nysebig","entry"],"acf":[],"yoast_head":"\n