Stock Monitor: PriceSmart Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 19, 2018 / Active-Investors.com has just released a free earnings report on Big Lots, Inc. (NYSE: BIG). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BIG. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on March 09, 2018. The discount retailer beat market expectations. Additionally, the Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Big Lots most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Big Lots' net sales were $1.64 billion, up 4% compared to $1.58 billion in Q4 2016, with the increase resulting from the extra week, partially offset by a lower store count on a y-o-y basis. The Company's revenue numbers fell short of analysts' estimates of $1.64 billion.
Big Lots reported an income of $104.8 million, or $2.46 per diluted share, in Q4 2017 compared to $90.1 million, or $1.99 per diluted share, in Q4 2016. The Company's reported quarter results included a provisional tax expense of $4.5 million, or $0.11 per diluted share, associated with the revaluation of deferred tax assets resulting from the new corporate tax legislation.
For Q4 2017, Big Lots' adjusted income totaled $109.3 million, or $2.57 per diluted share, compared to $102.0 million, or $2.26 per diluted share, in Q4 2016. The Company's reported quarter results included an extra week of operations on a y-o-y basis, due to a shift in the retail calendar. Big Lots' earnings beat Wall Street's estimates of $2.44 per share.
For the full fiscal year 2017, Big Lots' net sales were $5.27 billion compared to $5.20 billion in FY16, with the increase resulting from the extra week of operations, partially offset by a lower store count on a y-o-y basis.
For FY17, the Company's income totaled $189.8 million, or $4.38 per diluted share, compared to $152.8 million, or $3.32 per diluted share, in FY16. Excluding a gain on insurance recoveries reported in Q3 2017 and the provisional expense associated with the revaluation of deferred tax assets, the Company's adjusted income totaled $192.5 million, or $4.45 per diluted share, compared to $167.2 million, or $3.64 per diluted share, in FY16.
Inventory and Cash Management
For FY17, Big Lots' inventory was $873 million, reflecting an increase of 1.6% compared to $859 million in FY16. The Company's inventory levels per store increased 3% on a y-o-y basis.
Big Lots ended the reported fiscal year with $51 million of cash and cash equivalents and $200 million of borrowings under its credit facility, compared to $51 million of cash and cash equivalents and $106 million of borrowings under the Company's credit facility as of the end of FY16.
For FY17, Big Lots returned $195 million of cash to shareholders in the form of quarterly dividend payments totaling $45 million, and share repurchases totaling $150 million. On March 07, 2018, the Company's Board of Directors approved a share repurchase program, providing for the repurchase of up to $100 million of Big Lots common shares.
For the full fiscal year 2018, Big Lots is forecasting income per diluted share to be in the range of $4.75 to $4.95 compared to $4.45 for FY17. The Company's guidance is based on a comparable store sales increase in the low-single digit range and total sales flat to up slightly. Big Lots estimates that this financial performance will result in a cash flow of approximately $120 million to $130 million for FY18.
For the first quarter of the fiscal year 2018, Big Lots estimates income per diluted share to be in the band of $1.15 to $1.22, representing flat to a 6% increase on a y-o-y basis. This guidance assumes a comparable store sales increase in the range of flat to slightly negative.
Stock Performance Snapshot
April 18, 2018 - At Wednesday's closing bell, Big Lots' stock slightly rose 0.05%, ending the trading session at $43.74.
Volume traded for the day: 1.53 million shares.
After yesterday's close, Big Lots' market cap was at $1.86 billion.
Price to Earnings (P/E) ratio was at 9.91.
The stock has a dividend yield of 2.74%.
The stock is part of the Services sector, categorized under the Discount, Variety Stores industry. This sector was up 0.9% at the end of the session.
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