Big Lots increases Q4, FY guidance

-- Home Textiles Today, 12/4/2009 8:50:00 AM

Columbus, Ohio – Encouraged by its third quarter, Big Lots boosted its expectations for the fourth quarter and the year.

For the fourth quarter, the closeout chain anticipates comparable store sales to increase in a range of 1.5% to 2.5%. At this level, it expect its gross margin rate to be up compared to last year and expenses as a percent of sales to be down slightly.

The company also raised its earnings expectations for 4Q to be in a range of $1.09 to $1.14 per diluted share, compared to prior guidance of called for 99 cents to $1.04 per diluted share. Income from continuing operations in last year’s fourth quarter was $1.00 per diluted share.

Big Lots also upped its forecast from continuing operations (on a non-GAAP basis) to be in a range of $2.15 to $2.20 per diluted share, compared to prior guidance of $1.92 to $2.02 per diluted share. Earnings per share in the previous fiscal year were $1.89.