Big Lots, Inc. (NYSE:BIG) shares lost much of their mojo Friday, on release of quarterly earnings.
The Columbus, Ohio-based company reported net income of $29.9 million, or $0.76 per diluted share, for the third quarter of fiscal 2020 ended October 31 , 2020, which compares to the company’s guidance, as provided on September 29, 2020 , of $0.50 to $0.70 per diluted share.
Net sales for the third quarter of fiscal 2020 totaled $1,378 million, an 18.0% increase compared to $1,168 million for the same period last year, with the growth resulting from a 17.8% increase in comparable sales, and sales growth from new and relocated non-comp stores, offset by a slightly lower store count year-over-year.
CEO Bruce Thorn stated, “I am delighted to report another record-breaking quarter of results. We registered our strongest ever third quarter sales comp and, by way of continued strategic management of our business and tight control of expenses, we delivered our highest ever adjusted EPS in a third quarter.
“The incredible efforts of our associates in our distribution centers, our stores, and our corporate headquarters continue to impress me week in and week out. Their commitment to serving our customers and keeping our stores and workplaces safe during this uncertain time has been on display daily and remains a key driver to our superior performance.”
BIG shares fell $4.24, or 8%, to $48.61 in Friday’s first hour.