Big Lots Inc. reported record second-quarter results as discount-seeking shoppers thronged the retailer’s stores and website in the wake of COVID-19.
The Columbus, Ohio-based retailer said sales in the three months through June rose 31% year-over-year to $1.64 billion, outpacing the $1.61 billion that Wall Street analysts surveyed by Refintiv were anticipating.
Big Lots earned $452 million, or $11.29 per share, including a one-time after-tax benefit of $341.9 million, or $8.54 per share, related to the sale of distribution centers through a leaseback deal.
Excluding the benefit, adjusted earnings were $2.75 per share, outpacing the $2.70 that was expected.
|BIG||BIG LOTS INC.||50.34||-5.36||-9.62%|
“I am delighted with our record-breaking results,” CEO Bruce Thorn said in a