NEW YORK (TheStreet) -- Shares of Big Lots are climbing on Friday after the close-out retailer reported better-than-expected fourth-quarter results.
Shares of Big Lots (BIG) are climbing on Friday after the close-out retailer reported a better-than-expected adjust profit for the fourth quarter.
Big Lots reported earnings of $1.45 a share, excluding items, beating analyst expectations for earnings of $1.40 a share, according to Thomson Reuters. Results were boosted by a less-than-expected loss from winding down its Canadian operations. Big Lots announced in December that it decided to exit the Canadian market, which had been unprofitable for the company.
The strong results come as many retailers reported weak results during the quarter, blamed on the harsh winter weather.
Additionally, Big Lots said it would buy back $125 million of its shares. The buyback program is set to go into effect on March 11.At last check, shares of Big Lots were climbing more than 15% to $33.70. In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.