Big Lots Guides Higher

Author:: Michael Dunn
Publish date:: Apr 8, 2002 2:24 PM EDT

Closeout retailer

Big Lots

(BLI)

raised its first-quarter guidance based on strong sales trends and better-than-expected March same-store sales.

The company now expects first-quarter earnings of 7 cents to 9 cents a share, well above its original forecast in the range of a loss of 2 cents to a profit of 1 cent. In the year-ago quarter, Big Lots broke even. Analysts polled by Thomson Financial/First Call had been expecting a loss of 1 cent for the current quarter.

In a press release, the company said in March retail sales totaled $283.8 million, a 30% increase over the same period in 2001, helped by the early Easter holiday. Same-store sales in stores open at least two years increased 24% for the month.

Shares of Big Lots were recently trading up 4.8% to $15.18 on the news.