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    Big Lots 4th-quarter sales rise

    Associated Press – Thu, Feb 2, 2012

    COLUMBUS, Ohio (AP) — Closeout retailer Big Lots Inc. said Thursday that a key revenue figure rose 3.4 percent in the fourth quarter, better than the company expected, due to strong sales during the holidays.

    The company raised its guidance, and its shares gained in midday trading.

    The retailer, which buys overstocked items ranging from food to housewares from manufacturers and sells them at a discount, said its revenue in stores open at least two years rose 3.4 percent. The measure is a key figure for retailer since it excludes stores that have recently opened or closed.

    Total sales for the three months ended Jan. 28 rose nearly 8 percent to $1.62 billion from $1.51 billion a year earlier. Analysts expected $1.63 billion, according to FactSet.

    Seasonal goods, furniture and food were the strongest sellers. Also, Big Lots shifted to selling more electronics than toys during the quarter and customers responded positively, the company said.

    For the year, revenue rose 3.9 percent to $5.09 billion from $4.9 billion last year.

    The company raised its fourth-quarter guidance. It now expects net income of $1.71 to $1.74 per share, up from prior guidance of $1.59 to $1.66 per share. Analysts expect $1.64 per share.

    Adjusted for the fourth-quarter increase, it now expects yearly net income of $2.94 to $2.97 per share. Analysts expect $2.87 per share.

    Shares of the company rose $2.22, or 5.6 percent, to $41.77 during midday trading. The stock had risen nearly 10 percent in the past three months.

     

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