Market Insider

Big Lots soars after guidance raised, comp sales beat

A customer exits a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | Getty Images

Shares of Big Lots soared after the company posted better-than-expected earnings and comparable sales Friday morning.

The discount retailer reported earnings of 82 cents a share on $1.31 billion in revenue. Wall Street had expected Big Lots to post earnings of 70 cents a share on revenues of $1.30 billion, according to a consensus estimate from Thomson Reuters.

Separately, the company also declared a quarterly cash dividend of 21 cents per share to be paid on June 24.

The stock was up more than 14 percent.

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For the first quarter, Big Lots saw comparable store sales increase by 3 percent. Analysts polled by Thomson Reuters had expected sales growth of 2.2 percent.

Big Lots also raised its guidance and now sees adjusted earnings of $3.35 to $3.50 per share for the full year. The retailer had previously forecast earnings of $3.20 to $3.35 for fiscal 2016.

Shares of Big Lots are up more than 31 percent this year.