Big Lots (BIG.US) reported better than expected quarterly results. The discount retailer earned $2.75 per share above analysts' expectations of $2.70 per share. Revenue also beat estimates. Comparable-store sales rose 31.3%, compare to market expectations of a 28.1% increase. Company also announced a $500 million stock buyback program.
CEO Bruce Thorn stated, "I am delighted with our record-breaking results in Q2. Our comp increase was the best in the company's history, and adjusted EPS was the most we've reported in a second quarter, and more than five times what we reported a year ago."
Despite positive earnings results company's stock slide over 8% during today's session.
Big Lots (BIG.US) launched today's session with a bearish price gap. Should downbeat moods prevail, support at $45.56 may come into play. Source: xStation5
