(RTTNews) – Shares of Big Lots Inc. (BIG) are rising over 10% in premarket today, after the retail giant said it has seen a “continuation of the strong demand that began in mid-April, with quarter-to-date comparable sales through fiscal June increasing well ahead of outlook.”
The stock has been trading in the range of $10.13 – $42.33 for the past one year, and closed Thursday’s trade at $33.85, up 60 cents or 1.80%. BIG is currently trading at $37.44, up $3.59 or 10.61% in the pre-market session.
The company noted that it expects second quarter adjusted earnings per share, which excludes a gain of about $11.00 per share on the sale of its four distribution centers as part of the sale/leaseback transactions, to be in the range of $2.50 – $2.75, compared to $0.53, last year.
For the second quarter, the company now expects comparable sales to be up by a mid-to-high twenties percentage, which reflects anticipated moderation from quarter-to-date trends.
The company said it is in a very strong liquidity position, with current cash and short-term investments of about $890 million, and no amounts drawn on its $700 million revolving credit facility.
A Global Asset Management Seoul Korea Magazine