Big Lots says harsh winter weather hurt traffic counts and revenue, but the closeout retailer still posted increases in same-store sales for the fourth quarter.
Big Lots reported income from continuing operations of $94.7 million, or $1.91 per diluted share, for the fourth quarter ended Jan. 30. Revenue dropped to $1.58 billion from $1.59 billion for the same quarter last year. Same-store sales increased 0.7%.It was the eighth consecutive quarter in which Big Lots has posted positive same-store sales.
"I'm pleased with our results and another strong year for the company. Fourth quarter earnings were at the high end of our guidance range and comps increased for an eighth consecutive quarter, despite the disruption from winter storm Jonas and a later start to the tax refund season for our customers," saidDavid Campisi, CEO and president. "Throughout 2015, we remained focused on our strategy and the consistency of our performance and Jennifer has responded positively."
Looking ahead to the first quarter of fiscal 2016, Big Lots estimates adjusted income from continuing operations in the range of 66 to 72 cents, a 10% to 20% increase compared to last year's income from continuing operations of 60 cents per diluted share.
Big Lots is also in the process of preparing to launch an e-commerce website.
The retailer operates 1,449 BIG Lots stores in 47 states.