By Christiana Sciaudone
Investing.com -- Big Lots (NYSE:BIG) jumped 31% to the highest in more than two years after providing guidance that outstripped expectations.
The discount retailer forecast second quarter adjusted EPS in a range of of $2.50 to $2.75 versus the current consensus of $0.84, and compared to $0.53 of adjusted diluted EPS for the second quarter of 2019.
Strong demand that started in mid-April is continuing with quarter-to-date comparable sales through fiscal June increasing well ahead of expectations. For the second quarter, the company expects comparable sales to be up by a mid-to-high 20%.
“Our strong liquidity position will support our ability to return cash to shareholders through share repurchases, while continuing to invest in high-return growth initiatives,” said CEO Bruce Thorn.
Big Lots reported net income of $49.3 million, or $1.26 per share, for the first quarter of fiscal 2020 compared to $37 million, or $0.92 per share a year earlier.
BIG has two buy ratings, six hold and one underweight, according to MarketWatch.