EmailBig Lots (BIG $32.10 -6.74) reported second quarter earnings of $0.36 per share, $0.05 worse than the Capital IQ consensus of $0.41, while revenues rose 4.4% year/year to $1.22 billion versus the $1.24 bln consensus. The company lowered guidance for fiscal year 2013 with EPS of $2.80-2.95 from prior guidance of $3.50-3.60 versus the $3.29 Capital IQ Consensus Estimate.
This guidance assumes U.S. comparable store sales decline in the low single digit range and a total U.S. sales increase in the range of 3% to 4%. On a consolidated basis, Inventory ended the second quarter of fiscal 2012 at $881 million compared to $780 million the second quarter of fiscal 2011. The increase represents growth in the number of U.S. stores, per store growth of inventory in our U.S. stores, and growth and improvement of inventory content related to our Canadian operations. Comparable store sales for U.S. stores open at least fifteen months decreased 1.9% for the quarter.
