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Big Losses for Big Lots

COLUMBUS, OH-The off-price retailer ends fiscal 2005 on a sour note, as earnings drop more than $40 million from the last year's Q4.

By Jennifer D. Duell | Updated on February 23, 2006

COLUMBUS, OH-Big Lots Inc.’s fourth quarter fiscal 2005 profits plunged due to discontinued operations related to the closure of underperforming stores, disappointing analysts. In October, Big Lots announced plans to close 126 underperforming stores, roughly 8% of its store base.

For the quarter ended Jan. 28, the company earned $14.7 million, or 13 cents per share, down from $57.2 million, or 51 cents per share, for the same period a year ago. Without losses of 20 cents per share from discontinued operations, the company earned $37.7 million, or 33 cents per share. Wall Street was expecting earnings of 43 cents per share on sales of $1.43 billion.

“If you’re focused on Q4, you’re probably disappointed,” said Big Lots chairman and CEO Steve Fishman during the company’s earnings conference call. However, he added that the retailer had made a lot of progress during the fourth quarter to improve the company’s future operations.

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