Big Lots, Inc. (BIG) recently surprised on estimates for the third consecutive quarter even as it saw a slight decline in sales.

Big Lots is a closeout retailer which sells a broad range of products including seasonal items, furniture, housewares, toys, electronics, home decor and tools. It has been benefiting from customers seeking value in their purchases during the recession.

On Aug 25, the company reported that earnings per share were 35 cents which surprised on the Zacks Consensus Estimate by 12.90%, or 4 cents. It also surpassed the 32 cents reported in the second quarter of 2008.

Sales fell by 1.7% to $1.086 million from $1.105 million in the year ago quarter. Comparable store sales were also lower, decreasing 2.4% for the quarter.

Fiscal 2009 Guidance Raised

Given that the company continues to surprise on estimates, it also continues to raise its fiscal 2009 guidance range. Big

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Big Lots, Inc. (...

Big Lots, Inc (BIG) has been a safe haven for shoppers and investors in such a turbulent market. As the economy slows, shoppers are looking for ways to stretch their weakened dollars and are turning to discount retailers. The company has just reported another great quarter driven by record inventory turnover.

Company Description

Big Lots operates, through its subsidiaries, as a discount and closeout retailer in the United States. The company offers great bargains on a variety of constantly changing products, making it a one of a kind shopping experience. Big Lots is based in Columbus, Ohio, with over 14,000 employees, and a market cap of $2.5 billion.

Record Inventory Turnover

On August 26th Big Lots announced second-quarter results, including earnings per share of 32 cents, a 52% year-over-year increase. Analysts were forecasting 27 cents per share making this

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Big Lots, Inc. (BIG), a large-scale U.S. closeout retailer, beats estimates in its fiscal second quarter 2009 (ended July), bringing in 32 cents per share on $26 million in profit and over $1 billion in revenues.  The Zacks consensus expected 27 cents per share.

This marks at least the 5th-straight positive quarterly earnings surprise for the company, which may well have benefited from U.S. stimulus checks in its quarterly results.  A Reuters report this morning brought up the fact that Big Lots has benefited from taking excess merchandise from manufacturers in the current weak retail climate.

The Zacks Rank for BIG has shot up to a #1 (Strong Buy), largely on the strength of upward estimate revisions in the past month by 3 analysts for the July quarter and 3 for fiscal year '09 (ending January).  Even still, Big Lots outperformed by 5 cents per share in the quarter.  For October, the

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