Big Lots Inc. Posted Record Second-Quarter Results

The Columbus, Ohio-based retailer Big Lots Inc. posted record second-quarter results as discount-seeking shoppers crowded the retailer’s stores and website in the wake of COVID-19.

The retailer said sales in the three months through June surged 31% year-over-year to $1.64 billion, outpacing the $1.61 billion that Wall Street analysts surveyed by Refintiv were anticipating.

Big Lots earned $452 million, or $11.29 per share, including a one-time after-tax benefit of $341.9 million, or $8.54 per share, related to the sale of distribution centers through a leaseback deal.

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Excluding the benefit, adjusted earnings were $2.75 per share, outpacing the $2.70 that was expected.

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