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 Shares of Big Lots Inc. rallied 4.1% in premarket trading Friday, after the discount retailer reported a fiscal fourth-quarter profit that beat expectations and same-store sales that missed, amid a weaker-than-expected December, but provided an upbeat first-quarter outlook. Net income for the quarter to Jan. 30 rose to $98.0 million, or $2.59 a share, from $93.8 million, or $2.39 a share, in the year-ago period. That was above the FactSet consensus for earnings per share of $2.50. Net sales grew 8.1% to $1.74 billion, matching the FactSet consensus, while same-store sales growth of 7.9% came up shy of expectations for a 8.5% rise. For the first quarter, the company expects EPS of $1.30 to $1.45, surrounding the FactSet consensus of $1.33, but projects same-store sales to increase in the low single-digit percentage range while expectations are for a 2.0% decline. "I am pleased to report that our fiscal fourth quarter ended strongly, with a record fourth quarter comparable sales increase despite softer than planned traffic in December and inventory and supply chain challenges during the quarter," said Chief Executive Bruce Thorn. "We also delivered another stellar quarter of growth across our ecommerce and omnichannel platforms with sales increasing over 130%." The stock has soared 265.4% over the past 12 months, while the S&P 500 has gained 24.6%.
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Reddit snapped up former Snap Inc. chief financial officer Drew Vollero, who will serve as the online-discussion company's CFO. Vollero will be responsible for growing Reddit's finance team in areas like treasury, tax, auditing, financial planning, accounting, and investor relations. The company said in a blog post that Vollero joins after a "pivotal year" for the company as it saw its advertising investments start to pay off. Reddit saw a 90% increase in ad revenue during the fourth quarter and had more than 52 million daily active users. Chief Executive Steve Huffman said in an interview with The New York Times that Reddit was "thinking about" going public and "working toward" being able to do so.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The Centers for Disease Control and Prevention plans to "soon" issue new guidance for people who have completed their COVID-19 vaccinations. "These are complex issues, and the science is rapidly evolving," CDC director Rochelle Walensky said Friday during a White House press briefing. "What is more important is that people who have been vaccinated and those not yet vaccinated are able to understand the steps they can take to protect themselves and their loved ones." So far during the pandemic, roughly 54 million COVID-19 vaccine shots have been administered in the U.S., and about 27 million people have received both doses of the first two authorized COVID-19 vaccines in the U.S., according to the latest CDC data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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