Big Lots, Inc. (BIG) has reported a 33.25 percent jump in profit for the quarter ended Apr. 29, 2017. The company has earned $51.51 million, or $1.15 a share in the quarter, compared with $38.66 million, or $0.79 a share for the same period last year.

Revenue during the quarter went down marginally by 1.20 percent to $1,296.79 million from $1,312.58 million in the previous year period. Gross margin for the quarter expanded 99 basis points over the previous year period to 40.43 percent. Total expenses were 93.85 percent of quarterly revenues, down from 95.23 percent for the same period last year. This has led to an improvement of 138 basis points in operating margin to 6.15 percent.

Operating income for the quarter was $79.71 million, compared with $62.56 million in the previous year period.

Commenting on today's release, David Campisi, chief executive officer and president of Big Lots, stated, "I'm pleased to report record earnings per share for Q1 despite a very challenging environment for most traditional retailers. After a slow start to the quarter in February, our ownable and winnable merchandise strategy demonstrated its resiliency by bouncing back with low to mid-single digit comps in March and April, along with solid comp store performance month-to-date in May to start second quarter. Jennifer is responding to our focus on improving the quality and value of our product assortments and enjoying our improving in-store service levels."

For financial year 2017, Big Lots, Inc. expects revenue to grow in the range of 1 percent to 2 percent. The company projects diluted earnings per share to be in the range of $4.05 to $4.20.

For the second-quarter 2017, Big Lots, Inc. projects diluted earnings per share to be in the range of $0.58 to $0.63 .  

The company has spent $22.01 million cash to meet investing activities during the quarter as against cash outgo of $18.75 million in the last year period.

The company has spent $48.88 million cash to carry out financing activities during the quarter as against cash outgo of $49.61 million in the last year period.

Cash and cash equivalents stood at $65.73 million as on Apr. 29, 2017, up 2.08 percent or $1.34 million from $64.39 million on Apr. 30, 2016.

Debt comes down
Big Lots, Inc. has recorded a decline in total debt over the last one year. It stood at $115.70 million as on Apr. 29, 2017, down 24.77 percent or $38.10 million from $153.80 million on Apr. 30, 2016. Big Lots, Inc. has recorded a decline in long-term debt over the last one year. It stood at $115.70 million as on Apr. 29, 2017, down 24.77 percent or $38.10 million from $153.80 million on Apr. 30, 2016. Interest coverage ratio deteriorated to 79 for the quarter from 98.67 for the same period last year.