Executive Summary

• Big Lots reported 4Q15 revenues of $1.6 billion, down 0.6% year over year and slightly missing the consensus estimate. Comps increased by 0.7%, despite the negative impact of Winter Storm Jonas and a later start to the tax-refund season, representing the eighth consecutive quarter of growth.
• Adjusted EPS was $2.00, above the consensus estimate of $1.98 and representing a 13.6% increase from $1.76 in the year-ago quarter.
• Big Lots expects FY16 comp growth in the low single digits, owing to the net impact of an e-commerce launch and a lower overall store count. The company guided for EPS of $20–$3.35, in line with the consensus estimate of $3.30.