Business

Market Movers

Close-out retailer Big Lots comes up big in quarter

Toby Talbot/AP/File 2012

Big Lots Inc. said fourth-quarter profits slid 30 percent but earnings beat Wall Street estimates. The close-out retailer said it earned $84.4 million, or $1.45 a share, compared with $120.3 million, or $2.09, a year earlier. Analysts expected $1.40. Revenue fell 6.2 percent to $1.64 billion, but beat the Street’s $1.61 billion. Big Lots also said its board signed off on a fresh $125 million share buyback program. The plan is set to go into effect on March 11. Looking ahead, Big Lots projected 2014 per share earnings of $2.25 to $2.45.

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