Why Big Lots Stock Was Going Much Higher Today

Shares of discount retailer Big Lots (NYSE: BIG) were trading much higher on Friday morning after the company provided its shareholders with an unscheduled business update for its current second quarter of 2020. It turns out its business is very popular, its balance sheet is stronger, and it's delivering healthy profits.

Shareholders loved the news. As of noon EDT today, Big Lots stock was 30% higher and hitting fresh 52-week highs.

Before Friday, Big Lots only said that Q2 comparable-store sales were "up strongly." Today, the company announced its Q2 comps should be up by a percentage in the mid to high 20s. That far outpaces the otherwise impressive 10.3% comps increase it reported for the first quarter.

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Source Fool.com