UPDATE: Big Lots Posts Upbeat Q2 Earnings, Lowers Full-Year Outlook
Big Lots (NYSE: BIG) reported upbeat fiscal second-quarter earnings.
Big Lots also cut its full-year earnings forecast to $2.80 to $3.05 per share on flat to 1% growth in revenue. The company had earlier expected earnings of $2.87 to $3.12 per share on sales growth of 1% to 2%.
Big Lots posted its quarterly profit of $18.1 million, or $0.31 per share, versus a year-ago profit of $22.1 million, or $0.36 per share. The company in May expected earnings of $0.17 to $0.27 per share.
Its sales rose to $1.23 billion, while consolidated same-store sales declined 1.9%.
Its gross margin narrowed to 39.1% from 39.2%.
Big Lots shares closed at $34.64 yesterday.
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