UPDATE: Big Lots Posts Upbeat Q2 Earnings, Lowers Full-Year Outlook

Big Lots

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.