UPDATE: Big Lots Posts Upbeat Q1 Earnings, Lifts Outlook

Big Lots BIG reported better-than-expected fiscal first-quarter earnings and lifted its forecast for the current fiscal year. Big Lots now projects full-year earnings from continuing operations of $2.35 to $2.50 per share, versus its previous forecast of $2.25 to $2.45 per share. Big Lots projects Q2 earnings from continuing operations of $0.24 to $0.30 per share, versus analysts' estimates of $0.28 per share. Big Lots posted a quarterly profit of $3.3 million, or $0.06 per share, versus a year-ago profit of $32.3 million, or $0.56 per share. Its earnings from continuing operations came in at $28.6 million, or $0.50 per share, compared to $37.1 million, or $0.64 per share. The company had expected earnings from continuing operations of $0.40 to $0.45 per share. Its revenue climbed 1.1% to $1.28 billion. However, analysts were expecting earnings of $0.44 per share on revenue of $1.26 billion. Big Lots' comparable-store sales climbed 0.9% in the period. Big Lots shares jumped 11.84% to $41.95 in pre-market trading.