Big Lots Cuts Forecast as Net Slides

Big Lots reduced its outlook for the fiscal year as third-quarter earnings fell 42%.
By Joseph Woelfel ,

COLUMBUS, Ohio (

TheStreet

) --

Big Lots

(BIG) - Get Report

reduced its outlook for the fiscal year as third-quarter earnings fell 42%.

The retailer earned $17.7 million, or 23 cents a share, in the third quarter vs. year-earlier profits of $30.3 million, or 37 cents a share, including a net gain on the sale of real estate of $8.2 million, or 10 cents a share.

Analysts had forecast Big Lots to earn 24 cents a share in the quarter.

Big Lots said third-quarter sales rose to $1.06 billion from $1.04 billion last year. Comparable-store sales in the quarter increased 0.7%.

Big Lots cut its outlook for the fiscal year saying it now expects earnings from continuing operations of $2.75 to $2.81 a share.

Analysts expect fiscal-year earnings of $2.77 a share.

-- Written by Joseph Woelfel

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