COLUMBUS, Ohio (
cut its fiscal-year outlook after first-quarter earnings fell and comparable-store sales slipped.
Big Lots earned $52.5 million, or 70 cents a share, down from year-earlier net income of $55.9 million, or 68 cents a share.
Sales fell 0.6% to $1.23 billion. Comparable-store sales declined 3.6% during the first quarter.
Analysts expected Big Lots to earn 69 cents a share in the quarter.
Big Lots reduced its fiscal-year earnings outlook to $2.75 to $2.90 a share; it previously expected earnings of $3.05 to $3.15 a share. Big Lots also cut its forecast for comparable-store sales saying it expects them flat to a decrease of 2%.
Big Lots, in a separate press statement, said it signed an agreement to buy Canada's Liquidation World in the first expansion of the company's retail operations outside of the U.S.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
>To submit a news tip, send an email to: