COLUMBUS, Ohio (

TheStreet

) --

Big Lots

(BIG) - Get Report

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

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