Big Lots Ups Guidance as Profit Rises 37%

The retailer raised its earnings guidance for the fiscal year after second-quarter profit rose 37%.
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COLUMBUS, Ohio (

TheStreet

) --

Big Lots

(BIG) - Get Report

raised its earnings guidance for the fiscal year after the retailer's second-quarter profit rose 37%.

Big Lots reported net income of $38.9 million, or 48 cents a share, up from $28.4 million, or 34 cents a year earlier. Analysts were expecting earnings of 47 cents a share.

The company said sales in the second quarter rose 5.1% to $1.14 billion, while comparable-store sales gained 3.8%.

Big Lots said it expects fiscal-year income from continuing operations of between $2.82 and $2.90 a share, up from prior guidance of $2.75 to $2.85 a share. Analysts at Thomson Reuters forecast fiscal-year earnings of $2.85 a share.

Big Lots said its earnings guidance is based on estimated fiscal comparable-store sales of 3.5% to 4.5% and an operating profit rate in the range of 7.3% to 7.5%.

-- Reported by Joseph Woelfel in New York.

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