NEW YORK (TheStreet) -- Two notable companies report quarterly financial results Friday, the same day the government releases important economic data.

Keep an eye on Big Lots (BIG) and Genesco (GCO), which both report before the bell. Nashville-based Genesco is a retailer and wholesaler of footwear, apparel and accessories that operates in five segments. Discount retailer Big Lots is the last of the mega-retailers to report.

For the first quarter, Wall Street is expecting Big Lots to post a profit of 59 cents per share on revenue of $1.28 billion. The Ohio-based company sells a wide variety of merchandise including toys, furniture, clothing, and housewares. The closeout retailer operates roughly 1,495 stores in 48 states throughout the U.S. The company operates in seven merchandise categories.

TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust portfolio, says Big Lots is important because it has been "rumored to be in talks." He sees the company worth "a lot more because it's in the sweet spot" in retail.

On the economic calendar preliminary first-quarter GDP, the ISM Chicago survey and the consumer sentiment index to wrap up the week. The gross domestic product figures are the broadest measure of aggregate economic activity and encompasses every sector of the economy. First-quarter GDP is expected to move from an initial reading of plus 0.2% to a contractionary negative 0.8%.

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