NEW YORK ( TheStreet) -- Big Lots ( BIG) reported earnings on Friday that topped analysts' estimates. The discount retailer has seen profits and same-store sales rise after adding new product lines and boosting profit margins. Recent merchandise additions have included coolers, freezers and a larger selection of domestic foods.
The company reported earnings of $0.60 per share, up from last year's $0.50 per share, and revenue came in at $1.28 billion, matching analyst estimates. Big Lots has raised its earnings outlook and same-store sales growth numbers for the year, but it issued weak guidance for the current quarter. The chain expects earnings per share of $0.31 to $0.35 for the second quarter, with same-store sales increasing 2% to 3%.
Wall Street analysts are predicting profit of $0.37 cents per share. The retailer raised the low end of its previous earnings guidance and is now expecting to report profits of $2.80 to $2.90 per share, compared to the earlier range of $2.75 to $2.90 per share.
CEO David Campisi praised the company results noting that despite "a difficult start to the quarter and harsh weather conditions in February, sales trends improved in March and April." The discount chain announced a quarterly cash dividend of $0.19 per share, but also announced that it doesn't expect to see revenue increase this year.
Big Lots exited the Canadian market last year, and has been focusing on diversifying into new product offerings. Analysts were optimistic about the company's move into furniture leasing and nutritional supplements. Campisi also noted, "Our comps for Q1 were solidly in line with our guidance and increased for a fifth consecutive quarter." Shares in the company have increased around 12% this year.