Big Lots Reports Profit Beat but Weak Guidance for Current Quarter

Big Lots (BIG) reported earnings on Friday that topped analyst estimates. The discount retailer has seen profits and same store sales rise after adding new product lines and bigger profit margins. 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 issued a weak guidance for the current quarter. For Q2 the chain expects earnings per share of $0.31 to $0.35 with same-store sales increasing 2% to 3%. Wall Street analysts are predicting profit of $0.37 cents per share. The retail company raised the low-end of its previous earnings guidance and is now expecting to report $2.80 to $2.90 in per-share profit, compared to the earlier range of $2.75 to $2.90 per share.