Big Lots Q1 Profit Increases, Comps Down 0.9%

(RTTNews) - Big Lots Inc. (BIG) Friday announced an increase in first quarter net income to $51.512 million from $38.66 million last year. Earnings per share climbed to $1.15 from $0.79 in the prior year. On an adjusted basis earnings per share were $0.82.

Net sales declined to $1.296 billion from $1.312 billion in the previous year. Comparable store sales decreased 0.9 percent for the first quarter. Looking ahead to the second quarter, the company expects profit of $0.58 to $0.63 per share. Comparable store sales for the period is expected to increase in the low single digits.

For the fiscal year, Big Lots expects 11 to 15 percent increase in profit in a range of $4.05 to $4.20 per share. The company affirmed fiscal comps update of 1 to 2 percent.